Editing Dawes Plan (section)

== Results ==
[[File:Chas_G_Dawes-H&E.jpg|right|thumb|230x230px|[[Charles G. Dawes]] (1865–1951), who was awarded the 1925 Nobel Peace Prize for his work on the Dawes Plan]]
The influx of foreign credit led to the upswing in the German economy that underpinned the "[[Golden Twenties]]" of 1924–1929. Overall economic production increased 50% in five years,<ref name=":4" /> unemployment fell sharply and Germany's 34% share of world trade was higher than it had been in 1913, the last full year before the outbreak of [[World War I]].<ref name=":2" /> By the start of the [[Great Depression|world economic crisis]] in 1929, Germany had received 29 billion Reichsmarks in loans. In spite of the stronger economy, Germany was unable to achieve the trade surpluses necessary to finance reparations. It met almost all of its payments under the Dawes plan{{Sfn|Marks|1978|p=249}} but could do so only on the basis of its large foreign debt.<ref>{{Cite web |last=Braun |first=Helmut |date=31 January 2007 |title=Reparationen (Weimarer Republik) |url=https://www.historisches-lexikon-bayerns.de/Lexikon/Reparationen_(Weimarer_Republik) |access-date=8 October 2023 |website=Historisches Lexikon Bayerns |language=de}}</ref> Most loans were short term, which meant that they could be quickly called in if the creditor nation experienced an economic downturn.<ref name=":8" /> Germany found itself heavily reliant on foreign capital.

The occupation of the Ruhr ended on 25 August 1925.

Germany considered the Dawes Plan to be a temporary measure and expected a revised solution in the future.{{Sfn|Marks|1978|p=249}} In 1928 German Foreign Minister Gustav Stresemann, the former chancellor, called for a final plan to be established, and the [[Young Plan]] was enacted in 1929.<ref>{{Cite web |date=13 August 2018 |title=Dawes Plan |url=https://www.encyclopedia.com/history/modern-europe/treaties-and-alliances/dawes-plan |access-date=8 October 2023 |website=Encyclopedia.com}}</ref>

Dawes, who was the [[Vice President of the United States|U.S. vice president]] at the time, received the [[Nobel Peace Prize]] of 1925 for "his crucial role in bringing about the Dawes Plan", specifically for the way it reduced the state of tension between France and Germany resulting from Germany's missed reparations payments and France's occupation of the Ruhr. British foreign minister [[Austen Chamberlain]] shared the prize with Dawes, although his award was for the [[Locarno Treaties]], which dealt with post-war territorial settlements.<ref name=":3" />