Economic policies

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Who was Hjalmar Schacht?
Reichsbank President, Economics Minister from Aug. 1934 onwards
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Name a way in which Schacht helped revitalise the German economy
Money into economy built homes and Autobahns, tax concessions grants --> consumer demand, granting subsidies to private firms --> more workers, intro. of New Plan (1934) to control foreign trade, intro of Mefo Bill (govt. paid by credit notes)
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What were some drawbacks of the Autobahn project?
Low employment - only 125,000 people worked on them at their peak, construction stopping in 1942, few German used cars - roads underused
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When was the Reich Labour Service created, and what did it do?
1935 - unemployed young men made to do six months labour in farming or constrution
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When was conscription reintroduced?
1933
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What did the economic revival of 1933-4 lead to in Germany?
Foreign trade ↑, imports ↑ faster than exports → shortage of foreign currencies (needed to import goods)
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What did Schacht's New Plan of 1934 do?
Controls placed on imports and access to foriegn currency. Trade agreements w/ foreign countries - Ger. supplied w/ food, raw materials - money given could only be used for buying German goods.
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How was the New Plan a success?
Govt. able to regulate imports; trade deals with Balkans decreased need for foreigh currency
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How was the New Plan a failure?
imports > exports, gold/foreign currency reserves ↓
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How were Mefo bills used?
Could be exchanged for cash @ Reichsbank - private companies confident of money, but given incentive to defer payment by offer of 4% interest if kept fot 5 year term
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What was able to happen earlier because of the use of Mefo bills?
Rearmament programme (1935) - even though govt. didn't have funds to finance it
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How did Goering plan to achieve autarky?
Management economy - controlled labour supply, prices, etc production targets for private companies, State-ownedd industrial plants, increasing production of iron, steel, etc, research into subsitute materials
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How did plans for autarky succeed?
output did still increase (6200 tonnes of oil by 1942, compared w/ 1800 in 11936)
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When was Albert Speer appointed minister of armaments?
1942
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When was the Four Year Plan introduced?
1936
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In what ways did the Four Year Plan fail?
1939 = Ger. imported ⅓ of raw materials
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Why were Nazi claims of an improved economic atmosphere flawed?
Recovery began pre-1930's (e.g job creation schemes), reduction in unemployment done by laying off married women,counting those who were only ocassionally employed
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What was 1936's official unemployment figure?
1.6 million
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What were the true unemployment figures closer to?
3 million+
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Card 2

Front

Name a way in which Schacht helped revitalise the German economy

Back

Money into economy built homes and Autobahns, tax concessions grants --> consumer demand, granting subsidies to private firms --> more workers, intro. of New Plan (1934) to control foreign trade, intro of Mefo Bill (govt. paid by credit notes)

Card 3

Front

What were some drawbacks of the Autobahn project?

Back

Preview of the front of card 3

Card 4

Front

When was the Reich Labour Service created, and what did it do?

Back

Preview of the front of card 4

Card 5

Front

When was conscription reintroduced?

Back

Preview of the front of card 5
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