Economy Flashcards
What did Stresemann do to stabilise the German currency?
Stresemann ended passive resistance, introduced the Rentenmark to replace the Reichsmark, and balanced the budget by cutting expenditure and raising taxes.
When and what was the Dawes Plan?
The plan was finalised in April 1924 and implemented in July, confirming the figure of the total reparations payment to be £6.6 billion, but recommending that the amount paid each year be reduced until 1929- beginning by paying 1000 million marks, raised by by 2500 million each year. Following this, the sum paid should be proportional German industrial performance. A loan of 800 million marks was granted from the USA.
What were cartels?
Industrialists bought out smaller firms, establishing cartels. By 1925, 3,000 were in operation, including 90% of Germany’s iron and steel production.
What was the inflation rate in 1924?
Almost zero.
How many houses were built in 1925?
178,930
Did wages increase?
In 1927, real wages increased by 9% and in 1928, they rose by a further 12%.
What was unemployment by 1925 and March 1926?
Unemployment had decreased to one million in 1925, and was over three million by March 1926, but decreased following this.
How did the mining companies reduce their workforces?
Mining companies reduced their workforces by 136,000 between 1922 and 1925, and by another 56,000 between 1925 and 1929.
What was agricultural production like in 1929?
By 1929, agricultural production was at less than three-quarters of its pre-war levels.
When and what was the Young Plan?
The Young Play occurred in 1929, and Germany was obliged to continue paying reparations until 1988. The total bill was reduced to £1.8 billion, but the annual payment Germany was required to make increased. All foreign control over reparations was ended and the responsibility for paying reparations was placed solely on the German government. In return, Britain and France agreed to withdraw their troops from the Rhineland by 1930.
What was the Freedom Law campaign?
Alfred Hugenberg established a nationwide campaign against the Young Plan, drafting the Freedom Law to be submitted to a national referendum. This required the government to repudiate the war-guilt clause of Versailles, demand immediate evacuation of the occupied areas and declare that any ministers who signed a treaty that entailed acceptance of war-guilt would be tried for treason.
How many signatures did the Freedom Law petition receive?
It attracted 4,135,000 signatures, and was put to a referendum. 13.8% of the electorate voted for it.
