i The Economic Consequences of the War The ‘German Question’ dominated much of modern European history In 1945, Germany was defeated and conquered, yet World War II did not destroy the foundations of her economic power Dr Tamás Vonyó revisits Germany’s remarkable post-war revival, tracing its roots not to liberal economic reforms and the Marshall Plan, but to the legacies of the war that endowed Germany with an enhanced industrial base and an enlarged labour force He also shows that Germany’s liberal market economy was in reality an economy of regulated markets, controlled prices, and extensive state intervention Using quantitative analysis and drawing on a rich historiography that has remained, in large part, unknown outside of Germany, this book reassesses the role of economic policy and the importance of wartime legacies to explain the German growth miracle after 1945 and the sharply contrasting experiences of East and West Germany Tamás Vonyó is Assistant Professor of Economic History at Università Commerciale Luigi Bocconi, Milan He has written extensively on economic growth in post-war Europe and Germany’s economic development during World War II ii iii Cambridge Studies in Economic History Editorial Board Paul Johnson University of Western Australia Sheilagh Ogilvie University of Cambridge Avner Offer All Souls College, Oxford Gianni Toniolo Universita di Roma ‘Tor Vergata’ Gavin Wright Stanford University Cambridge Studies in Economic History comprises stimulating and accessible economic history which actively builds bridges to other disciplines Books in the series will illuminate why the issues they address are important and interesting, place their findings in a comparative context, and relate their research to wider debates and controversies The series will combine innovative and exciting new research by younger researchers with new approaches to major issues by senior scholars It will publish distinguished work regardless of chronological period or geographical location A complete list of titles in the series can be found at: www.cambridge org/economichistory iv v The Economic Consequences of the War West Germany’s Growth Miracle after 1945 Tamás Vonyó Bocconi University vi University Printing House, Cambridge CB2 8BS, United Kingdom One Liberty Plaza, 20th Floor, New York, NY 10006, USA 477 Williamstown Road, Port Melbourne, VIC 3207, Australia 314–321, 3rd Floor, Plot 3, Splendor Forum, Jasola District Centre, New Delhi – 110025, India 79 Anson Road, #06-04/06, Singapore 079906 Cambridge University Press is part of the University of Cambridge It furthers the University’s mission by disseminating knowledge in the pursuit of education, learning, and research at the highest international levels of excellence www.cambridge.org Information on this title: www.cambridge.org/9781107128439 DOI: 10.1017/9781316414927 © Tamás Vonyó 2018 This publication is in copyright Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press First published 2018 Printed in the United Kingdom by Clays, St Ives plc A catalogue record for this publication is available from the British Library Library of Congress Cataloging-in-Publication Data Names: Vonyó, Tamás, 1979– author Title: The economic consequences of the War : West Germany’s growth miracle after 1945 / Tamás Vonyó Description: