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Encyclopedia > Wirtschaftswunder

The term Wirtschaftswunder (English: "economic miracle") designates the upturn experienced in the West German and Austrian economies after the Second World War. The expression was coined by The Times in 1950. The English language is a West Germanic language that originates in England. ... West Germany was the informal but almost universally used name for the Federal Republic of Germany from 1949 until 1990, during which years the Federal Republic did not yet include East Germany. ... Combatants Major Allied powers: United Kingdom Soviet Union United States Republic of China and others Major Axis powers: Nazi Germany Italy Japan and others Commanders Winston Churchill Joseph Stalin Franklin Roosevelt Harry Truman Chiang Kai-Shek Adolf Hitler Benito Mussolini Hideki Tojo Casualties Military dead: 17,000,000 Civilian dead... The Times is a national newspaper published daily in the United Kingdom since 1785, and under its current name since 1788. ...

Contents

West Germany

The West German Wirtschaftswunder was partly due to the economic aid provided by the United States and the Marshall Plan, but mainly due to the currency reform of 1948 which replaced the Reichsmark with the Deutsche Mark as legal tender, halting rampant inflation. This act to strengthen the German economy had been explicitly forbidden during the two years that the occupation directive JCS 1067 was in effect. The Allied dismantling of the West German coal and steel industry finally ended in 1950. Map of Cold-War era Europe showing countries that received Marshall Plan aid. ... Monetary Reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ... A 100 Reichsmark banknote from Germany of 1935 (http://www. ... The Deutsche Mark (DM, DEM) was the official currency of West and, from 1990, unified Germany. ... The Morgenthau Plan showing the planned partitioning of Germany into a North State, a South State, and an International zone. ...


In addition to the physical hinders that had to be overcome for the German economic recovery (see the Morgenthau Plan) there were also intellectual challenges. The Allies confiscated intellectual property of huge value, all German patents, both in Germany and abroad, and used them to strengthen their own industrial competitivenes by licensing them to Allied companies.[1][2] Meanwhile some of the best German researchers were being put to work in the Soviet Union and in the U.S.[3] The Morgenthau Plan showing the planned partitioning of Germany into a North State, a South State, and an International zone. ... For other uses, see United States (disambiguation) and US (disambiguation). ...


Contrary to popular belief, the Marshall Plan, which was extended to also include the newly formed West Germany in 1949, was not the main force behind the Wirtschaftswunder.[1][2] Had that been the case, other countries such as Great Britain and France (which both received higher economic assistance than Germany) should have experienced the same phenomenon. In fact, the amount of monetary aid (which was in the form of loans) received by Germany through the Marshall Plan was far overshadowed by the amount the Germans had to pay back as war reparations and by the charges the Allies made on the Germans for the ongoing cost of occupation (about $2.4 billion per year). In 1953 it was decided that Germany was to repay $1.1 billion of the aid it had received. The last repayment was made in June 1971.[3] War reparations refer to the monetary compensation provided to a triumphant nation or coalition from a defeated nation or coalition. ...


The Korean war (1950-53) led to a worldwide increased demand for goods, and the resulting shortage helped overcome lingering resistance to the purchase of German products. At the time Germany had a large pool of skilled and cheap labour, partly as a result of the deportations and migrations which affected up to 16.5 million Germans. This helped Germany to more than double the value of its exports during the war. Apart from these factors, hard work and long hours at full capacity among the population and in the late 1950's and 1960's extra labour supplied by thousands of Gastarbeiter ("guest workers") provided a vital base for the economic upturn. Combatants United Nations: Republic of Korea  Australia  Belgium Canada  Colombia Ethiopia  France Greece  Netherlands  New Zealand  Philippines South Africa  Thailand  Turkey  United Kingdom United States Medical staff:  Denmark  India  Italy  Norway  Sweden Communist states: Democratic People’s Republic of Korea People’s Republic of China  Soviet Union Commanders Syngman Rhee... Germans expelled from the Sudetenland // The flight and expulsion of Germans after World War II refers to the escape and mass deportation of people considered Germans (both Reichsdeutsche and Volksdeutsche) from Soviet-occupied areas of Europe during 1945 and in the first three years after World War II 1946-48. ... Gastarbeiter is a German word that literally means Guest Worker. It referred to people who had moved to Germany for jobs since the end of World War II, but is considered outdated. ...


From the late 1950s onwards, West Germany had one of the strongest economies in the world, almost as strong as before the Second World War. The East German economy showed strong growth, but not as much as in West Germany, due in part to continued reparations to the USSR in terms of resources. Combatants Major Allied powers: United Kingdom Soviet Union United States Republic of China and others Major Axis powers: Nazi Germany Italy Japan and others Commanders Winston Churchill Joseph Stalin Franklin Roosevelt Harry Truman Chiang Kai-Shek Adolf Hitler Benito Mussolini Hideki Tojo Casualties Military dead: 17,000,000 Civilian dead... GDR redirects here. ...


Ludwig Erhard, who served as the Minister of the Economy in Adenauer's cabinet from 1949 until 1963 and later became Chancellor, is often associated with the German Wirtschaftswunder. Ludwig Erhard (February 4, 1897–May 5, 1977) was a German politician (CDU) and Chancellor of Germany from 1963 until 1966. ... Konrad Hermann Josef Adenauer (IPA: ) (January 5, 1876 – April 19, 1967) was a conservative German statesman. ... The head of government in Germany has traditionally been called Kanzler (Chancellor). ...


