Difference between revisions of "Young Plan"
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| − | The Young Plan was the plan that replaced the Dawes Plan in 1929. In 1929 the Wall Street Crash created problems for the | + | The Young Plan was the plan that replaced the Dawes Plan in 1929. In 1929 the Wall Street Crash created problems for the German economy and Owen D. Young was asked by the Allied Reparations Committee to investigate the situation. What Young suggested is that the total amount of reparations should be reduced to around three-quarters. In this way Germany would make annual payments till 1988. All governments but Germany accepted Young’s plan. It was criticized by positions in the right wing. These included Adolf Hitler and Alfred Hugenberg. When unemployment in Germany grew in 1931, payments were suspended and a year later the payments were cancelled. |
Revision as of 22:48, January 4, 2007
The Young Plan was the plan that replaced the Dawes Plan in 1929. In 1929 the Wall Street Crash created problems for the German economy and Owen D. Young was asked by the Allied Reparations Committee to investigate the situation. What Young suggested is that the total amount of reparations should be reduced to around three-quarters. In this way Germany would make annual payments till 1988. All governments but Germany accepted Young’s plan. It was criticized by positions in the right wing. These included Adolf Hitler and Alfred Hugenberg. When unemployment in Germany grew in 1931, payments were suspended and a year later the payments were cancelled.