The German Economic Miracle; Looking Back

In 1948 West Germany was rife with bureaucratic controls, rationing and the black-market.  Ludwig Erhard, director of economic administration, removed price controls, wage controls, allocation edicts and rationing directives.” The West Geman economy surged by 50%. It was called the Wirtschaftswunder or economic miracle.  East Germany, on the other hand, suffered under soviet domination. West Germany went on to out produce France and the UK by the annual rate of 8%.

History is a great teacher.