Hajlmar snacht was economist of germany appointed to improve economic sector of society

Hjalmar Schacht was an economist and key figure in German economic policy during the early 20th century. He played a significant role in shaping German economic policy during the Weimar Republic, as well as during the Nazi regime under Adolf Hitler.

Early Life and Career:
Hjalmar Schacht was born on January 22, 1877, in Tinglev, Denmark. He studied economics at the University of Kiel and later at the University of Berlin. Schacht began his career in banking and finance, working for various financial institutions both in Germany and abroad. He gained expertise in international finance, which became his area of specialization.

Role in the Weimar Republic:
During the Weimar Republic, Schacht was appointed as the President of the Reichsbank, the central bank of Germany, in 1923. He played a crucial role in stabilizing the German currency during the hyperinflation period. Schacht implemented several monetary policies, including the introduction of a new currency, the Rentenmark, which helped stabilize the economy and restore confidence in the German mark.

In 1930, Schacht was appointed as the Minister of Economics in the Weimar Republic. He implemented various economic measures to combat the effects of the Great Depression, such as reducing unemployment through public works projects and negotiating trade agreements with other countries. However, his policies were not entirely successful, and Germany continued to face economic challenges.

Role during the Nazi Regime:
After the Nazi Party came to power in 1933, Schacht initially opposed the regime. However, he eventually aligned himself with Adolf Hitler and played a crucial role in implementing the Nazi economic policies. Schacht became the President of the Reichsbank again in 1933 and was instrumental in financing the rearmament efforts of the Nazi regime.

As Hitler's Minister of Economics, Schacht implemented policies aimed at achieving autarky (economic self-sufficiency) and preparing Germany for war. He introduced the New Plan, which focused on increasing industrial production and reducing imports. Schacht also played a significant role in the implementation of the Four-Year Plan, which aimed to prepare Germany for a war economy.

However, Schacht's influence began to decline in the late 1930s due to disagreements with other Nazi leaders, particularly Hermann Göring. In 1943, he was dismissed from his positions and later arrested by the Gestapo for his alleged involvement in a plot against Hitler. Schacht was acquitted at the Nuremberg trials but was later convicted by a German denazification court.

In conclusion, Hjalmar Schacht was an economist who played a significant role in German economic policy during the Weimar Republic and the Nazi regime. While his early career was marked by successful efforts to stabilize the German economy, his later involvement with the Nazi regime tarnished his reputation.