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1 177 (1980)

handle is hein.amenin/aedtww0001 and id is 1 raw text is: AUSTRIA'S ECONOMIC DEVELOPMENT AFTER THE TWO WORLD WARS: A MIRROR PICTURE OF THE WORLD ECONOMY* By Gottfried Haberler I. Economic Prosperity after World War II For Austria, as for the whole Western World, the thirty years since the end of World War II was a period of almost unprecedented growth and prosperity. In Austria the situation at the end of the war was grim or even desperate. In 1946 for which we have the first compre- hensive statistical figures, GNP (gross national product) was less than two thirds of the level of 1937, the last year of the first Austrian Republic, impoverished as it was at that time by the depression and the disruptive economic pressures applied by Nazi Germany prior to the occupation in 1938. Physical destruction from air raids and ground fighting was extensive and the Eastern industrially most highly devel- oped part of the country came under Russian occupation. Russia laid claim to what was called German property, comprising substantial parts of the industrial plant located in the Russian zone of occupation. This resulted in reparation payments, partly in real terms (transfer of machinery and equipment), partly in monetary form. But despite these handicaps, reconstruction began without delay. Immediate Amer- ican economic aid, followed after 1947 by the Marshall Plan, was deci- sive'. In 1949 real GNP, the broadest measure of economic performance, exceeded the 1937 level and a year later the 1929 level was surpassed. * Revised and expanded version of a talk before the Austrian Society, Minneapolis, Minn., May 1979. 1 Professor Koren in an authoritative study describes the desperate situa- tion of the Austrian economy at the end of the war. Only thanks to American economic aid was it possible to extricate the economy quickly and efficiently from this desperate situation. The necessary resources for the development of electric power and basic industries could be obtained from counterpart funds of American supplies under the Marshall Plan. Without this source of capital, the reconstruction and expansion of the heavy industry would not have been possible. Stephan Koren, ,,Die Industrialisierung Osterreichs - Vom Protektionismus zur Integration in Osterreichs Wirtschaftsstruktur, Vol. I, Prof. Dr. Wilhelm Weber ed., Berlin 1961, p. 248 - 249. 12 Festschrift fir Stephan Koren

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