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Essay Plan ‘Germany Experienced A Period Of Economic And Political Stability 1924 30.’ How Far Do You Agree With This Judgement Notes
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Essay plan 'Germany experienced a period of economic and political stability 192430.' How far do you agree with this judgement?
• Currency stability Introduction of the Rentenmark w/Schacht as currency
commissioner + creation of Reichsbank successful. Provided currency stability with
relatively low inflation throughout the period, increasing confidence in the economy.
• Investment Increased international confidence boosted foreign direct investment as
investors felt secure in German economy. EG 192430, 25.5Bn marks of inward foreign
capital for investment (mostly from USA) allowed investment + industrial reconstruction.
• Growth Investment boosted economic growth + EG GDP 6% higher in 1929 than 1913
+ EG by 1928 industrial production reached 1913 levels w/ certain sectors performing
v.well, EG IG Farben dominant in chemicals + the largest manufacturer in Europe.
• Exports German recovery meant world wanted to buy more German goods, EG exports rose 40% 19259.
• SOL Not just economic growth, but economic development occurred (i.e., people's living standards increasing too). EG wages rose every year 192430, increasing approx. 50%
192430 + EG by as much as 510% 19278, boosting SOL. Economic instability:
• Unemployment Already rising before WSC, peaking 192439 at almost 10% UE in
1926. May have largely tamed inflation, but another macroeconomic objective was now
performing less successfully.
• Relative decline While the German economy did grow, growth was slow, esp.
compared to other similar nations. EG 191329, German economy grew 6% 191329, but GB grew 23%, France 30% + USA 65%. Relative decline.
• Dependency + vulnerability Economic success a mirage in many ways, unsustainable
+ v.vulnerable, agree w/Stresemann that Germany "dancing on a volcano" due to over
reliance on foreign investment + loans (particularly from USA) + exportled growth. Karl
Borchardt agrees German economy was fundamentally sick w/dangerous overreliance
on foreign investment. Liable to collapse hugely, as it did when economic crisis hit US
w/WSC. German economy one of the worst affected, EG unemployment rate (1/3) higher than USA, GB, France + output dropped 39% 192932.
• Agricultural Collapse in food prices form 1922 + agricultural recession from 1927 led to
widespread rural poverty + hardship + EG by late 1920s, AVG income for agricultural
workers 1/2 national AVG.
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