Cambridge, United Kingdom; New York, NY: Cambridge University Press, 2018 | Series: Cambridge studies in economic history | Includes bibliographical references and index Identifiers: LCCN 2017046242 | ISBN 9781107128439 (hardback) Subjects: LCSH: Economic development – Germany (West) | Germany (West) – Economic conditions | Germany (West) – Economic policy | Germany – History – 1945– Classification: LCC HC286.5.V65 2018 | DDC 338.943–dc23 LC record available at https://lccn.loc.gov/2017046242 ISBN 978-1-107-12843-9 Hardback Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication and does not guarantee that any content on such websites is, or will remain, accurate or appropriate vii To my father, Édesapámnak viii 258 258 Bibliography Lindlar, Ludger, and Carl-Ludwig Holtfrerich 1997 Geography, exchange rates and trade structures: Germany’s export performance in the 1950s European Review of Economic History (2): 217–46 Löffler, Bernhard 2002 Soziale Marktwirtschaft und administrative Praxis: Das Bundeswirtschafts- ministerium unter Ludwig Erhard Vierteljahrschrift für Sozial-und Wirtschaftsgeschichte Beiheft 162 Stuttgart: Steiner Lutz, Friedrich A 1949 The German currency reform and the revival of the German economy Economica 16 (62): 122–42 MacIsaac, David 1976 Strategic bombing in World War Two: The story of the United States Strategic Bombing Survey New York: Garland Maddison, Angus 2006 The world economy Vol II: Historical Statistics Paris: OECD 1996 Macroeconomic accounts for European countries In Quantitative aspects of post-war European economic growth, ed Bart van Ark and N F. 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38, 53, 67, 116, 119, 125, 196, 205–6 Agricultural Subsidies Act, or ‘Green plan’, 205 Allied Control Authority, 25, 32, 36, 45, 181, 205, 209 ‘Dollar clause’, 45 First level of industry plan, 25–7 Second level of industry plan (revised plan), 26, 28 Allied powers, or Allies, 19, 23, 28, 36, 39, 41, 44–5, 47–8, 71–3, 91, 149, 155, 170, 185, 187, 225 See also occupying powers Alsace-Lorraine, 20, 146, 156–7 Apprentice or apprenticeship, 116–9, 121, 127–8 See also vocational training Association of German Engineers (VDI), 118 Autarchy, 141–3 Axis powers, 160 Baden-Württemberg, 54, 72, 77, 84, 168, 228 Baden, 35, 183 Württemberg-Baden, 35 Württemberg-Hohenzollern, 35, 59 Balance of payments, 133, 162 Balance of trade, 16, 136–7, 194, 214 Balke, Siegfried, 207 Bank deutscher Länder (BdL), 15, 83, 178, 195, 203, 211–2, 216 See also central bank Baran, Paul, 23 BASF, 27, 82, 240 Battle of the Bulge, 72 Bavaria, 34, 35, 59, 61, 67–8, 71–2, 74, 77, 84, 85, 168, 228 Bayer, 27, 76, 82, 240 Berg, Fritz, 187, 216 See also BDI Berlin, 22, 33, 36, 38, 56–7, 71–2, 110, 112, 124, 143, 167 235 Berlin Blockade, 110, 127 Berlin sectors, 20 Berlin Wall, 12, 96, 124, 221 Berlin Uprising, 124, 157 East Berlin (Soviet sector), 22, 33, 86, 157 West Berlin, 33, 39, 55–6, 57, 58–9, 61–2, 64, 65, 66, 72, 73, 89, 123, 168, 196, 199, 203, 206, 235 Bilateral trade, 142–3, 151 Bizonal Economic Administration, 176–9, 181, 187–9, 192, 195 Department for Planning and Statistics, 188 Black market, 38, 48–9, 152 Blitzkrieg hypothesis, 29 Böhm, Franz, 176 Brain drain, 207 Bremen, 34, 35, 55, 57, 59, 61, 64, 65, 66, 72, 84, 85, 168, 169, 227, 228 Bretton Woods, 7, 131, 213–4, 