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Schacht, Hjalmar

A Dictionary of Contemporary World History | 2004 | | © A Dictionary of Contemporary World History 2004, originally published by Oxford University Press 2004. (Hide copyright information) Copyright

Schacht, Hjalmar (b. 22 Jan. 1877, d. 3 June 1970). President of the German Central Bank 1924–30, 1933–9 In 1918 he co-founded the left-liberal DDP (Deutsche Demokratische Partei), but in the following years moved increasingly to the right until he supported Hitler's appointment as Chancellor in 1933. His skilful handling of the German economy after 1933 was an important contributor to Hitler's popularity and his ability to rearm Germany. He was Economics Minister 1934–7, but lost this post and the presidency of the national bank for opposing Hitler's and Göring' more extreme autarky/rearmament schemes. Because of loose contacts with conservative resistance circles he was imprisoned after the July Plot. He was acquitted of war crimes at the Nuremberg Trials.

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