Economics Flashcards
Dawes Plan
Short Term loan of 16,000 million marks
7,000 million used to pay back ToV
9000 million spent on industry
Young Plan
Extend reparation payments to 1988
Reduce reparation payments to £1850 million
5 million people voted against as it accepted the ToV
Industrial production between 1924 and 28
It doubled
Balance of trade 1926
+817 million
Average unemployment in 1932
5.8 million
Unemployment in Jan 1932
6.1 million
Decrease in farm produce 1913-28
30 million tonnes to 20 million tonnes
How much did working classes wages go up
10%
How much did Stresemann reduce civil servant pay by
50%
New currency introduced
Rentenmark in Nov 1923
Weekly wages increase 1924-32 for working class
30% higher in 1930 than 1924
Gov spending on housing
20x higher in 1925 than 1913
Gov spending on welfare
60% higher in 1929 than 1913
Standard of living for emerging MC
Was 25% lower in 1924 than 1913
Standard of living for established MC
Was 60% lower in 1924 than 1913
Working class maximum 8 hour working day
Gave working people more time for leisure
MC fixed income
Didn’t rise with inflation
They were forced to sell/barter their property
Farmers tended to do well 1922-24
Food became increasingly valuable in midst of economic chaos
Gov regulations on farming
capped prices that farmers could charge
Drop in price of agricultural products
25% 1927-30
1919 working days lost to strikes
33 million
1923 working days lost to strikes
12.35 million
1923 unemployment as % of labour force
4%
Real hourly wages increases 1924-28
82 to 122 (1925=100)
Real hourly wages increases 1924-28
82 to 122 (1925=100)
Unemployment as % of workforce 1924-26
5% to 11%
Real hourly wage decrease 1929-32
126 to 121 (1925=100)
Germany growth in economy compared to US and Britain
Germany = 106
US = 165
Britain = 123
(1913=100)
How much did Germany borrow between 1914-18
150 million marks
Price increase 1914-18
200%
German coal production decrease
15%
Unemployment 1929- Jan 32
1.9 mill to 6.1 mil
Decline in industrial production 1929-32
40%
Trade decline 1929-32
55%
Food price decrease 1929-32
45%
Civil servants and gov employees wage cuts 1930-32
20%
June 1931 Hoover Moratorium
Suspended payments so gov had more money to spend
Von Papen budget increase
RM167 mill to RM302 mill in Sept 1932
Unemployment Feb 1919
1.1 mill
Cup of coffee price increase
5000 marks at 11am
8000 marks at 12pm
Consequence of hyperinflation
Family with 50000 marks could live off interest previously
Mid 1923 would buy little more than daily paper
