The Early Years of a German Institution: The Kreditanstalt fur Wiederaufbau in the 1950s

A. Grunbacher

Business History, 2001, vol. 43, issue 4, 68-86

Abstract: The Kreditanstalt fur Wiederaufbau (KfW) originated from a disagreement between the British and the Americans on banking policy in occupied Germany and a change in US occupation policy in early 1948. The German administration took the opportunity to create a unique institution to support the reconstruction process. Drawing on the Marshall Plan counterpart funds, the KfW provided otherwise unobtainable long-term investment finance for the economy. Since these funds were given in consultation with and on the request of the government, the KfW provided more than investment finance for bottleneck sectors, it conducted Wirtschaftslenkung. This was highly important to sustain the neo-liberal experiment in West Germany and aided certain political objectives of the Adenauer government at the same time.

Date: 2001
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DOI: 10.1080/713999240

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