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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.
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.
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 ...
The European post-war economic recovery did not materialise and it became increasingly obvious that the European economy had depended on German industry. [ 2 ] In July 1947, President Harry S. Truman rescinded on "national security grounds" the punitive JCS 1067, which had directed the U.S. forces of occupation in Germany to "take no steps ...
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 ...
A western democratic country with a "social market economy", the country would from the 1950s onwards come to enjoy prolonged economic growth (Wirtschaftswunder) following the Marshall Plan help from the Allies, the currency reform of June 1948 and helped by the fact that the Korean War (1950–53) led to a worldwide increased demand for goods ...
Slowing economic growth in China, until recently Germany’s second-biggest export market, has crimped demand for goods, and fundamental shifts in the Chinese economy mean that demand may not ...
It has been suggested that Herbert Hoover's March 1947 economic report titled "The necessary steps for promotion of German exports, so as to relieve American tax payers of the burdens of relief and for economic recovery of Europe" helped end the execution of the Morgenthau plan, particularly through the paragraph which stated: "There is the illusion that the New Germany left after the ...