Economy
The new nation had a population of over 13.5 million. It had inherited 70 to 80% of all the industry of the Austro-Hungarian Empire, including the porcelain and glass industries and the sugar refineries; more than 40% of all its distilleries and breweries; the Škoda Works of Pilsen (Plzeň), which produced armaments, locomotives, automobiles, and machinery; and the chemical industry of northern Bohemia. Seventeen percent of all Hungarian industry that had developed in Slovakia during the late 19th century also fell to the republic. Czechoslovakia was one of the world's 10 most industrialized states.
The Czech lands were far more industrialized than Slovakia. In Bohemia, Moravia, and Silesia, 39% of the population was employed in industry and 31% in agriculture and forestry. Most light and heavy industry was located in the Sudetenland and was owned by Germans and controlled by German-owned banks. Czechs controlled only 20 to 30% of all industry. In Slovakia, 17.1% of the population was employed in industry, and 60.4% worked in agriculture and forestry. Only 5% of all industry in Slovakia was in Slovak hands. Carpathian Ruthenia was essentially without industry.
In the agricultural sector, a program of reform introduced soon after the establishment of the republic was intended to rectify the unequal distribution of land. One-third of all agricultural land and forests belonged to a few aristocratic landowners—mostly Germans (or Germanized Czechs – e.g. Kinsky, Czernin or Kaunitz) and Hungarians—and the Roman Catholic Church. Half of all holdings were under 20,000 m². The Land Control Act of April 1919 called for the expropriation of all estates exceeding 1.5 square kilometres of arable land or 2.5 square kilometres of land in general (5 square kilometres to be the absolute maximum). Redistribution was to proceed on a gradual basis; owners would continue in possession in the interim, and compensation was offered.
Read more about this topic: First Czechoslovak Republic
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)