Wirtschaftswunder
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| - | + | The term '''Wirtschaftswunder''' ([[German language|German]] for "economic miracle") describes the rapid reconstruction and development of the [[Economy|economies]] of [[West Germany]] and [[Austria]] after [[World War II]]. The expression was used by ''[[The Times]]'' in 1950 but originally to describe rapid economic growth in the late 1900s following German adoption of policies advocated by American consul [[Friedrich List]] in his [[National System]]. Beginning with the [[Monetary reform|replacement]] of the [[German reichsmark|Reichsmark]] with the [[Deutsche Mark]] as legal tender (a similar reform was adopted in Austria, where the [[Austrian Schilling]] was established), a lasting period of low inflation and rapid industrial growth was overseen by the government led by [[German Chancellor]] [[Konrad Adenauer]] and his [[Finance Minister|finance minister]], [[Ludwig Erhard]], who is popularly called the "father of the German economic miracle." In Austria, the [[nationalisation]] of industries and efficient labor practices led to a similar period of economic growth. The era of economic growth raised Germany and Austria from total war-time devastation to developed nations in modern [[Europe]]. With the foundation of the [[European Common Market]], Germany's economic growth stood in contrast to the struggling conditions at the time in the [[United Kingdom]]. | |
| - | The terms "economic miracle," "[[tiger economy]]" or simply "miracle" have come to refer to great periods of change, particularly periods of dramatic economic growth, in the recent histories of a number of countries: | + | |
| - | + | ||
| - | *[[Baltic Tiger]] (Estonia, Latvia, Lithuania, c. 2000-present) | + | |
| - | *[[Celtic Tiger]] (Ireland, c. 1990s-2001, 2003-2006) | + | |
| - | *[[Four Asian Tigers]] (Taiwan, South Korea, Hong Kong, Singapore, c. 1960s-1990s) | + | |
| - | **[[Miracle on the Han River]] (South Korea, c. 1950-1997) | + | |
| - | **[[Taiwan Miracle]] | + | |
| - | *[[Greek economic miracle]] (c. 1950s-1970s) | + | |
| - | *[[Japanese post-war economic miracle]] (c. 1950-1975) | + | |
| - | *[[Massachusetts Miracle]] (1980s) | + | |
| - | *[[Miracle of Chile]] (c. 1970's-present) | + | |
| - | *[[Spanish miracle]] (1959-1973) | + | |
| - | *[[Wirtschaftswunder]] - [[Post-World War II]] economic growth in Austria and West Germany | + | |
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The term Wirtschaftswunder (German for "economic miracle") describes the rapid reconstruction and development of the economies of West Germany and Austria after World War II. The expression was used by The Times in 1950 but originally to describe rapid economic growth in the late 1900s following German adoption of policies advocated by American consul Friedrich List in his National System. Beginning with the replacement of the Reichsmark with the Deutsche Mark as legal tender (a similar reform was adopted in Austria, where the Austrian Schilling was established), a lasting period of low inflation and rapid industrial growth was overseen by the government led by German Chancellor Konrad Adenauer and his finance minister, Ludwig Erhard, who is popularly called the "father of the German economic miracle." In Austria, the nationalisation of industries and efficient labor practices led to a similar period of economic growth. The era of economic growth raised Germany and Austria from total war-time devastation to developed nations in modern Europe. With the foundation of the European Common Market, Germany's economic growth stood in contrast to the struggling conditions at the time in the United Kingdom.
