germany’s postwar growtheconomic miracle or reconstruction boom？

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1、Germany’sPostwarGrowthEconomicMiracleorReconstructionBoom？GERMANY’SPOSTWARGROWTH:ECONOMICMIRACLEORRECONSTRUCTIONBOOM?RichardReichelDuringthepasttwodecadestherehasbeenaheateddebateaboutthecausesoftheGermanso-calledWirtschaftswunder(economicmiracle)aGermany’sPostwarGrowthEconomicM

2、iracleorReconstructionBoom？GERMANY’SPOSTWARGROWTH:ECONOMICMIRACLEORRECONSTRUCTIONBOOM?RichardReichelDuringthepasttwodecadestherehasbeenaheateddebateaboutthecausesoftheGermanso-calledWirtschaftswunder(economicmiracle)aGermany’sPostwarGrowthEconomicMiracleorReconstructionBoom？GERM

3、ANY’SPOSTWARGROWTH:ECONOMICMIRACLEORRECONSTRUCTIONBOOM?RichardReichelDuringthepasttwodecadestherehasbeenaheateddebateaboutthecausesoftheGermanso-calledWirtschaftswunder(economicmiracle)aGermany’sPostwarGrowthEconomicMiracleorReconstructionBoom？GERMANY’SPOSTWARGROWTH:ECONOMICMIRA

4、CLEORRECONSTRUCTIONBOOM?RichardReichelDuringthepasttwodecadestherehasbeenaheateddebateaboutthecausesoftheGermanso-calledWirtschaftswunder(economicmiracle)aftertheSecondWorldWar.Thisdebatecamesomewhatunexpectedly,astheGermanwargenerationalwaystookitforgrantedthattheimpressivegrow

5、threcordinthe1950sand60swasaconsequenceofeconomicliberalizationafter15yearsoftightplan-ningandstateinterventionismundertheNazidictatorship(Buch-1heim1989).Indeed,aftertheintroductionoftheSozialeMark-twirtschaft(socialmarketeconomy)in1948,LudwigErhard,thefirstfederaleconomicsmini

6、ster,enjoyedalegendaryreputation.Never-theless,Erhardneversawhimselfasa“miracleman.”HealwaysemphasizedthatGermany’srapidgrowthwasduetoasoundeco-nomicpolicy,inparticulartheimplementationofafreeeconomic2system(Erhard1958).Inthe1980s,thisviewwaschallengedbyhistoriansandeconomistswh

7、oarguedthatGermany’spostwargrowthwasessentiallytheresultofareconstructionboomafterthelostwar.ThemainGermanad-vocateofthisreconstructiontheorywasthehistorianWernerAbelshauser(1983).Hequestionedtheimpactofthecurrencyre-CatoJournal,Vol.21,No.3(Winter2002).Copyright??CatoInstitute.A

8、llrightsre-served.RichardReichelisAssociateProf