When did the Deutsche Mark replace the Reichsmark in West Germany?
The Deutsche Mark replaced the old currency as legal tender on the 20th of June 1948. This single act halted the runaway inflation that had paralyzed daily life for German citizens.
Questions about Wirtschaftswunder
Short answers, pulled from the story.
What specific tax reforms did Ludwig Erhard implement to stabilize the economy?
Military Government Law No. 64 removed repressive tax rates and raised the threshold for high taxation from 6,000 Deutschmark to 250,000 Deutschmark annually. A resident earning about 2,400 Deutschmark in 1950 saw their marginal tax rate drop from 85 percent to just 18 percent under this reform.
How much value did Allied forces confiscate from German patents after May 1945?
John Gimbel's book Science Technology and Reparations: Exploitation and Plunder in Postwar Germany estimates the value taken by the U.S. and United Kingdom at close to $10 billion. That sum compares to the U.S. annual GDP of $258 billion in 1948.
When was the final repayment of Marshall Plan aid to West Germany completed?
The final repayment occurred in June 1971 after it was decided in 1953 that Germany would repay $1.1 billion of received aid. About $1.4 billion flowed into West Germany as loans between 1948 and 1952.
What were the refrigerator ownership statistics in West Germany between 1962 and 1973?
Refrigerator ownership climbed from 52 percent to 93 percent between 1962 and 1973. Television set ownership jumped from 34 percent to 87 percent over the same period while car ownership grew from 27 percent to 55 percent.
Who were the Austrian leaders behind the Raab-Kamitz-Kurs economic policy?
Julius Raab served as Austrian chancellor starting in 1953 while Reinhard Kamitz acted as Finance Minister during this period. Their approach mirrored the Adenauer-Erhard-Kurs used across the border to achieve rapid reconstruction.