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This strategy failed as Germany lost the war, which left the new Weimar Republic saddled with massive war debts that it could not afford: the national debt stood at 156 billion marks in 1918. [3] The debt problem was exacerbated by printing money without any economic resources to back it. [1]
Prosperity was pulled along by exports that reached a record of $1.7 trillion US dollars in 2011, or half of the German GDP, or nearly 8% of all of the exports in the world. While the rest of the European Community struggled with financial issues, Germany took a conservative position based on an extraordinarily strong economy after 2010.
The prestige of Germany and German things in Latin America remained high after the war but did not recover to its pre-war levels. [ 33 ] [ 34 ] Indeed, in Chile the war bought an end to a period of intense scientific and cultural influence writer Eduardo de la Barra scornfully called "the German bewitchment" ( Spanish : el embrujamiento alemán ).
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.
British poster encouraging investment in war bonds. The economic history of World War I covers the methods used by the First World War (1914–1918), as well as related postwar issues such as war debts and reparations. It also covers the economic mobilization of labour, industry, and agriculture leading to economic failure.
Germany’s economy suffered a double shock from the COVID-19 pandemic and Russia’s invasion of Ukraine. The latter continues to put deep pressure on the economy after sanctions against Russian ...
The post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, economic growth continued and even accelerated during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to ...
The aftermath of Germany's loss in World War 1 saw the country experience severe hyperinflation, with the Weimar Republic finally tackling the issue by 1923. A period of known as the Golden Twenties then saw major economic stabilization and growth fuelled largely by foreign investments and loans.