Introduction

Abstract

When after five years of war and occupation (May 1940–May 1945) The Netherlands started on the road to recovery, the economy was in a catastrophic condition. As a result of destruction, requisitioning and looting, and of unavoidable expenditures by the Government in exile, the national wealth in terms of real and financial assets had been reduced by about 30 per cent. The productive capacity in industry, agriculture, transportation and infrastructure was heavily damaged, stocks were exhausted and labor productivity was seriously underminded (the daily food ration had reached the near-starvation level of barely 600 calories per person).¹ Monetary reserves and foreign investments had suffered heavy losses.