Who was hjalmar schacht ? What was his theory regarding economic poverty
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Hjalmar Horace Greeley Schacht (22 January 1877 – 3 June 1970) was a German economist, banker, centre-right politician, and co-founder in 1918 of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic. He was a fierce critic of his country's post-World War I reparation obligations.
After the war
Schacht had supported Hitler's gaining power, and had been an important official of the Nazi regime. Thus he was arrested by the Allies in 1945. He was put on trial at Nuremberg for "conspiracy" and "crimes against peace" (planning and waging wars of aggression), but not war crimes or crimes against humanity .
Schacht pleaded not guilty to these charges. He cited in his defense that he had lost all official power before the war even began, that he had been in contact with Resistance leaders like Hans Gisevius throughout the war, and that he had been arrested and imprisoned in a concentration camp himself.
His defenders argued that he was just a patriot, trying to make the German economy strong. Furthermore, Schacht was not a member of the NSDAP and shared very little of their ideology. The British judges favored acquittal, while the Soviet judges wanted to convict.The British prevailed and Schacht was acquitted.
After the war
Schacht had supported Hitler's gaining power, and had been an important official of the Nazi regime. Thus he was arrested by the Allies in 1945. He was put on trial at Nuremberg for "conspiracy" and "crimes against peace" (planning and waging wars of aggression), but not war crimes or crimes against humanity .
Schacht pleaded not guilty to these charges. He cited in his defense that he had lost all official power before the war even began, that he had been in contact with Resistance leaders like Hans Gisevius throughout the war, and that he had been arrested and imprisoned in a concentration camp himself.
His defenders argued that he was just a patriot, trying to make the German economy strong. Furthermore, Schacht was not a member of the NSDAP and shared very little of their ideology. The British judges favored acquittal, while the Soviet judges wanted to convict.The British prevailed and Schacht was acquitted.
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Hjalmar Schacht was an Economist from Germany, who made an economic policy of Germany during the rule of Hitler. His theory regarding economic poverty was of sponsoring state program to provide full employment.
1. The aim of this policy was to provide employment to the people of Germany through many policies and programs financed by the state.
2. The prices of essential goods should be regulated.
3. Good working conditions should be maintained so, that workers execute their task properly.
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