218 Bundesbank, 15–16, 87, 139, 175, 211–3, 215, 217–8 See also central bank Bundestag, 12, 28, 186, 188 Bundesverband der Deutschen Industrie (BDI), 163, 185, 187, 216 Business cycle, 86, 89, 106, 136, 175, 215 Byrnes, James, 26 267 268 268 Index Capital export, 162, 214–5 Capital intensity, 95, 103–6, 121 Capital markets, 10, 14, 83, 174, 197, 203, 208 Capital stock, 8, 10, 24, 26, 28–9, 53, 89, 92–5, 99, 104, 105–6, 229–30, 231–4 See also physical capital Casablanca Conference, 69 Central bank, 16, 137, 139, 175, 178, 183, 203, 211–3, 216 See also Bank deustcher Länder and Bundesbank Chamber of Industry and Commerce, 208 Christian socialism, 177 Ahlen Program, 177 Christian union parties, 177, 212, 217 Churchill, Sir Winston, 1, 69 Clay, Lucius (General), 26, 191 Clearing system, or clearing trade By Nazi Germany, 143–4, 151 Under the EPU, 133, 137 Coal ‘Coal Action’, 59 Coal crisis of 1958, 16, 121, 206, 212 Coal mining, 11, 15, 40, 42–3, 92, 99, 100, 107, 133, 184–5, 187, 189, 196– 7, 202, 206, 210, 221 Coal production, 24, 37, 42–3, 59 Coal shortage, 60, 127 Coal supply, or transport, 24, 42, 44, 107, 110, 127, 135, 144, 153, 157, 163–4 Used as fuel, 113–4, 165, 206 Co-Determination Act (Mitbestimmungsgesetz), 83, 186, 202 Cold War, 28, 110, 132, 149, 157, 201, 220 Collective Agreements Act, 186 Command economy, 176, 179, 197, 225 Common Agricultural Policy (CAP), 131, 205 Common Market, 14, 166, 170 See also EEC Comparative advantage, 14, 92, 130, 165, 172 Competition policy, 83, 187–8 Cartel Act (Kartellgesetz), 188 Cartels, 145, 187 Concerted Action, 186, 217 Constitution, 185, 188 Convergence Conditional convergence, 4–5 Catch-up, 4–5, 7, 91, 106, 129 Coordinating Committee for East–West Trade (COCOM), 132, 149, 158 Corporate tax, 181, 189, 204 Council of Economic Experts See Sachverständigenrat Currency blocs, 143, 150–1, 157 Currency reform, 14, 46, 51, 94, 173–4, 177–84, 192–3, 195, 197, 205, 222–4 Colm–Dodge–Goldsmith Plan, 177 Conversion Law (Umstellungsgesetz), 178, 180 Homburg Plan, 178 Law on Blocked Accounts (Festkontogesetz), 178 Current account, 138, 199, 212–4 Customs union, 14, 134, 142, 150, 160 Demand management, 175, 217 De-Nazification, 27, 100, 220 Denison, Edward, 5, 23 Deportations, 31–32, 41, 78 See also expellees Deutscher, Isaac, 19 Deutschmark, 136, 139, 140, 178, 192 Differentiated quality product (DQP), 114, 142 Displacement, 16–7, 69, 77, 83, 219, 223–4 Drang nach Osten, 13, 145, 157, 222 East Germany (GDR), 21, 28, 33, 38, 58, 86, 109, 110–1, 123–8, 167, 207, 219, 221 Eastern provinces, 32–3, 41, 76, 107, 109 Economic imperialism, 143–5 Economic miracle, 20, 82–3, 130, 140, 169, 173, 189, 198, 211, 219, 222, 224 See also Wirtschaftswunder Education, or educational attainment, 12, 16, 117–9, 123, 126, 206–8, 218, 223 Ehrenburg, Ilja, 40 Einquartierung, 58 Ellis, Howard, 151 Emmerich, Walter, 189 Energy Electrical energy (power), 15, 24, 41, 46, 60, 115, 189, 196–7 Energy sector, 15, 197, 202 Energy supply, 41, 60, 92, 187, 219 Epidemics, 37–38 Equalisation of Burdens Act (Lastenausgleichgesetz), 180 Erhard, Ludwig, 12, 14, 68, 87, 163, 176–7, 179, 183–4, 186, 188–90, 202, 214–5, 217, 225 Eucken, Walter, 176–7 European Coal and Steel Community (ECSC), 133, 150, 157, 163, 201 European Economic Community (EEC), 13, 130, 134, 140, 142–5, 