Abstract

Organized big business and the government basically upheld the same opinions concerning this action: Belgium being a small open, exporting economy, it could only survive by maintaining stable monetary parities, by defending free trade, by pursuing internal deflation and balanced budgets.Nevertheless, these traditional methods were only one aspect of the state's economie activity Juring this period. Due to the severity of the crisis, major parts of the economic structure were on the verge of collapse.Consequently, the state was dragged in a whole new series of interventions : financial aid systems, credit enlargements, stimulation of cartellization, enactment of new legal regulations, organisation of suppletive economie functions, etc. All these measures can be characterized as an « external » framework, intended to secure a safe working of the capitalist system. A second stage in state interventionism, directly influencing the internal mechanisms and modalities of investment, production and consumption, was not reached in Belgium before World War II.