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German refugees from the east in Berlin in 1945. The fundamental reason for the quick economic recovery of West Germany can be found in the ordoliberal growth model. Germany had a skilled workforce and a high technological level in 1946, but its capital stock had largely been destroyed during and after the war.
Worries about the sluggish recovery of the European economy (which before the war was driven by the German industrial base) and growing Soviet influence amongst a German population subject to food shortages and economic misery, caused the Joint Chiefs of Staff, and Generals Clay and Marshall to start lobbying the Truman administration for a ...
This type of action to help the German economy had been prohibited by the directive. In 1947, the Marshall Plan, initially known as the "European Recovery Program" was initiated. In the years 1947–1952, some $13 billion of economic and technical assistance – equivalent to around $140 billion in 2017 – were allocated to Western Europe.
The economic reforms and the new West German system received powerful support from a number of sources: investment funds under the European Recovery Program, more commonly known as the Marshall Plan; the stimulus to German industry provided by the diversion of other Western resources for Korean War production; and the German readiness to work ...
The British Ministry of Economic Warfare immediately began an economic blockade of Germany. [106] At the outset, Britain realized that this blockade would be less effective than their blockade of Germany in World War I because of current German allies Italy and the Soviet Union. [106]
Furthermore, in 1942, the Greek Central Bank was forced by the occupying Nazi regime to lend 476 million Reichsmarks at 0% interest to Nazi Germany. [56] After the war, Greece received its share of the reparations paid by Germany to the Allies as part of the proceedings of the Paris Reparation Treaty of 1946 which the Inter-Allied Reparations ...
Both Germany and Russia were left vulnerable after the end of the First World War. Germany had lost the war and become diplomatically isolated, and the postwar Treaty of Versailles led to German disarmament and the cession of German territories, including all her colonies. Russia had left the war in 1917 because of the Bolshevik Revolution and ...
After World War II, many countries adopted policies of economic liberalization in order to stimulate their economies.. The period directly after the war did not see many, the most notable exception being" West Germany's reforms of 1948, which set the stage for the Wirtschaftswunder in the 1950s and helped inform many of the liberalisations that were to come.