148–50, 160, 162–3, 165–6 See also Common Market 269 Index European Free Trade Association (EFTA), 134, 160 European Payments Agreement (EPA), 132–3, 199 European Payments Union (EPU), 15, 133–4, 137, 144, 157, 170, 192 European Recovery Program (ERP), 190–4 See also Marshall Plan Counterpart funds, 15, 192, 195–7, 199, 202–5, 208 Drawing rights, 132–3, 199, 200 Economic Cooperation Act, 192 Economic Cooperation Agency, 186 ERP or Marshall Aid, 15, 192, 194, 197, 199–202 ERP Program of Technical Assistance, 194 Evacuation, or evacuees, 32, 36–37, 40, 58, 79 Exchange rate, 139, 140, 175, 180–1, 211, 214–5, 218 Expellees, 9–10, 17, 32–37, 40–1, 58–9, 61–2, 69, 70, 72, 73, 76–80, 82, 124, 182–3, 221, 224 See also deportations Export intensity, 14, 129–30, 142, 170–2 Export promotion Ausfuhrkredit AG, 205 Export Promotion Act, 204 Hermes, 205 Federal Patent Office, 207 See also patents Fiscal policy, 14, 16, 87, 136, 174–5, 189, 203–18, 222 Forced, or prison labour, 27, 37, 42, 59, 74, 116 See also POW Ford, 27, 30–1 Foreign direct investment (FDI), 195 Fortress Europe, 13, 150, 152, 157, 165, 222 Four Year Plan, 29, 53 France, 20, 130–3, 149, 151, 155, 157, 160, 165, 192, 200–1 Frank, Hans, 189 Freedman, Milton, 214 Free market, 4, 48, 51, 176–7, 184–5, 189–90, 197, 202, 209, 215 Frings, Joseph (Cardinal, Archbishop of Cologne), 39 Galbraith, Kenneth J., 23 GARIOA (Government and Relief in Occupied Areas), 191–5, 197 GDP, 129, 147, 193, 203, 207, 211–2, 215–7 See also national income General Agreement on Tariffs and Trade (GATT), 131, 134, 162, 205 See also trade liberalisation German Institute for Economic Research (DIW), 93–104 269 Goebbels, Joseph, 19 Golden age, 1, 4–7, 11–2, 18, 88–9, 92, 95, 99, 106, 113, 121, 123, 129, 131, 134, 145, 188, 208, 218 Göring, Hermann, 144, 225 Hermann Göring Works, 82, 187, 210 ‘Grand coalition’, 186, 217 Great Britain, 24, 57, 71, 132–49, 161–2, 165, 177, 198 See also United Kingdom Great Depression, 134, 142, 146, 148, 150–1, 162–4 ‘Greater economic space’ (Großwirtschaftsraum), 143, 156 See also economic imperialism Greater German Empire, 146 Growth accounts, growth accounting, 4–5, 10, 12, 89, 99, 103–6 Gründungskrise, 6 Hamburg, 34, 35, 36–37, 39, 168, 196, 227, 228, 235 Harris, Sir Arthur, 70 Hesse, 35, 85, 168, 228 Heuss, Theodor, 12 Hitler, Adolf, 13, 19, 24, 144–5, 149, 151, 157, 165, 222 Holocaust, 207, 220 Hoover, Herbert, 19 Housing Emergency housing, 59 First Housing Construction Act, 209 Housing construction, 10, 65, 69, 77, 175, 196, 209 Housing damage or destruction, 9, 52, 62, 72–6, 196 Housing market, 184–5, 209 Housing policy, 36, 209, 211 Housing shortage, 10, 11, 16, 34, 37, 40, 56–60, 83, 86, 174, 182, 196, 220, 224 Housing stock, 10, 16, 56–8, 62, 68, 70, 73, 79, 80, 86, 211, 223 Second Housing Construction Act, 209 Social housing, 76–7, 208–11, 213 Human capital, 4, 11, 118, 127, 207, 220, 224 Hunger, 9, 20, 38–9, 52 IG Farben, 27, 82, 187 Imperial School Act, 116 Incomes Tax Act (EStG), 203, 204, 209 Industrial production, 1, 10–1, 19–20, 23, 25, 41–4, 46, 49, 60, 80, 86, 89, 90, 93, 101, 110, 112, 125–6, 129, 132, 136–7, 170–1, 180, 182–3, 190, 194, 198, 220–1 270 270 Index Industrial relations, 7, 83, 185, 223 See also social contract Inflation, 15–6, 48, 139, 179, 183–4, 194, 211–5, 217 Innovation, 11, 16, 30, 