Austria
Austria was also included in the Marshall Plan and can thus be included in any consideration of the Wirtschaftswunder. Through the nationalisation of some industries (VOEST, AMAG) and yet more long working hours, full economic capacity was reached. Using West Germany as a guide, the currency was stabilised when the Schilling was reintroduced in place of the Reichsmark. This economic policy was known in journalistic circles as the Raab-Kamitz-Kurs, named after Chancellor Julius Raab and his Finance Minister Reinhard Kamitz similar to the German Adenauer-Erhard-Kurs.
In the 1950s the first Gastarbeiter from Southern Italy and Greece arrived in the country, as more manual labour was required to maintain the economic upswing.
Read more about this topic: Wirtschaftswunder
Famous quotes containing the word austria:
“All the terrors of the French Republic, which held Austria in awe, were unable to command her diplomacy. But Napoleon sent to Vienna M. de Narbonne, one of the old noblesse, with the morals, manners, and name of that interest, saying, that it was indispensable to send to the old aristocracy of Europe men of the same connection, which, in fact, constitutes a sort of free- masonry. M. de Narbonne, in less than a fortnight, penetrated all the secrets of the imperial cabinet.”
—Ralph Waldo Emerson (1803–1882)