Schacht's Management of the German Economy In 1933, Germany was facing many economic problems. The main goals of the Nazi Party were to tackle the severe depression and address growing unemployment in Germany. Germany has a poor economic and social organization, Hitler wanted to solve this problem so that the German economy was prepared for war. Another problem was the need to balance the payment of the deficit, the economy had to recover to increase the demand for consumer goods and also bring about rearmament through increased demand for raw materials. The high-value global market was protectionist and made it difficult to increase exports at the time. There was a very real danger of inflation because there was already a growing demand for money and products. Protectionist trade meant that countries would only trade with their own currency, with Germany not having this foreign currency. Hitler's priorities were to create more jobs, for example by launching housing and highway construction programs in 1932, these works being financed by the state. All this created another problem that I mentioned above, the trade balance deficit. Germany exported more than it imported. In 1934, a new plan was launched that gave the government powerful powers to regulate imports and foreign exchange. The man responsible for this "New Plan" which helped overcome the immediate business problem. Schacht was the person Hitler put in charge of running the economy in 33, he was once director of the National Bank in 1916 and in 1923 he was president of the Reich bank. After reading Mein Kampf, he saw that Hitler was a savior, he generated funds for the Nazi Party and became, as I mentioned, Minister of Economy in 1934. Tax concessions granted to workers meant more people wanted to work in that environment. Hitler opened the unions to all members; this meant that the economy was driven by the independence and confidence of workers. Hitler expanded many public works projects, such as in 1932 the construction of housing and highways. As there were now subsidies to hire more workers in the private sector, this helped create jobs.