Chapter 5 - Economic Developments 1924-28 Flashcards
When did Cuno’s government collapse? Who replaced him as Chancellor?
August 1923
Stresemann
When was passive resistance called off?
September 1923
When was the Rentenmark introduced?
November 1923
When was the Dawes Plan finalised?
April 1924
What were the main points of the Dawes plan?
Total reparations remains at 132 billion marks
Payments would increase from 1b marks to 2.5 marks over 5 years
Allies retained control of railways, banks, customs
Germany given a loan of 800 million marks to help economy
When were some workers ‘locked out’ of the Ruhr after a disagreement with their employer?
1928
When was the Young Plan negotiated with the Allies?
1929
When was the Freedom Law referendum?
December 1929
What percentage voted to reject the Young Plan?
13.8%
What did the Young Plan entail?
Total reparations sum reduced to 37 billion marks
Annual payments lowered to be made over 58 years
No more Allied supervision of railways, banks etc.
Germany participated in negotiations for first time
Allied troops withdrew from the Ruhr
By what year were industrial production levels higher than those of 1913?
1928
How much did exports rise between 1925-1929
40%
Which German chemical manufacturing company became the largest industrial company in Europe?
IG Farben
Unemployment in 1929
1.9 million
Germany became dependent on loans from which country?
USA
What metaphor did Stresemann use in his 1929 speech to the League of Nations
Dancing on a volcano
What three things did Stresemann do to stabilise Germany’s currency?
End passive resistance
Issue a new currency
Balance the budget
How many civil servants lost their job in ‘balancing the budget’?
300,000
Who was Hjalmar Schacht?
Cofounder of DDP
Director of National Bank since 1916
Helped negotiate Dawes and Young plan
