Ludwig Erhard in Africa: War Finance and Post-War Reconstruction in Germany and Mozambique

Tilman Brück

Chapter 10 in Arming the South, 2002, pp 235-250 from Palgrave Macmillan

Abstract: Abstract The German economist Ludwig Erhard wrote a secret working paper on German war finance and war debt in 1943–44 to prepare for the eventual economic reconstruction of a defeated Germany (Erhard, 1977). Many of the ideas expressed in his paper formed the basis for post-war economic policies which he helped to shape as finance minister and, later, as chancellor of West Germany, and which contributed to the Wirtschaftswunder. Erhard’s analysis recognized the key role of war finance for shaping post-war fiscal constraints and people’s expectations of future growth. Without a careful position on war debt and the currency, the post-war government was going to risk its liquidity and credibility in the market thereby undermining confidence in itself and in the economy as a whole.

Keywords: Foreign Debt; Military Expenditure; Social Spending; Military Spending; Peace Process (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50125-6_11

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DOI: 10.1057/9780230501256_11

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