88, 112, 114, 206–7, 220–1, 223 Inter-Allied Reparation Agency (IARA), 45–6, 157 See also reparations International control of the Ruhr, 133, 157, 167 Paris Agreement on Reparations, 46 Internally displaced persons, 20, 36–37 Inter-zone trade, 44, 100, 108 Intra-industry trade, 131, 140, 145, 150, 165, 170 Investment, 2, 4–5, 7–8, 10, 15–6, 29–30, 44, 50, 52, 53, 67, 75, 77, 80, 83, 87–8, 90, 95, 107, 114–5, 123, 126–7, 134, 139–41, 162, 169, 175, 180, 189–91, 195–7, 199, 202–8, 212, 214–5, 220–1, 223–4, 229–30 Investment Aid Act (Investitionshiflegesetz), 189–90, 196–7, 205 Iron Curtain, 18, 132, 185 Jánossy, Ferenc, 2–5, 17 See also Reconstruction thesis Joint Export-Import Agency (JEIA), 45–6, 179 Juliusturm, 212 See also rearmament Kaldor, Nicholas, 23 Keiser, Günter, 188–189 Keynes, John Maynard, 8 Keynesian economics, 87, 169, 217 Klein, Burton, 23 Korea Boom, 82, 135–6, 142, 169, 205, 211 Korean War, 137, 157, 169–71, 197, 201 Kreditanstalt für Wiederaufbau (KfW), 195, 197 See also ERP counterpart funds Kriegsmarine, 32 Krupp, 74, 187, 208 Labour force Labour allocation, 7, 9, 24, 53, 56, 59, 77, 81, 97, 100–1, 116 Labour composition, 11–12, 40, 116, 117, 124–5 Labour qualifications (skilled labour), 2, 17, 99, 116, 118–9, 121–3, 126–7, 141 Labour scarcity or shortage, 10–11, 18, 40, 53–4, 56, 58–61, 69, 75–6, 78, 83–4, 86–7, 118, 126, 169, 183, 224 Labour supply, 8, 12, 21, 31, 33, 37, 41, 53, 59–60, 72, 80, 89, 93, 95–7, 104, 107, 112, 219–21 Labour market, 61, 83–4, 116, 181–2, 210 Labour productivity, 4–5, 8, 10–12, 75, 97–106, 112, 128, 130, 139, 145, 169–71, 182, 213, 220–2 Laissez faire, 175–6 Lebensraum, 144 Lindemann, Frederick, 69 London Agreement of 1946, 142, 207 London Agreement of 1952, 170 Lower Saxony, 34, 35, 54, 59, 77, 82–84, 85, 168, 169, 228 Mandel, Ernest, 88 Market integration, 13, 130–2, 142–4, 163, 166, 222 Marshall Plan, 14, 26, 39, 114, 132, 173–4, 185–6, 190–202 See also ERP Mass production, 95, 99, 114, 123, 125, 162 Meinhold, Helmut, 189 Migrant labour, 59, 96–7, 99–100 Migration, 8, 16, 18, 32–34, 36, 123–8, 206, 220–1, 225 Miksch, Leonhard, 177 Military government, or governor, 22, 25–6, 37–8, 42–3, 48, 50–1, 177, 181–3, 185, 187, 191–2, 202, 220 Military spending, 47, 212 See also war financing Mitteleuropa, 158 Modell Deutschland, 18 Monetary policy, 15–6, 47, 139, 174–5, 211–7 Monetary protectionism, 131, 138–9 Money supply, 47, 48, 139, 178, 211, 213 Morgenthau Plan, 25–6 Motorization, 67, 91–2, 206 Müller-Armack, Alfred, 175, 190 National accounts, 182, 215 National income, 13, 15, 47, 49, 89, 101, 103, 129, 180, 192, 221, 228 See also GDP Nationlisation, 144, 177, 185, 187 NATO, 89, 170, 201, 207 Nazi Germany, 13, 27, 29, 82, 113, 131, 143–4, 151–3, 155, 156, 222 See also Third Reich Nazi, or National Socialist, 19, 22, 28, 30–2, 36, 47, 82–3, 91, 93, 97, 113–4, 116, 118, 123, 141–5, 149, 151–3, 155–7, 174, 176, 185–7, 189, 199, 210, 219, 222, 224 Nero Befehl, 24 North Rhine-Westphalia, 35, 54, 56, 59, 65, 77, 84, 167–9, 228 Nuremberg trials, 27 271 Index Occupation costs, 202–3 Occupation zones, 21, 26, 29, 33, 39, 43, 45, 110, 127–8, 178, 194 American (US) zone, 21, 35, 38–43, 49, 177, 179 Bizonal Area, 27, 38, 42–5, 180–3, 187, 192, 237 British (UK) zone, 21, 35, 42–4, 177, 179, 187 French zone, 21, 34, 35, 38, 43, 45, 59, 