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History > Economics In The FRG > Flashcards

Economics In The FRG Flashcards

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1
Q

What period did economic recovery occur over?

A

1945-55

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2
Q

What was the postwar economy like?

A

There was inflation, barter economy and people had about 1500 calories a a day (rationing)

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3
Q

What date did Erhard introduce his reforms?

A

20th June 1948

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4
Q

How much did the monetary supply contract by upon introduction of the DM?

A

90%

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5
Q

How were wages and savings exchanged?

A

Wages: 1:1
Savings: 100:6.5

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6
Q

How did giving DM deposits to industry improve output?

A

Increased by 50%

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7
Q

What tax reforms were introduced?

A

Taxes decreased for lower incomes, as much as from 85% to 18%, in order to have more people spending money to stimulate the economy.

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8
Q

What was the impact on absenteeism?

A

Fell from average of 9.5 to 2 hours per week

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9
Q

How much did salaries rise by from 1949-55?

A

80%

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10
Q

What did unemployment fall from in 1950 to 1960?

A

From 10 to 2%

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11
Q

What government measures helped growth?

A

Investment Aid Law 1952, gave DM 3.2 billion subsidy to industry
Reduced protection tariffs via ECSC

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12
Q

When had the trade deficit moved to profit by?

A

1952

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13
Q

Which other factors helped the economy grow?

A

Korean War 1950-53, produced armaments.
Economic integration into Europe
Marshall Aid ($1.5 billion)
Codetermination

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14
Q

When was the economic miracle?

A

1955 to 1966

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15
Q

What was the grout rate from 1955-66?

A

8%

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16
Q

Which industry had a lotof exports?

A

Car industry, brands eg VW, BMW and Porsche

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17
Q

How many East German immigrant workers were absorbed?

A

2 million

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18
Q

When was the EEC formed and via what treaty?

A

1951, Treaty ofParis. It was Germany, France and the Benelux countries.

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19
Q

What was the EEC?

A

The High Authority controlled coal and steel industries of the members.
Acted as a treaty of friendship
Coal trade increase 10x between members
Welfare eg 112,000 apartments for workers

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20
Q

When was the ECSC formed and via which treaty?

A

1957 Treaty of ROme, included Italy in the free trade zone.

21
Q

How did the FRG become the leaders of the ECSC by the 1980s?

A

Clear knowledge of how it wanted it too develop by greater integration.
‘Honest broker’ willing to pay more
Supported interest of smaller member countries.
Paid 25% and in returned received 25% of GDP

22
Q

When was the recession?

A

1965-69

23
Q

What caused the recession?

A

Erhard had spent too much on social welfare and military hardware for rearmament.

24
Q

How much had prices risen by by 1966?

A

4%

25
Q

What did Erhard propose and how much did he cut spending?

A

Proposed people worked an extra hour (rejected by trades unions), had to cut spending by 10%

26
Q

What prevented rising exports?

A

A global downturn

27
Q

Why did Erhard resign and when?

A

1966, couldn’t convince the US to cut the FRGs contribution to the US armed forces.

28
Q

Who was Kiesinger’s Economics Minister?

A

Schiller

29
Q

What plan did Schiller introduce?

A

The 5 Year Plan in 1967, gain greater government control of taxes

30
Q

When was the Stabilisatioon LAw introduced and what was it?

A

1967, more coordination of government spending (federal and central)

31
Q

Which articl was changed to allow greater government control of tax?

A

Article 109

32
Q

What happened to public spending and taxes?

A

Public spending cut, VAT increased from 10-12%

33
Q

What was inflation at in 1969?

A

1.5%

34
Q

Why did the grand coalition collapse in 1969?

A

DIsagreemnts over revaluation of the DM

35
Q

What policy did Brandt follow?

A

Greater social welfare spending

36
Q

How much did Brandt increase public spending, as a percentage of GDP?

A

From 25 to 33% of GDP

37
Q

How much did Brandt increase spending on education by?

A

300%

38
Q

How much did pensions for those wounded in the war rose by?

A

5%

39
Q

How much did the social housing budget increase by?

A

36%

40
Q

How much did inflation increase by from 1969 to 1973?

A

Increased from 2 to 7%

41
Q

Despite inflation, how did Brandt remain in office?

A

Popularity of Ostpolitik

42
Q

When was the oil crisis?

A

1973

43
Q

How much more did the FRG have to pay for its imports due to the oil crisis?

A

DM17 billion, making the balance of payments from a surplus of almost $700 million fal L to negative within the year.

44
Q

What was unemployment in 1975 compared to 1973?

A

4.7% compared to 1.2%

45
Q

What was the inflation rate for most of the 1970s?

A

6% (although, much worse in Britain at 24%)

46
Q

What issues did the Oil Crisis cause?

A

Rising tax for those working, increased government welfare spending for those not working, reduced task revenue as more people were unemployed.

47
Q

What was the immediate government response to the Oil Crisis?

A

Introduced car free Sundays and ended guest worker recruitment.

48
Q

Why do Germany recover better than other European nations?

A

Utilised nuclear power, abolished emulations on mergers, gave grants of 7-8 billion DM to the private sector

History (7 decks)

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