West Germany: The Monetary Reform of 1948 and the Rebirth of the Market Economy

The combined monetary and economic reform in West Germany of June 1948 has been widely judged as an example of successful transition from an administered economic system to a market economy. Contemporary observers, in the early 1950s, even qualified the results of the reform as “the German Miracle”. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.