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Book Synopsis
German industry had survived Allied bombing largely unscathed. Currency reform was necessary to provide incentives for capital owners and labor to produce. The abundance of old Reichsmarks had to be curtailed to a scarce supply of Deutschmarks that users would expect to retain value. It was Edward A. Tenenbaum, currency expert of US military government in Berlin since 1946, who managed the exceptionally successful currency reform in West Germany 1948, which was implemented by the legislative powers of the three Western Allies against opposition from West German financial experts. It was the foundation of West Germany''s ''economic miracle.'' The West German currency conversion is part of the founding myth of the Federal Republic of Germany. Yet Tenenbaum''s pivotal role is largely unknown among the German public. Besides providing a full-blown biography of the true father of the currency reform, this book elevates Tenenbaum to his proper place in German history.

Edward A. Tenenbaum and the Deutschmark

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    A Paperback by Carl-Ludwig Holtfrerich

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      Publisher: Cambridge University Press
      Publication Date: Publication Date: 10/31/2024 12:00:00 AM
      ISBN13: 9781009492805, 978-1009492805
      ISBN10: 1009492802
      Also in:
      Business, Finance & Law Macroeconomics

      Description

      Book Synopsis
      German industry had survived Allied bombing largely unscathed. Currency reform was necessary to provide incentives for capital owners and labor to produce. The abundance of old Reichsmarks had to be curtailed to a scarce supply of Deutschmarks that users would expect to retain value. It was Edward A. Tenenbaum, currency expert of US military government in Berlin since 1946, who managed the exceptionally successful currency reform in West Germany 1948, which was implemented by the legislative powers of the three Western Allies against opposition from West German financial experts. It was the foundation of West Germany''s ''economic miracle.'' The West German currency conversion is part of the founding myth of the Federal Republic of Germany. Yet Tenenbaum''s pivotal role is largely unknown among the German public. Besides providing a full-blown biography of the true father of the currency reform, this book elevates Tenenbaum to his proper place in German history.

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