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Freedom with ResponsibilityThe Social Market Economy in Germany 1918-1963$
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A. J. Nicholls

Print publication date: 2000

Print ISBN-13: 9780198208525

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198208525.001.0001

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Erhard as Economics Director in Bizone

Erhard as Economics Director in Bizone

(p.206) 10 Erhard as Economics Director in Bizone
Freedom with Responsibility

A. J. Nicholls

Oxford University Press

This chapter highlights and discuses Erhard's efforts and endeavours as economic director of the Bizone in stabilizing the economic crisis. Erhard was of the view that a currency reform without an immediate return to free-market principles would be senseless. He undertook necessary measures to abolish controls on the allocation of manufactured products. He drafted legislation which gave him the power to overthrow the control system once the abolition of the old currency was implemented. He implemented the Guiding Principles Law before currency reform was introduced, to free the economy from a stifling blanket of controls that had to be taken very rapidly. Shifts in taxation and tax cuts benefited profits and property at the expense of the lower income groups.

Keywords:   economic crisis, free-market, currency reform, Guiding Principles Law, taxation, tax cuts, Ludwig Erhard

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