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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?
Economic stability:

• 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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