1924-1929 economic Flashcards
1
Q
l
A
2
Q
Who replaced Cuno as Chancellor in August 1923?
A
Gustav Stresemann
3
Q
What did Stresemann do to stop hyperinflation?
A
- Ended passive resistance
- issued new currency - Rentenmark
- Cut public expenditure and raised taxes to balance the budget
4
Q
Who became the Reich currency commissioner in 1923?
A
- Hjalmar Schacht
5
Q
How many companies went bankrupt from 1923 to 1924?
A
- 233 in 1923 to over 6000 in 1924
6
Q
How did the Dawes Plan make reparations more manageable?
A
- Amount paid yearly was reduced
- Loan of 800 million marks from USA
7
Q
What impact did the Dawes plan have on industries?
A
- Industrial output grew
8
Q
What was the new system of compulsory
arbitration and what result did it have on the number of strikes?
A
- Industrial outputs settled by independent arbitrator
- Often sided with workers - caused resentment from employers to government
9
Q
How many people were unemployed by march 1926?
A
Over three million
10
Q
What groups gained little from the economic improvements?
A
Farmers
Mittlestand
11
Q
What was agreed under the Young Plan?
A
- Germany agreed to pay reparations until 1988
- Bill reduced to £1.8 billion
- Annual payments increased
- Control over payments given to Germany
- Britain + France withdrew troops from Rhineland by June 1930
12
Q
What are examples of improvements in German economy?
A
- Loans from USA
- Money from Dawes plan stimulated foreign trade and investment
- Wages increased
13
Q
What are examples of a decline in the german economy- superficially promising?
A
- prices in agriculture fell - peasants hostile to weimar democracy + voted nazis
- High taxes especially in 1928
- Employers + industrialists resented increased payment on welfare and wage price rises
- Behind other countries on growth levels
- Too dependent on loans
- Importing more than exports
