Golden age: economic developments

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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
    • 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


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