Can the period between 1924-1929 really be called the Golden period for the Weimar Republic?

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Question: Can the period between 1924-1929 really be called the “Golden period” for the Weimar Republic?

1919, the year the revolutionaries created the Weimar Republic, a democratic regime completely against Germany’s militaristic traditions. This was a year of turmoil and change. The Treaty of Versailles outraged the Germans and the new republic was seen to have betrayed its people by signing it. However, 1924-29, with a more established Weimar Republic, things began to take a course towards success but not to an extent to avoid the inevitable collapse. It was a superficially promising period, which in reality it was marred by major weaknesses. Conditions and also majorly the republic itself ensured that the so-called ‘Golden period’ would not last and the Germans were bound to end up under an authoritarian regime again in 1933-34.

1924-1929 was a relatively stable period for the Weimar Republic. After the signing of the Treaty of Versailles by the accused “November criminals” i.e. The Weimar government, Germany saw a lot of attempted coups and revolutions, some major ones being the Kapp Putsch and the Munich Putsch of 1923. These were successfully suppressed by the government and entering 1924 one could see a large reduction in the attempts to overthrow the government. This is on account of the newly established constitution. The constitution allowed small parties to be elected into the republic, not just individual representatives, as the party decided these deputies internally [depending on the number of votes casted in favour of them]. Moreover, many historians saw the republic as one of “the most democratic constitutions in the world.” Both men and women over 20 were allowed to vote, something not even Britain, a leading superpower, had at that time.

Without the repeated attacks, the Weimar Republic was then able to concentrate on larger economic issues rising like hyperinflation and reparation payments. In November 1923, Stresemann resigned from Chancellorship and instead took the position of the Foreign Minister of Germany. At this moment of time, hyperinflation was a growing issue and the government printing extra money was only worsening the situation.  Stresemann introduced a new currency with a higher value called ‘Rentenmark’ in place or the earlier Marks. The Rentenmark instead of being backed by gold was based on the mortgage of Germany’s industrial and agricultural resources. By restoring the stability of the currency, Stresemann created public confidence which was a large step for the republic as people stared to become passive and work with the government rather than against it. It was also now that the Allied powers were seen to become restless with Germany’s slow progression in terms of reparation payments; a salient incident being the French and Belgium occupation of the industrial area of Ruhr in 1924.  The Allies, in turn, wanted Germany’s economy to prosper, which would mean quicker reparations payments that would help repay war loans lent out by USA to Britain and France. In consequence came the Dawes Plan in 1924. The Dawes Plan was established so the loans could be given to Germany from The United States, which would quicken economic recovery in the country. The Dawes Plan was initially quite successful as it stabilised the currency and brought the inflation under control. Between 1924 and 1931 Germany received 18,000 million marks in foreign loans and paid out 11,100 million marks in reparations showing that more money was entering Germany through foreign loans than was leaving through reparation payments. Additionally, Germany’s overall industrial production had recovered back to pre-war levels. This evident success was seen in the voting statistics where the pro-Weimar parties’ share of votes went up from 52% in May 1924 to 73% by May 1928. On the other hand, the Dawes Plan did not help in unemployment and was attacked by many including Hitler. When this failed, the Allied powers introduced the Young Plan of 1929, which reduced Germany’s reparation payments from 132, 000 million marks to 37, 000 million and spread it across a span of 59 years. This meant that the Weimar government could without any restriction spend time on reconstructing the country. Furthermore, the sudden boost in the economy made Weimar Germany a magnet for foreign investments, reducing unemployment rates, which fell from 5 per cent in 1924 to approximately 3 per cent in 1925.

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Stresemann continued his efforts in getting Germany to be accepted internationally with his foreign policies. In 1925, Stresemann signed a series of treaties at Locarno know was the ‘Locarno Treaties’ of 1925. This dampened, to some extent, French aggression towards Germany, which is seen in their retreat from Ruhr (1924-25), and was a way to display a peaceful Germany to the Allies. Stresemann’s policies worked as only a year later, in 1926, Germany was invited to join the League of Nations. Stresemann used the status achieved to give Germany more liberation (Young Plan) even in terms of disarmament where in ...

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