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The currency reform in Czechoslovakia in 1953
 Stromšík, Jakub ; Kuklík, Jan (advisor) ; Rákosník, Jakub (referee)
Resumé The Currency Reform in Czechoslovakia in 1953 The currency reform in Czechoslovakia in 1953 was significant because of many reasons. People lost their long-term savings, they understood the reform as theft of their honestly earned money. Communist propaganda could not change the people's feelings. The confidence in bank savings and life insurance was undermined. The result of the currency reform was cancellation of rationing but in fact the standard of living of Czechs and Slovaks dropped. In centrally controlled economy it was impossible to overcome the supply problems, which played into the hands of the shadow economy. Old-age and disability pensioners were also in difficult financial situation because they lost their income from their bound deposits and life insurance. The biggest group affected by the currency reform was labour class. That was the reason why the planned increase in industrial production failed. The monetary reform was a necessary condition for the continuation of extensive development of heavy industry, in the coming years to allow increased investments in this sector. Further, there have been general assumptions, that the corporate debts would be removed, however in contrary the debts substantially increased. Bankruptcy was unthinkable for many political reasons, and loans were...
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