Golden age: economic developments
- Created by: emilyanderson
- Created on: 13-04-17 20:48
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- Economic Developments
- The stabilisation of the currency
- November 1923 Stresseman introduces new currency
- one dollar now equal to 4.2 rentenmarks
- November 1923 Stresseman introduces new currency
- The Dawes plan august 1924
- Proposed the reparations to be paid back over a long period of time
- to make annual payments of 1000 million marks in first 5 years and the to rise to 2500 million marks
- to ensure German payment allies had control over Germanys banking and railway system
- The Young Plan june 1929
- Germany to pay 2,ooo million marks a year for 59 years
- Allie controls over Germanys railways and banking system were to be dropped
- Economic situation 1924-29
- progress?
- by 1928 industrial production exceeded those of 1913
- German exports rose by 40 per cent
- ZAG introduced
- workers could now argue for more pay and fewer hours
- hourly wages rose each year
- 1927 unemployment insurance covered 17million workers
- Weakness?
- by 1929 unemployment had reached 3 million
- 1922 food price collapse made widespread poverty
- after 1924 relied on foreign loans to balance the books and were running deficits
- progress?
- The stabilisation of the currency
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