Austria

Austria was also included in the Marshall Plan and can thus be included in any consideration of the Wirtschaftswunder. Through the nationalisation of some industries (VOEST, AMAG) and yet more long working hours, full economic capacity was reached. Using West Germany as a guide, the currency was stabilised when the schilling was reintroduced in place of the Reichsmark. This economic policy was known in journalistic circles as the Raab-Kamitz-Kurs, named after Chancellor Julius Raab and his Finance Minister Reinhard Kamitz and aping the German Adenauer-Erhard-Kurs. Map of Cold-War era Europe showing countries that received Marshall Plan aid. ... Voestalpine AG is an international steel company based in Linz, Austria. ... AMAG (Austria Metall AG) is situated in the village of Ranshofen which is in Braunau am Inn (Upper Austria) and was founded in 1938. ... The Schilling was the currency of Austria until 1999, when the Euro was introduced at a fixed parity of €1 = 13. ... A 100 Reichsmark banknote from Germany of 1935 (http://www. ... Julius Raab (November 29, 1891 - January 8, 1964) was a Conservative Austrian politician. ...


In the 1950s the first Gastarbeiter from Southern Italy and Greece arrived in the country, as more manual labour was required to maintain the economic upswing. Gastarbeiter is a German word that literally means Guest Worker. It referred to people who had moved to Germany for jobs since the end of World War II, but is considered outdated. ... Southern Italy, often referred to as the Mezzogiorno, encompasses at least four of the countrys 20 regions: Basilicata, Campania, Calabria, and Puglia. ...


Notes

  1. ^ German Economic "Miracle" by David R. Henderson
  2. ^ "Marshall Plan 1947-1997 A German View" by Susan Stern
  3. ^ Ibid

See also

Cartoon of the Celtic Tiger - the press media in Ireland use pictures of green striped tigers to symbolise or sometimes mock the Celtic Tiger The Celtic Tiger is a nickname for the Republic of Ireland during its period of rapid economic growth between the 1990s and 2001 or 2002. ... The term East Asian Tigers (Simplified Chinese: 亚洲四小龙; Traditional Chinese: 亞洲四小龍; Hanyu Pinyin: yǎzhōu sì xiǎo lóng (lit. ... Japanese Post-War Economic Miracle is the name given to the historical phenomenon of Japans record period of economic growth following World War II, spurred both by US investment and Japanese government economic interventionism in particular through their Ministry of International Trade and Industry. ... ‹ The template below has been proposed for deletion. ... A white Seat 600 The Spanish Miracle was the name given to the Spanish economic recovery between 1959 and 1969. ... The Morgenthau Plan showing the planned partitioning of Germany into a North State, a South State, and an International zone. ... Map of Cold-War era Europe showing countries that received Marshall Plan aid. ... Government and Relief in Occupied Areas (GARIOA) was the program under which the U.S. after World War II provided emergency aid to the occupied nations, Japan, Germany, Austria. ...

External links

  • German Economic "Miracle" - The library of economics and liberty
  • Rebuilding Germany
  • Interview with Gunther Harkort Representative of the Federal Republic of Germany to the Economic Cooperation Administration (ECA), 1949-52.
  • Interview with General Lucius D. Clay Deputy to General Eisenhower, 1945; deputy military governor, Germany (U.S.) 1946; commander in chief, U.S. Forces in Europe and military governor, U.S. Zone, Germany, 1947-49; retired 1949.
  • Interview with General William Henry Draper Jr. Chief, Economics Division, Control Council for Germany, 1945-46; Military Government Adviser to the Secretary of State, Moscow Conference of Foreign Ministers, 1947; Under Secretary of War, 1947; Under Secretary of the Army, 1947-49;
  • 'Time Magazine Faceless Crisis' Apr. 4, 1949
  • Letter from Konrad Adenauer to Robert Schuman (26 July 1949) Warning him of the consequences of the dismantling policy. (requires Flash Player)
  • Picture of demonstration against dismantling (7 June 1949) Workers in the Ruhr demonstrate against the dismantling of their factories by the Allied forces of occupation. (requires Flash Player)
  • Picture: dismantling the Iron and Steel Industry ‘We want to work, we will help you to rebuild Europe' Workers at dismantled plant protest. (requires Flash Player)
  • Picture: 12,000 factory workers demonstrate against the dismantling of German industry (19 August 1949) (requires Flash Player)

  Results from FactBites:
 
Amazon.de: Wirtschaftswunder: Bücher: Malte W. Wilkes (440 words)
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Wirtschaftswunder - Definition, explanation (292 words)
The term Wirtschaftswunder (German: Wirtschafts [economic] + wunder [miracle]) is used to describe the upturn experienced in the West German and Austrian economies after the Second World War.
The German Wirtschaftswunder was due to the massive amount of economic help provided by the Marshall Plan and through the currency reform of 1948, which replaced Reichsmark with the D-Mark as legal tender.
Ludwig Erhard, who served as the Minister of the Economy in Adenauer's cabinet from 1949 until 1963, is often associated with the German Wirtschaftswunder.
  More results at FactBites »

 
 

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