Documents - Oil Shocks and Stagnation

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1.	Principles of the "Social Market Economy" (December 19, 1962) Professor Alfred Müller-Armack, state secretary in the economics ministry and one of Ludwig Erhard’s chief advisors, coined the term “Social Market Economy” back in 1946. While based on the principles....
2.	Walter Ulbricht on the "New Economic System" of the GDR (December 16, 1965) In order to speed the growth of the East German economy, SED leader Walter Ulbricht reviewed the first stage of his New Economic System, which reintroduced market....
3.	Economics Minister Karl Schiller on "Concerted Action" (January 9, 1967) To allay fears sparked by the first postwar recession, Federal Minister of Economics Karl Schiller gave a radio speech in which he promised to engage in counter-cyclical....
4.	The West German Law to Promote Economic Stability and Growth (June 8, 1967) In order to avoid future recessions, the federal parliament passed a law in 1967 that sought to formalize cooperation between the government, employers, and unions, and to make fiscal interventions....
5.	The GDR’s Failure to "Overtake without Catching Up" (July 30, 1970) A conservative West German journalist describes East Germany’s failed attempt to surpass the Federal Republic in terms of economic productivity by investing heavily in technological innovation in....
6.	Erich Honecker on the "Unity of Economic and Social Policy" (June 15-19, 1971) Upon taking over the leadership of the SED, Erich Honecker outlined his economic program in the new Five Year Plan. The plan continued the effort to encourage....
7.	An East German Manager Explains the Advantages of a Kombinat (July 24, 1972) To convince the East German public of the benefits of "socialist rationalization," Wolfgang Biermann, the director of a machine tool factory, explains the benefits of a Kombinat, or combine.....
8.	A West German Journalist Ponders the Implications of the Oil Shock (November 15, 1973) In the fall of 1973, the cartel of oil-exporting countries (OPEC) decided on a ten-fold increase in the price of oil. In the following op-ed piece, the well-known leftist columnist Sebastian Haffner....
9.	The West German "Ban on Driving Motor Vehicles" (November 20, 1973) In order to reduce oil consumption, the social-liberal government of the Federal Republic issued an executive order forbidding the use of cars on four consecutive Sundays....
10.	The Federal Government's Counter-Cyclical Spending Program (December 20, 1974) To overcome the recession induced by the oil shock, the federal parliament approved a massive spending....
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