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Did Germany recover in the period 1924-1929? Having survived foreign occupation and internal subversion from the Rightt and Left, the Republic found its situation improving. The immediate crisis was halted by the courageous realism of Gustav Stresemann, who was appointed Chancellor in 1923. A genuine Liberal and leader of the German Worker's Party, Stresemann ended the policy of passive resistance and slashed government expenditure. He then proceeded to introduce the Rentenmark as a temporary currency which, being based on a mortgage of all land and industry to the value of 3200 million gold marks was theoretically secure and quickly helped to stabilizese the economy. With his finance minister Hans Uther, Stresemann concluded the Dawes Plan (1924) came a loan of 800 million Gold Marks, mostly from the USA, which enabled Germany to initiate a general economic recovery and to pay annually in reparations only what she could reasonably afford. This was...

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