65, 72, 178, 181, 183, 192, 201, 237 Soviet zone, 21, 25–6, 28, 33, 35, 38–9, 51, 76, 110, 112, 127–8 Occupied lands, or territories (by Nazi Germany), 47, 143, 152, 155, 160, 164, 192, 224 Occupying powers, 20, 26–7, 38, 43, 45, 76, 177, 187 See also Allied powers Office du Commerce Extérieur, 45 Office of Military Government for Germany (OMGUS), 22, 27, 37, 185 Ministerial Collecting Centre, 22 Overall Economic Effects Division (OEED), 23 Statistical Office for German Industries, 22 Opel, 30 Operation Bailiff, 76 Operation Gomorrah, 71 Organisation for Economic Cooperation and Development (OECD), 3 Organisation for European Economic Cooperation (OEEC), 132–3, 137, 139, 162, 189, 198–202, 205 Patents, 44, 142, 207 Path dependency, 13, 130–1, 140–1 Physical capital, 10, 30, 52–3, 87, 195–6, 220, 223 See also capital stock Planning, 43, 127, 141, 176–7, 186–9 Polytechnic (Fachschule), 117–8, 123 Potsdam Agreement, 9, 31, 34 Potsdam Conference, 20, 32 Potsdam Protocols, 25 Price controls, 9, 177, 223 See also administrative prices Price liberalisation (Leitsätzegesetz), 179, 183 Prisoner of war (POW), 19, 37, 117 See also forced labour Propaganda, 19, 40, 91 Protectionism, 134, 162, 201, 214 Prussia, 32–3 See also Eastern provinces Public (government) debt, 47, 48, 143, 170, 178, 201, 203 271 Railways, 24, 41–43, 184, 197, 202, 206, 208 Federal Railways, 67, 189, 196, 206 Reichsbahn, 24, 42 Rationing, or rations, 9, 14, 38–40, 49–50, 174, 179, 184 Rearmament, 16, 170, 202, 208, 212 See also Juliusturm Recession of 1966–7, 2, 87–88, 136, 169, 217 Reconstruction growth, 5, 10–1, 17, 80, 87, 92, 104, 111, 167, 224 Reconstruction thesis, 2–5, 17, 88, 111, 145 See also Jánossy, Ferenc Red Army, 32, 40–41 Refugees (from East Germany), 9–10, 16, 33–38, 40, 58–9, 76–7, 79, 95, 123–6, 182–3, 224 Refugee camps, 37, 59 Regional development programs, 206, 210 Reichsmark, 178 Reichsmark bloc, 151 Relocation (of firms), 74, 81, 112, 127 Reparations, 25, 28, 42, 46, 57, 76, 86, 126, 146, 157, 183, 225 See also IARA Industrial dismantling, 8, 20, 24–31, 75–6, 83, 91, 100, 114, 126–7, 134, 149, 157, 165, 187, 219–20, 222–3, 229–30 Reparations regime, 46, 164 Research and development (R&D), 113, 126, 207–8 Resettlement, 16–7, 31–3, 77–9, 84, 107, 119, 175, 207–8, 223–4 Rhineland-Palatinate, 35, 59, 65, 72, 77, 84, 168, 228 Roosevelt, Franklin D., 26 Röpke, Walter, 176 Royal Air Force (RAF), 69, 71 Ruhr, 24, 36–8, 42–3, 46, 54–6, 59, 68, 71, 76, 86, 133, 144, 156–7, 167, 177, 185–7, 190, 197, 202, 206, 212 Saarland, 20, 21, 89, 235 Sachverständigenrat, 87, 216–8 Schacht, Hjalmar, 163 Schäffer, Fritz, 15, 212 Schleswig-Holstein, 34, 35, 54, 59, 61, 64, 66, 76–7, 84, 168, 210, 228 Shortage economy, 9, 46, 50, 179, 183 Siemens, 115 Social contract, 7, 186, 223 See also industrial relations Social Democrat, 177, 188, 209, 217 Democratic socialism, 177 Godesberg Program, 188 272 272 Index Social Market Economy (SME), 2, 7, 14, 16, 173, 175–7, 180, 184, 188–90, 197, 217, 222, 225 Freiburg school, 2, 176 Social liberalism, 176 ‘Ordoliberal’, or ‘Ordoliberalism’, 176–7, 186, 206, 217 Socialist, 127, 185–6 Soviet bloc, 132, 149, 157–8, 167 See also Warsaw Pact Soviet Union, 25–6, 28, 31–2, 45, 107, 151, 153, 156, 158, 177 Special interest, 6, 176 Distributional coalitions, 6–7, 83, 185 State capture, 