By James C. Van Hook
In a nuanced and clean account, James Van Hook evaluates the yank function in West German restoration and the debates approximately fiscal coverage inside West Germany. He examines the 1948 West German fiscal reforms that dismantled the Nazi command economic climate and ushered within the fabled "European Miracle" of the Fifties. via leaving behind Nazi period fiscal controls, the West Germans discarded a pre-1945 fiscal and business tradition.
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Additional info for Rebuilding Germany: The Creation of the Social Market Economy, 1945-1957
K. R. together with a number of smaller states . . may have claims on German production which they will require for purposes of rehabilitation and reconstruction,” he nevertheless sought to adopt many of the treasury secretary’s views. Echoing Morgenthau’s language, he recommended that “the standard of living of the German population shall be held down to a subsistence level,” that Germany’s economic power “must be eliminated,” 17. 8, box 28. Morgenthau’s steadfast opposition to reparations helped make his ideas initially interesting to the British.
By the time the Allies conquered Germany, the meager network of distribution that remained had been destroyed by Allied bombing and other military action. The massive increase in the amount of currency since 1936 to ﬁnance the war now posed an even more serious problem because the distribution of both consumer and producer goods had dwindled to almost nothing. Allied ofﬁcials realized that in order to prevent hyperinﬂation, they had to restore a system of distribution, encourage the production of both industrial and consumer goods, and reduce the amount of currency in circulation.
Though they both agreed on the need for moderate socialism in Germany, they soon grew impatient, and then suspicious of one another. Suspicions of the British, on the part of the SPD, encouraged many social democrats to believe in the inevitability of a capitalist restoration as American inﬂuence over the “bizone” grew. The political success of Erhard also owed much to this internal– international dynamic. Erhard proﬁted greatly from the gradual sense of frustration that had set in between the Allies and Germans by 1948.
Rebuilding Germany: The Creation of the Social Market Economy, 1945-1957 by James C. Van Hook