ECONOMY 1924-1929 Flashcards
WHEN was the Dawes Plan passed?
1924
WHAT did the Dawes Plan do?
- 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
WHEN was the Young Plan proposed?
1929
WHAT did the Young Plan propose?
- Reduction of total reparations by 20%
- Meant that, in theory, reparations would last until 1988
WHY was the Young Plan recalled?
Due to the Wall Street Crash
In WHICH years were there significant price drops for grain in Germany and WHY?
1925-6 because of poor weather, global production and tariffs
WHAT percentage of 1913 levels was German agricultural output in 1929?
75%
WHEN and WHAT were the ‘farmers’ revenge’ riots?
In 1928 there were a series of small scale riots to protest against foreclosures and low market prices
WHAT was the consequence of the government making it easier for farmers to borrow money in 1923?
Many became saddled with debt at a time when agricultural prices were falling
WHAT were some agricultural policies in Weimar Germany?
- Subsidies for farmers (increased government expenditure)
- Introduced protectionist tariffs on imports, helping German farmers, but hurting consumers
WHAT was cartelisation?
When large firms bought up smaller firms to form cartels (groups of companies that agreed on prices and profits). Happened more in Weimar Germany
After WHICH year did industrial output begin to grow in Weimar Germany?
1924
HOW did workers’ living standards improve during 1924-29?
- Many saw wage rises each year after 1924
- More affordable homes were built
HOW did workers’ living standards decrease during 1924-29?
- The eight hour day was ended by employers
- Compulsory arbitration
- In 1928, 250,000 workers were locked out by employers due to wage disputes
WHAT was compulsory arbitration?
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