176 Speer, Albert, 19, 25, 43, 144, 225 Stability and Growth Act, 217 Stalin, Josif, 28 Stalingrad, 156 State intervention, 10, 14, 16, 18, 34, 56, 88, 97, 174–6, 184, 188, 222, 223 Strategic bombing, 1, 17, 24, 69, 72, 223 Allied bombing campaign, 23–4, 36, 41, 69, 72 Area Bombing Directive, 69–71, 76 Bomber Command, 70–1, 73–4 Strauß, Franz Josef, 207 Strikes, 39, 183, 186 Structural change, 10, 12, 92, 99–101, 116, 170, 214, 221, 227–8 Structural disproportions, 11, 16, 107–8, 110–1, 126, 129, 174–5, 190, 198, 221–3 Supplier network, 51, 91, 127 Technical high school (Realschule), 118 Technology, 1, 4–5, 8, 11, 16, 30, 88–9, 91, 95, 102–3, 106, 112, 114–5, 122–3, 142, 195, 207–8, 221, 223–4 Terms of Trade, 134–8, 170, 211–2, 214 Third Reich, 1–2, 13–4, 19–20, 30, 32–3, 41, 47, 107–8, 110, 143, 150–3, 155–6, 166, 174, 201, 221–4, 235 See also Nazi Germany Total Factor Productivity (TFP), 10–11, 101–7, 113, 123, 128, 221 Trade diversion, 13–4, 130, 133, 150–1, 157, 160, 163, 166, 222 Trade liberalisation, 7, 97, 131, 133, 137, 143, 162–3, 173–4, 179, 183, 205, 214 See also GATT Trade unions, 6–7, 83–4, 97, 121, 169, 177, 183, 185–6, 188 Deutscher Gewerkschaftsbund (DGB), 185 Munich Program, 186 Transport Finance Act, 206 Treaty of Rome, 162 Truman, Harry S, 26 Unemployment, 9–10, 16, 18, 34, 53–6, 59, 107, 169, 181–2, 189, 206–7, 211, 215, 224 United Kingdom, 5, 130, 134, 162, 165, 198–9 See also Great Britain United Nations Relief and Rehabilitation Administration (UNRRA), 37 United States, 5, 24, 132–5, 139–40, 149, 151, 158, 161–2, 191, 193, 195, 198–9, 201, 207 United States Strategic Bombing Survey (USSBS), 8, 22–3, 29 Unit labour costs, 138–9 Universal banks, 83, 187 US Army, 27, 49, 202, 207 US Eighth Air Force, 69 USSR See Soviet Union Vocational school (Berufsschule), 117–8, 121 Vocational training, 117–9, 121, 123, 126, 221 See also apprenticeship Volkswagen, 27, 30–1, 74, 82, 114–5, 169 Wage bargaining, 7, 84, 186 Wage moderation, 7–8, 10, 123, 169, 213 Wagenführ, Rolf, 22–23 War casualties, 19, 31, 41, 116, 219, 221 War economy, 22–5, 29–30, 47, 73, 82, 92, 130, 143–4, 152–3, 163 War financing, 47, 224 See also military spending War production, 10, 13, 19, 22–24, 29, 69, 117, 153, 164, 224 Warsaw Pact, 132 See also Soviet bloc Wehrmacht, 152, 155–6 Westrick, Ludger, 187 Wirtschaftswunder, 1, 3, 5, 8, 11–5, 17, 68, 81, 129, 145, 173–4, 176, 222, 224 See also economic miracle Women, 37–8, 40–1, 116, 117, 124, 126, 224 Work Worker absenteeism, 9, 39, 181 Workforce, 25, 31, 37, 50–1, 76, 95, 116, 118–23, 202, 230, 235 Work (labour) hours, 10, 84, 86, 94, 96, 181, 235–7 Working class, 76, 114, 128, 209 Workweek, 40–84, 86, 95, 97, 237 Work Procurement Programme, 189, 202 ... in The Economic Consequences of the Peace forecasted that the troubles of interwar Europe would be the outcome of the Carthaginian peace settlement of 1919, The Economic Consequences of the War. .. interpretation of the Jánossy model concurs with the revisionist historiography of the West German growth miracle, which argued that the 6 The Economic Consequences of the War war had merely dislocated the. .. to 2 The Economic Consequences of the War the Social Market Economy in the success of post- war reconstruction Firmly in line with the ‘Freiburg school’ of liberal economics that dominated the