Latvia / Baltic First Republic Old Original Banknote 10 Lats 1937 year T 109952

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Latvia / Baltic First Republic Old Original Banknote 10 Lats
Kārlis Augusts Vilhelms Ulmanis (4 September 1877 – 20 September 1942)
was a Latvian politician. He was one of the most prominent Latvian politicians of pre-World War II Latvia during the interwar period of independence from November 1918 to June 1940. He served four times as Prime Minister, the last time as the head of an authoritarian regime.
The legacy of his dictatorship continues to divide public opinion in Latvia today.
During his leadership, Latvia recorded major economic achievements. The state assumed a larger role in the economy and state capitalism was introduced by purchasing and uniting smaller competing private companies into larger state enterprises. This process was controlled by Latvijas Kredītbanka, a state bank established in 1935. Many large-scale building projects were undertaken - new schools, administrative buildings, Ķegums Hydroelectric Power Station. Due to an application of the economics of comparative advantage, the United Kingdom and Germany became Latvia's major trade partners, while trade with the USSR was reduced. The economy, especially the agriculture and manufacturing sectors, were micromanaged to an extreme degree. Ulmanis nationalised many industries. This resulted in rapid economic growth, during which Latvia attained a very high standard of living.[citation needed] At a time when most of the world's economy was still suffering from the effects of the Great Depression, Latvia could point to increases in both gross national product (GNP) and in exports of Latvian goods overseas.[citation needed] This, however, came at the cost of liberty and civil rights.
The policy of Ulmanis, even before his accession to power, was openly directed toward eliminating the minority groups from economic life and of giving Latvians of Latvian ethnicity access to all positions in the national economy. This was sometimes referred to as "Lettisation".[13] According to some estimates, about 90% of the banks and credit establishments in Latvia were state-owned or under Latvian management in 1939, against 20% in 1933.[citation needed] Alfrēds Birznieks [lv], the minister of agriculture, in a speech delivered in Ventspils on January 26, 1936, said:
Latvian people are the only masters of this country; Latvians will themselves promulgate the laws and judge for themselves what justice is.[13]
As a result, the economic and cultural influence of minorities – Germans, Jews, Russians, Poles – declined.
Latvia's first full-length sound movie "Zvejnieka dēls" (Fishermans' Son) was a tale of a young fisherman who tries to free other local fishermen from the power of a middleman and shows them that the future lies in cooperative work.[14] The movie was based on a widely popular novel written by Vilis Lācis who in 1940 became the Prime Minister of the Soviet-occupied Latvian SSR.
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