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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 debt problem was exacerbated by printing money without any economic resources to back it. [1] John Maynard Keynes characterised the inflationary policies of various wartime governments in his 1919 book The Economic Consequences of the Peace as follows: The inflationism of the currency systems of Europe has proceeded to extraordinary lengths.
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 ).
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 ...
Russian exports to Germany fell sharply after World War I. [6] In addition, after the Russian Revolution of 1917, the young communist state assumed ownership of all heavy industry, banking and railways, while the 1921 New Economic Policy left almost all small-scale production and farming in the private sector. [5]
Estimated to have lost ¼ of its wealth during World War 1, Britain turned to welfare to spark an economic recovery. Reliant on receiving payments of war debts from Germany to stimulate economic growth after the onset of the great depression, the British economy suffered when the United States nullified these reparation payments.
United States secretary of state James F. Byrnes read the speech Restatement of Policy on Germany, clarifying his nation's desire for economic recovery in Germany and guaranteeing its borders. 1947: 4 October: Planck died. 1948: 20 June: Ludwig Erhard, the appointed economic director of the Bizone, introduced the Deutsche Mark. 24 June
It also covers the economic mobilization of labour, industry, and agriculture leading to economic failure. It deals with economic warfare such as the blockade of Germany, and with some issues closely related to the economy, such as military issues of transportation. For a broader perspective see home front during World War I.