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The London Agreement on German External Debts, also known as the London Debt Agreement (German: Londoner Schuldenabkommen), was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on 27 February 1953, and came into force on 16 September 1953.
Financial repression "played an important role in reducing debt-to-GDP ratios after World War II" by keeping real interest rates for government debt below 1% for two-thirds of the time between 1945 and 1980, the United States was able to "inflate away" the large debt (122% of GDP) left over from the Great Depression and World War II. [2]
However, during World War I, the British government was forced to borrow heavily in order to finance the war effort. The national debt increased from £650m in 1914 to £7.4 billion in 1919. During World War II the government was again forced to borrow heavily in order to finance war with the Axis powers.
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.
The public debt relative to GDP reached a post-World War II low of 24.6% in 1974. [ 18 ] [ 25 ] In that year, the Congressional Budget and Impoundment Control Act of 1974 reformed the budget process to allow Congress to challenge the president's budget more easily, and, as a consequence, deficits became increasingly difficult to control. [ 26 ]
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, [1] [2] was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. [1]
Borders of post-World War II Germany (1949). West Germany is shown in blue, East Germany is shown in red, The Saar protectorate under French economic control is shown in green. The Ruhr Area , the industrial engine of West Germany, is shown in brown as it was to some extent under the control of the International Authority for the Ruhr .
[2] [3] The Conservatives returned to power in 1951, accepting most of Labour's post-war reforms but introducing prescription charges to the NHS in 1952 and denationalising steel in 1953. They presided over 13 years of economic recovery and stability.