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Since 1929, Germany had been suffering from the Great Depression; unemployment had risen from 8.5% to nearly 30% between 1929 and 1932, [2] while industrial production dropped by around 42%. [2] Over 6 million people were unemployed in 1932, and 40% of organized labour was unemployed or working reduced hours in summer 1932. [3]
During the years of 1931 and 1932 Germany was experiencing a 10% annual rate of deflation. [2] In early 1931 Woytinsky began developing a preliminary version of what would become the WTB plan, proposing the injection of money into the European economy via large-scale public works on an international scale.
At first, the new Nazi government continued the economic policies introduced by the government of Kurt von Schleicher in 1932 to combat the effects of the Depression. [21] Hitler appointed Hjalmar Schacht, a former member of the German Democratic Party, as President of the Reichsbank in 1933 and Minister of Economics in 1934. [20]
25 February – Adolf Hitler obtains German citizenship by naturalization, opening the opportunity for him to run in the 1932 election for Reichspräsident. [1] 10 April – Paul von Hindenburg is re-elected president of Germany. [2] 30 May – Chancellor Heinrich Brüning resigns. President Hindenburg asks Franz von Papen to form a new ...
Unemployment rate in Germany between 1928 and 1935. During Brüning's policy of deflation (marked in purple), the unemployment rate soared from 15.7% in 1930 to 30.8% in 1932. Communist Party (KPD) leader Ernst Thälmann (person in foreground with raised clenched fist) and members of the Roter Frontkämpferbund (RFB) marching through Berlin ...
The Reich Labour Service (Reichsarbeitsdienst; RAD) was a major paramilitary organization established in Nazi Germany as an agency to help mitigate the effects of unemployment on the German economy, militarise the workforce and indoctrinate it with Nazi ideology. It was the official state labour service, divided into separate sections for men ...
In 1920, the unions of the ADGB had over 8 million members, but the international financial crisis at the end of the decade caused high unemployment, leading to a substantial drop in the membership of member unions. [3] By the end of 1932, there were an estimated 3.5 million members. [3]
On 9 January 1932 Brüning declared that after the Hoover moratorium on payments expired on 1 July, Germany would not be able to resume its reparations payments. [6] The Lausanne conference, which took place in June and July 1932, after the end of the Brüning cabinet, led to a de facto end to reparations payments.