Difference between revisions of "Dawes Plan"
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| − | The Dawes Plan was formed in 1924 when an international committee funded by the [[United States of America]] and England tried to save [[Germany]]'s failing economy. The Dawes Plan, named after American financier [[Charles G. Dawes]], recomended that Germany begin paying 1,000,000,000 gold marks in the first year and increasing to 2,500,000,000 by 1928. It also called for a loan of 800,000,000 marks ($200 million) to Germany. The Dawes Plan ignored the original reparations set by the | + | The Dawes Plan was formed in 1924 when an international committee funded by the [[United States of America]] and England tried to save [[Germany]]'s failing economy. The Dawes Plan, named after American financier [[Charles G. Dawes]], recomended that Germany begin paying 1,000,000,000 gold marks in the first year and increasing to 2,500,000,000 by 1928. It also called for a loan of 800,000,000 marks ($200 million) to Germany. The Dawes Plan ignored the original reparations set by the Treaty of Versailles. By 1929 the Dawes Plan was considered a big success and financial controls over Germany were relaxed. Germany factories were producing again at prewar levels and inflation was no longer a big problem. |
Revision as of 16:24, January 2, 2007
The Dawes Plan was formed in 1924 when an international committee funded by the United States of America and England tried to save Germany's failing economy. The Dawes Plan, named after American financier Charles G. Dawes, recomended that Germany begin paying 1,000,000,000 gold marks in the first year and increasing to 2,500,000,000 by 1928. It also called for a loan of 800,000,000 marks ($200 million) to Germany. The Dawes Plan ignored the original reparations set by the Treaty of Versailles. By 1929 the Dawes Plan was considered a big success and financial controls over Germany were relaxed. Germany factories were producing again at prewar levels and inflation was no longer a big problem.