The West German economy and the economic miracle Flashcards
1
Q
What level was food production at in 1947 compared to 1938?
A
51%
2
Q
How much did incomes increase by between 1949 and 1963?
A
400%
3
Q
How much had the GNP increased by in the 1950’s?
A
8%
4
Q
What did unemployment fall by from 1950 to 1965?
A
2 million (8.1%) to 0.5%
5
Q
What started the economic miracle and when?
A
Creation of Bizonia in 1947
6
Q
What economic policies were introduced?
A
- Removal of price controls
- Removal of wage control - fewer strikes
- Ending inflation (currency reform)
7
Q
Who was behind the currency reform, that masterminded the economic miracle?
A
Dr Ludwig Erhard
8
Q
What currency was brought in?
A
The Deutschmark
9
Q
What did Erhard want?
A
A Capitalist economy
10
Q
What was a ‘social market economy’ ?
A
A capitalist economy focused on producing prosperity for all
