ECONOMY 1924-1929 Flashcards

1
Q

WHEN was the Dawes Plan passed?

A

1924

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2
Q

WHAT did the Dawes Plan do?

A
  • Reduced annual reparations to 1 billion marks which would increase each year at varying levels according to economic performance
  • Germany were given a 800 million mark loan by the USA to help stabilise the economy
  • NOT a permanent solution
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3
Q

WHEN was the Young Plan proposed?

A

1929

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4
Q

WHAT did the Young Plan propose?

A
  • Reduction of total reparations by 20%
  • Meant that, in theory, reparations would last until 1988
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5
Q

WHY was the Young Plan recalled?

A

Due to the Wall Street Crash

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6
Q

In WHICH years were there significant price drops for grain in Germany and WHY?

A

1925-6 because of poor weather, global production and tariffs

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7
Q

WHAT percentage of 1913 levels was German agricultural output in 1929?

A

75%

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8
Q

WHEN and WHAT were the ‘farmers’ revenge’ riots?

A

In 1928 there were a series of small scale riots to protest against foreclosures and low market prices

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9
Q

WHAT was the consequence of the government making it easier for farmers to borrow money in 1923?

A

Many became saddled with debt at a time when agricultural prices were falling

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10
Q

WHAT were some agricultural policies in Weimar Germany?

A
  • Subsidies for farmers (increased government expenditure)
  • Introduced protectionist tariffs on imports, helping German farmers, but hurting consumers
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11
Q

WHAT was cartelisation?

A

When large firms bought up smaller firms to form cartels (groups of companies that agreed on prices and profits). Happened more in Weimar Germany

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12
Q

After WHICH year did industrial output begin to grow in Weimar Germany?

A

1924

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13
Q

HOW did workers’ living standards improve during 1924-29?

A
  • Many saw wage rises each year after 1924
  • More affordable homes were built
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14
Q

HOW did workers’ living standards decrease during 1924-29?

A
  • The eight hour day was ended by employers
  • Compulsory arbitration
  • In 1928, 250,000 workers were locked out by employers due to wage disputes
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15
Q

WHAT was compulsory arbitration?

A

A new system of settling industrial disputes where an independent figure (arbitrator) decided on a solution when there were wage disputes between workers and employers. Employers thought it was biased in favour of unions

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16
Q

WHAT are some economic failures during the years 1924-28?

A
  • Imports were still higher than exports
  • Bankruptcies rose
  • Unemployment rose
  • The economy was too reliant on foreign loans
17
Q

WHAT percentage of the population was unemployed in 1926 (peak)?

A

10%

18
Q

By 1929, WHAT percentage of German bank deposits were foreign?

A

18%

19
Q

WHAT was the problem with German banks having a lot of foreign debt?

A

They could be quickly withdrawn overseas, greatly damaging the German economy