Reasons For Recovery 1923-1929 Flashcards
Who became chancellor in 1923
Gustav striesman
What did gustav striesman create within the Weimar Republic
Created grand coalition group of socialist parties
How did streseman create the rentenmark
1923 streseman set up the retenbank and issued the new currency rentenmark which was used for the next 25yrs
What was done to stop the rentenmark from going into hyperinflation
Notes were tightly controlled and their value was tied to the price of gold and were backed by German industrial plants and agricultural land
In august 1924 the reichsbank was given control of the currency and it was renamed the reichsmark
Who was the Dawes plan made by in 1924
Charles dawes
Key points of the Dawes plan
Instalments temporarily reduced to 50 million a year
Usa lend 800 million marks so that Germany could pay there reparations on time
French and Belgian left the Ruhr
Who proposed the young plan 1929
A committee set up by the allies and created by Owen young
Key points of the young plan
Reparations reduced from 6.6 billion to 1.8 billion
Had longer to pay (59 years)
Lower reparations meant lower taxes for the German people
Reactions to the young plan
Lots of opposition from the extreme political parties who felt that it was passing the burden of the reparations onto the next generations
Improvements in the economy
industrial output doubled by 1928 and finally passes pre war levels
Employment and trade improved
