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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 and the Korean Crisis

Erhard and the Korean Crisis

(p.270) 13 Erhard and the Korean Crisis
Freedom with Responsibility

A. J. Nicholls

Oxford University Press

This chapter focuses on the challenges faced by Erhard and the obstacles to his economic policies, due to the Korean crisis. During the period before the Korean war, Erhard persistently continued his efforts to reduce controls and to lower taxation, and was making steady efforts to be back in the competitive world trade. Two measures which were forced upon him in conflict with his free-market principles were, firstly, the levy on consumer-goods industries to provide capital for improvements in other sectors, and the decision to agree with US demands for allocation of raw materials to particularly ‘vital’ areas of the economy, but to leave this allocation in the hands of West German business associations.

Keywords:   Korean crisis, Ludwig Erhard, economic policy, free-market principles, political leadership, social market economy

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