Summary
Summary Nazi Germany - Schacht and Goering Economic Policy
- Institution
- CIE
Simple format information
[Show more]
Content preview
Hjalmar SchachtHjalmar Horace Greeley Schacht, the son of a salesman, was born in Tinglev, Germany, on
22nd January, 1877. His father had lived in the United States and named his son after the
radical journalist, Horace Greeley and a prominent campaigner in America against slavery.
Schacht studied medicine in Kiel, philology in Munich and political science Berlin before
taking a degree in economics in 1899.
He joined the Dresdner Bank and during the First World War was financial consultant for the
German occupation government in Belgium. In 1916 he became a director of the German
National Bank.
In 1923 he became Reich currency commissioner and was praised for bringing
Germany's inflation under control. Schacht was rewarded by being appointed president of
the Reichsbank. In 1929 he headed the German delegation that negotiated the Young Plan.
Schacht developed right-wing political ideas and in 1930 was converted to fascism after
reading Mein Kampf. In January, 1931 Hermann Goering arranged a meeting with Adolf
Hitler. Schacht agreed to raise funds for the Nazi Party. Schacht, who had good contacts
with Germany's industrialists persuaded Albert Voegler (United Steel Works) Gustav
Krupp and Alfried Krupp to join people such as Fritz Thyssen, Emile Kirdorf, Carl Bechstein
and Hugo Bruckmann in providing money for the party.
In November, 1932, Schacht organized the letter signed by Germany's leading industrialists
that urged Paul von Hindenburg to appoint Adolf Hitler as chancellor. This was successful
and on 20th February, 1933, Schacht arranged a meeting of the Association of German
Industrialists that raised 3 million marks for the Nazi Party in the forthcoming election.
After Adolf Hitler passed his Enabling Bill Schacht toured the United States where he made
forty speeches, appeared on radio and wrote several articles for American newsletters
where he claimed that Hitler would soon return Germany to democracy. He met Franklin D.
Roosevelt but made a bad impression on the president who later described him as
"extremely arrogant".
In August, 1934, Hitler appointed Schacht as his minister of economics. Deeply influenced by
the economic ideas of John Maynard Keynes and Roosevelt's New Deal, Schacht encouraged
Hitler to introduce a programme of public works, including the building of the Autobahnen.
Schacht also introduced the New Plan which rigorously controlled everything that was
imported into Germany. This involved negotiating a series of bilateral trade agreements
including one with the Soviet Union in 1935.
Like other Nazis Schacht was extremely hostile to Germany's Jewish population. In one
speech he argued that "the Jews must realize that their influence in Germany has
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller raulpatel10. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now