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Recovery under Stresemann, 1924 to 1929
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Gustav Stresemann helped steady Germany after 1923. These are often called the Golden Years, but the recovery had weaknesses.
Economic recovery
Rentenmark (1923): a new currency that ended hyperinflation.
Dawes Plan (1924): reparations were reorganised and US loans flowed in.
Young Plan (1929): reduced the total reparations and gave more time to pay.
Dawes Plan (1924): reparations were reorganised and US loans flowed in.
Young Plan (1929): reduced the total reparations and gave more time to pay.
International relations
Locarno Pact (1925): Germany accepted its western borders.
League of Nations (1926): Germany was allowed to join, a sign of renewed status.
Kellogg-Briand Pact (1928): countries agreed not to use war to settle disputes.
League of Nations (1926): Germany was allowed to join, a sign of renewed status.
Kellogg-Briand Pact (1928): countries agreed not to use war to settle disputes.
Weaknesses
The recovery depended on American loans, which could be called back.
Extremist parties still existed. Stresemann died in October 1929, just before the Wall Street Crash.
Extremist parties still existed. Stresemann died in October 1929, just before the Wall Street Crash.
Why was Germany's recovery fragile?
- The Dawes Plan relied on loans from the USA.
- If the US economy failed, the loans would be recalled.
- That is exactly what happened after the Wall Street Crash in 1929.
Answer: It depended on American loans.
Rentenmark ended hyperinflation; Dawes Plan 1924 brought US loans; Young Plan 1929 cut reparations. Locarno 1925 and the League of Nations 1926 restored status. But the recovery depended on US loans.
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