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Nazism and the German economic miracle
By: Henry C K Liu on: 15.06.2005 [19:32 ] (2665 reads)
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The term "social market economy" was coined by one of German chancellor Ludwig Erhard's close associates, economist Alfred Mueller-Armack, who served as secretary of state at the Economics Ministry in Bonn from 1958-63. Mueller-Armack defined social market economy as combining market freedom with social equity, with a vigilant regulatory regime to create an equitable framework for free market processes. The success of the social market economy made the Federal Republic of Germany the dominant component in the European Union. Focusing on the social aspect, Erhard himself shied away from praising free markets. He felt that social rules of the market-economy game must be adhered to as a precondition in order to prevent unbridled pursuit of profit from gaining the upper hand.
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Temporary offline
by hellsbells on 15.06.2005 [20:31 ]
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I'm going to print it for further study.
Just one quick comment, there seems to be a revisionist viewpoint in pre-ww2 German history, that the use of sovereign money by the national socialist government WAS the reason why the bankers decided that ww2 had to begin. Hitler didn't initiate it ... but fell into their trap with absolutely disastrous consequences for all.
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by Crack_Smoke_Republican on 16.06.2005 [04:29 ]
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It ties together many threads concerning German Economic history. A fascinating read. I've always enjoyed Liu's articles.
Just a few notes: Liu doesn't cover how the Hyper-inflation and following Depression radicalized the German people politically, particularly in rural areas. Nor does he cover other radicalizing events such as how millions died from the Allies trade embargo after WWI. Also how the constant threat of strikes and Communist activism threatened labor stability is only lightly touched on but was a huge factor.
The Germans, as well as Japan and the E. Asian economies, learned that personal sacrifice was required of everyone to achieve modernization. WWI, with its food shortages and poverty, produced a generation that suffered collectively and could not live with the inequities of unrequlated commercial capitalism (you mean millions died for nothing? Only for the bankers?). Hitler found listening ears in the 1920s and 1930s because of these events.
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