Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

History AS1 > Strengths and Weaknesses of the Economy 1924-29 > Flashcards

Strengths and Weaknesses of the Economy 1924-29 Flashcards

You may prefer our related Brainscape-certified flashcards:
AP® U.S. History flashcards European History 101 flashcards AP® European History flashcards AP® World History flashcards World History 102 flashcards U.S. History 102 flashcards World History 101 flashcards U.S. History 101 flashcards
1
Q

who was Hjalmar Schacht?

A

an internationally respected finance expert who was appointed by Stresemann as Special Currency commissioner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What was the rentenmark?

A

A new currency, accompanied by a new national bank, providing greater stability and introduced by Stresemann

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How to Stresemann get the French to withdraw troops from the Ruhr?

A

By promising Germany’s former wartime enemies that it would resume paying reparations.
Secured help from former Allies in reparations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

When was the Dawes Plan?

A

April 1924

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Who set up the Dawes Plan?

A

American expert banker Charles Dawe

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What changes to reparations did the Dawes Plan make? (3)

A
  • Germany given more time to pay
  • Reduced to 132 000 million marks
  • More flexibility than instalments, G could pay what could over next 5 years
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How much loans from the USA did the Dawes Plan secure?

A

800 million gold marks (over 4/5 reps)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When was the Young Plan?

A

1929, just before WSC and depression

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Who set up the Young Plan?

A

Owen Young

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What changes to Reparations did the Young Plan make?

A
  • period for repayment extended to 1988
  • negotiated rep instalments after 5yr mark from 2500mil marks to 2000 marks
  • reps reduced to 1/4 original figure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What did the Young Plan persuade France to do?

A

Move their troops occupying the Rhineland out 5 years in advance, in return for acceptance of the Young Plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Between 1924-31, how many homes were built?

A

2 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

German industry achieved economies of scale because of

A

the growing number of cartels

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Businesses benefitted from lack of —– and more —— over workers

A

strike activity and more control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

1924-29, exports rose by

A

40%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What did Vereinigte Stahlweeke do?

A

United aims of coal, steel and iron production to control 1/2 of Germany’s production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What company in Germany became 2nd largest manufacturing power in Europe?

A

IG Farben, chemicals giant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Industrial production was 33% more than in 1914 by what year

A

1938

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What did generous welfare schemes entail?

A

Good pensions and sick benefits scheme

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How low was unemployment by 1939

A

1.3 million

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Wages rose by as much as 5 and 10% in what years?

A

1927 and 1928

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

How large was the compulsory unemployment insurance of 1937 for workers?

A

Covered 17mil workers, largest of kind in the world

Employers partly responsible and pay half

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What in Germany attracted foreign investors?

A

Higher interest rates on short term loans in Germany than on long term loans in own countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

In 1938, industrial wages rose by how much?

A

12%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What act was passed for farmers?

A

Farmers insurance act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What helped increase investment in industry?

A

American loans

27
Q

Heavy industry was revived to…

A

almost pre-war levels

28
Q

what were state subsidies invested in?

A

public amenities

29
Q

What did Bookbinder say about Germany’s manufacturing power?

A

‘2nd largest Manufacturing power behind the United States’

30
Q

Name two of the reasons that the balance of trade in Germany was always in the red?

A
  • German exports hindered by protective tariffs in many parts of the world
  • Germany handicapped by loss of resources in territories such as Alsace-Lorraine
31
Q

Focus on what badly affected the economy

A

rearmament

32
Q

What two benefits for workers put pressure on economic expansion

A

intro of the 8hr working day and welfare benefits

33
Q

What did Stresemann mean by ‘Germany is dancing on a volcano’

A

Underlying fundamental weaknesses were disguised by artificial prosperity

34
Q

What two things were short-term tricks that put the govt into more debt?

A

Mefo Bills and deficit financing

35
Q

Stresemann tightly controlled the…

A

expenditure and circulation of money

36
Q

why couldn’t the govt fund welfare schemes in constitution

A

not have enough funds

37
Q

-ve consequences of Germany’s dependency on USA loans

A

Humiliating and put G into more debt

Also made G more vulnerable to conditions of World Econ ‘when Europe sneezes, Germany catches a cold’

38
Q

How much did Germany get in US loans between 1924-30

A

25 billion dollars

39
Q

Post-1923, —- improved but —— erratic

A

economy improved but growth erratic

40
Q

Post-1923, —- improved but —— erratic

A

economy improved but growth erratic

41
Q

Rates of investment and saving were

A

discouraged

42
Q

Why wouldn’t farmers buy new machinery

A

too in debt

43
Q

What was the income per capita of farmer’s

A

44% the national average

44
Q

How much of Germany did Farmers make up

A

1/3 so small income had big impact on spending power

45
Q

What did Stresemann refuse imports of when world food prices increased

A

wheat and grain

46
Q

Yield for farmers remained slow. In 1920s, agricultural production was only —– pre-war levels

A

75%, leading many farmers into voting Nazi- ‘Farmer’s revenge’

47
Q

How much was Germany’s trade deficit?

A

Germany imported more than exported, by 1928 by 2.9 billion marks

48
Q

When was the farmers downturn

A

1926

49
Q

Cartels kept prices high, whereas competition would have…

A

lowered them, better for domestic production

50
Q

By 1929, what happened to mid class wages? What did this lead to?

A

They drew level with industrial wages and over 1/2 mid class employees seeking unemployment benefits not qualify

51
Q

big businesses were v reliant on…

A

govt funds

52
Q

Overall rate of what was slow

A

industrial growth

53
Q

unemployment levels didn’t go past

A

1.3 million

54
Q

what was the period 1924-29 in Germany described as?

A

The Golden Age

55
Q

How was Stresemann key to recovery (4)

A
  • won favour w Allies
  • helped with the Dawes and Young Plans
  • ended hyperinflation via the Rentenmark
  • appt of Schancht
56
Q

What positives were there to the Golden age? (5)

A
  • increased industrial production
  • improved wages
  • reduced unemployment levels
  • regulated working hrs
  • new welfare system
57
Q

How was the ‘Golden Age’ a short-term fix?

A

If short-term credits recalled, parts of Econ would collapse

58
Q

How did not everyone benefit from the Golden Age? (2)

A
  • Agriculture suffered amidst low food prices, as did Mittelstand
  • increased tension between employees and employers(resentment of employers)
59
Q

When was there a recession in some areas

A

1927, economy sick beyond repair?

60
Q

How was the state living beyond its means?

A

Constant budget deficits and increased welfare costs

61
Q

1929 production was at ——levels but still slow growth

A

1913

62
Q

What happened to the support of extremists during 1924-28?

A

Declined. Political calm. Mid-class liberal parties small but still govt instability.

63
Q

Overall, judgement on extent of economic recovery 1924-29

A

Some prosperity and confidence from a superficially improved economy
BUT others were resentful about lost savings and insecure. Recovery fragile as bought on borrowed time and money.

History AS1 (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions