100th birthday of Dr.Ludwig Erhard - Germany / Federal Republic of Germany 1997 - 100 Pfennig

Ludwig Erhard, born on February 4, 1897 in Fürth, has shaped the Federal Republic of Germany as a formative personality. As a volunteer he participated in the First World War and was badly wounded. After the war he studied economics and sociology. During the National Socialist dictatorship he was scientifically active. In 1944 he developed a concept for reconstruction after the end of the war in a secret memorandum. In 1945, Erhard was appointed Minister of Economic Affairs in Bavaria and 1948 elected director of the Administration of Economics in American and British occupied Germany. The currency reform on 20 June 1948 was decisively brought about by Ludwig Erhard. After founding the Federal Republic of Germany, he became Federal Minister of Economics. He held this office for 14 years. During this time he shaped the economic policy and led the Federal Republic of Germany to economic and social advancement. As a successor to Konrad Adenauer Ludwig Erhard 1963-1966 Federal Chancellor. He was a member of the German Bundestag until his death on 5 May 1977. With his concept of a liberal economic system with social responsibility, Ludwig Erhard became the father of the social market economy. For him, there was a compelling connection between the creative forces of the market economy and the need to build the welfare state, but not to overburden it. On this basis, the social market economy has created the conditions for economic development, stability and social security in the Federal Republic of Germany. (Text: Press and Information Office of the Federal Government, Bonn)