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Recommended: Hitler and the economic depression

How Successful were Nazi Economic Polices during the year 1933 – 1945?

On the surface, Hitler’s economic policies were extremely successful. He managed to completely abolish unemployment, which was something no democratic Western power has ever accomplished in the 1930s. Yet beneath this economic achievement Hitler was pursuing economic policies that could lead to only the loss of power or loss of war. The truth was that Hitler did not know much about economics and his ultimate goals were to create full employment without the need of inflation. To make Germany self-sufficient and to create a defence economy. However by pursuing these policies he also created issues that threw Germany to war earlier than expected.

One reason why the Nazi’s had been so successful with their economic policies was mainly due to Dr Hjalmar Schacht. Hjalmar Schacht was first appointed as president of Reichsbank then as Minister for the Economy in August 1934. In the same year Schacht designed a program that would make best use of Germany’s foreign exchange. Schacht designed a program that was called the New Plan and was introduced in September 1934. This plan made it illegal for Germans to pay foreigners in their money without permission from the Government. This made it possible for Schacht to decide what could be bought from other countries. Germany also began making bilateral agreements with all the countries that would agree with them.

Schacht’s schemes were successful in the way they enabled the government to be able to control all imports. Which meant they could focus on things they thought were more important for example importing food and raw materials. This way they would not have to use up industries, which they needed for rearmament. ...

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...gest the economic recovery in Germany did happen during the time periods 1933 to 1936. It was not just the result of statistical trickery. The successes are that Germany was able to spend a massive amount of money on rearmament, especially after 1936. This was because Germany kept taxes very high. The rearmament was initially supposed to be completed by between 1940 and 1942 but Germany went to war earlier than expected in 1939. Lastly the standard of living for the average German rose and the number of jobs increased. The failures were that German exports were very low and the export industries put most of their attention towards rearmament. Some historians also think that the huge amount of money spent on rearmament caused shortages on important materials and labour. This led to Germany having no other choice but to go to war to finance further progress.

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