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"It takes vision and courage to create - it takes faith and courage to prove." Owen D. Young
Main Points:
The Dawes Plan of 1924:
The Young Plan 1929:
Summary:
Charles G. Dawes, an American banker, was asked by the Allied Reparations Committee to investigate the problem. His report, published in April, 1924, proposed a plan for instituting annual payments of reparations on a fixed scale. He also recommended the reorganization of the German State Bank and increased foreign loans.
Young's report suggested that the total amount of reparations should be reduced by about three-quarters and that Germany should make annual payments on a sliding-scale up to 1988. The Young Plan was accepted by all the governments concerned but it was severely criticized in Germany by right-wing politicians such as politicians like Adolf Hitler.
The Dawes Plan of 1924:
- The Dawes Plan of 1924 was formulated to take Weimar Germany out of hyperinflation and to return Weimar’s economy to some form of stability.
- The Dawes Plan got its name as the man who headed the committee was an American called Charles Dawes.
The Young Plan 1929:
- The Dawes Plan (1924) had attempted to deal with the massive inflation and large-scale unemployment in Germany that had been caused by reparations ordered as part of the Treaty of Versailles.
- Although initially a success the Wall Street Crash created new problems for the German economy.
- In 1929 the Allied Reparations Committee asked an American banker, Owen D. Young, to investigate the situation.
Summary:
Charles G. Dawes, an American banker, was asked by the Allied Reparations Committee to investigate the problem. His report, published in April, 1924, proposed a plan for instituting annual payments of reparations on a fixed scale. He also recommended the reorganization of the German State Bank and increased foreign loans.
Young's report suggested that the total amount of reparations should be reduced by about three-quarters and that Germany should make annual payments on a sliding-scale up to 1988. The Young Plan was accepted by all the governments concerned but it was severely criticized in Germany by right-wing politicians such as politicians like Adolf Hitler.