November and December 2928 - Ruhr iron works dispute
Employers rejected the ruling of the arbitrators and locked out 220,000 workers
Was a stand against organised labour and governmennt
Compromised reached
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Industry #2
Germany's share of world trade
Lower in late 1920s then it had been at outbreak of WW1
World industrial production - 11.6% in 1926-29, 14.3% in 1913
World exports - 9.1% in 1927-29, 13.2% in 1913
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Industry #3
Growth of cartels
Stifled competition
Made German industry less able to deal with downturn in the economy - more competition would have benefited companies and consumer - would have forced companies to sell more goods to people at lower prices - instead there were higher
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Agriculture #1
Worldwide agricultural depression
Farmers gained little from economic recovery
Kept food prices low and few farmers were able to make a profit from land
After 1923 - government made it easier for farmers to borrow money - farmers were saddled with debt at a time when prices were fall
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Agriculture #2
Bankruptcies
By late 1920's - increase in bankruptcies amongst farmers (Due to banks demanding repayments)
1928 - Farmers initiated small scale riots - known as 'Farmers revenge' in protest against foreclosures and low market prices
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Agriculture #3
By 1929...
Agricultural production was at less then 3/4 of pre-war levels
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Reliance on foreign investment #1
Reliance on foreign investment disguised...
The true economic picture - explains why crisis dramatically worsened after wall street crash
Lack of money for investment - government relied on foreign loans to pay reperations
industrialists - relied on foreign loans to buy new machinery
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Reliance on foreign investment #2
Nicholls quote
There was... "An unhealthy dependence on foreign capital for ecoomic prosperity"
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Reliance on foreign investment #3
Expenditure on Weimar welfare state was very high
Building of schools, roads, hospitals and new housing - financed by foreign loans - German economy became overstretched
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The economist Schacht #1
Currency commisioner
Lots of responsibility for Dawes plan
Appointed currency minister by Ebert - supported by Stresemann - established new currency - Rentenmark - became president of Reichsbank until march 1931
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The economist Schacht #2
Reputation
Restored Germany's international reputation for financial control - did this by keeping a rein on money supply
"The economy is a very sensitive organism" - knew the importance of a well run ecomomy
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The economist Schacht #3
Recognised German industry had to become more efficient
Helped form I.G Farben - 4th largest industrial cartel in world - major employer in Germany
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Other cards in this set
Card 2
Front
Lower in late 1920s then it had been at outbreak of WW1
World industrial production - 11.6% in 1926-29, 14.3% in 1913
World exports - 9.1% in 1927-29, 13.2% in 1913
Back
Industry #2
Germany's share of world trade
Card 3
Front
Stifled competition
Made German industry less able to deal with downturn in the economy - more competition would have benefited companies and consumer - would have forced companies to sell more goods to people at lower prices - instead there were higher
Back
Card 4
Front
Farmers gained little from economic recovery
Kept food prices low and few farmers were able to make a profit from land
After 1923 - government made it easier for farmers to borrow money - farmers were saddled with debt at a time when prices were fall
Back
Card 5
Front
By late 1920's - increase in bankruptcies amongst farmers (Due to banks demanding repayments)
1928 - Farmers initiated small scale riots - known as 'Farmers revenge' in protest against foreclosures and low market prices
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