WORLD HISTORY

Detailed explanation-1: -In 1929, the committee, under the chairmanship of Owen D. Young, the head of General Electric and a member of the Dawes committee, proposed a plan that reduced the total amount of reparations demanded of Germany to 121 billion gold marks, almost $29 billion, payable over 58 years.

Detailed explanation-2: -The Young Plan was a program for settling Germany’s World War I reparations. It was written in August 1929 and formally adopted in 1930. It was presented by the committee headed (1929–30) by American industrialist Owen D.

Detailed explanation-3: -Young was a former member of the Dawes Plan Committee of 1924. He came up with the ‘Young Plan’ of 1929, which intended to be the final plan for Germany’s reparations payments from the First World War.

Detailed explanation-4: -The Dawes Plan (as proposed by the Dawes Committee, chaired by Charles G. Dawes) was a plan in 1924 that successfully resolved the issue of World War I reparations that Germany had to pay. It ended a crisis in European diplomacy following World War I and the Treaty of Versailles.