Kontrollierte Inflation—ein mißglücktes Experiment?

Summary This study examines how internal economic equilibrium was achieved in Austria after World War II. In contrast to many other Western European countries, the change from a more or less centrally planned economy to a market economy was not accomplished in one step through a currency reform, but through a policy proceeding in several steps which can be regarded as the starting point of the Austrian social partnership after World War II. Through 5 price-wage agreements an attempt was made, with due regard to structural shifts, to adjust the greatly reduced level of production to the level of prices that had remained fixed since the beginning of the war. This article investigates the reasons this attempt eventually failed, and why inflation, which could not be suppressed in the end, was successfully brought under control.