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Freedom with ResponsibilityThe Social Market Economy in Germany 1918-1963$
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A. J. Nicholls

Print publication date: 2000

Print ISBN-13: 9780198208525

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198208525.001.0001

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The Social Market and the Crisis in the German Economy, 1947–1948

The Social Market and the Crisis in the German Economy, 1947–1948

Chapter:
(p.159) 8 The Social Market and the Crisis in the German Economy, 1947–1948
Source:
Freedom with Responsibility
Author(s):

A. J. Nicholls

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198208525.003.0010

This chapter highlights the German economic and political crisis and the social market situation during the 1947–8 period. Modern industry suffered during the crisis period due to a concentration of power. Free markets and convertible currencies replaced export and import quotas, bilateral trade deals, trade embargoes, and foreign-exchange controls. The Marshall Plan, announced in 1947 as a measure to stabilize the economic crisis, had its fair share of critics, as it was considered to be an exercise in American imperialism, or a capitalist manoeuvre to undermine socialism, and was considered to be responsible for worsening the Cold War. In spite of the progress made by the neo-liberals in propagating their ideas, the situation still looked very gloomy by the end of 1947, since the twelve months between the announcement of the Marshall Plan in June 1947 and the implementation of currency reform can hardly be described as a period of optimism in Germany.

Keywords:   social market, economic crisis, Marshall Plan, currency reform, free market, socialism

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