5) The Golden Age Economic developments

• Stabilisation of the currency


  budget, issuing a new currency, end of passive resisitance
• New currency


  1 Rentenmark = 1 trillion old marks
• Dawes Plan (1924)


  confirmed the payment of £6.6 billion reparations,

  the amount paid each year would be reduced to 1000 million marks in the first 5 years

  Germany to receive 800 million marks loan form the USA
• Young Plan 1929


  Germany to pay 2000 million marks per year for the next 59 years

  allies control over German reailways until 1988

  Total reparations payment reduced to only £1.8 billion
• Industrial output levels after 1924


  exports rose to 40%
• Money coming in to Germany

  Around 2.5 billion marks
• number of strikes


  from 1924 to 1930, decreased by 1620
• Unemployment insurance


  1927- covered 17 million workers
• New buildings


  In 1925, there were over 70,000 more dwellings than in 1924
• real wages in 1927 and 1928


  increased by 9% in 1927 and a further 12% in 1928
• unemployment rates


  over 3 million by March 1926

  10% unemployment in 1926 - this was a rise form only 3.4% in 1925
• how much did mining companies reduce their workforce by

  by 136,000 between 1922 and 1925.
• agricultural production


  by 1929, agricultural production was less than 3/4 of pre war times
• how did the government help farmers


  introduced high import tariffs on food production, import control and subsides to farmers but these measures didn't go far enough
• Farmers revenge


  1928 - protest against foreclosures and low prices