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Article: Dawes Plan
- Article from:
- Dictionary of American History
- Author:
CopyrightCOPYRIGHT 2003 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DAWES PLAN
DAWES PLAN,
which was adopted in August 1924, resulted from Germany's failure to pay its World War I reparations. Germany began defaulting on its payments in January 1923 as a consequence of its refusing to raise taxes and allowing spiraling inflation to destroy the value of the mark. Beginning in January 1924, a group of business experts headed by the Chicago banker Charles G. Dawes devised a system for currency stabilization and payment reductions. Under the Dawes Plan, American and British bankers provided loans to enable Germany to expand production and make reparations payments to the Allies; these payments rose gradually until 1929, when the Young Plan again reduced ...
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