August von der Heydt (15 February 1801 – 13 June 1874) was an influential German economist.

Biography

Von der Heydt was born in

Elberfeld Elberfeld is a municipal subdivision of the German city of Wuppertal; it was an independent town until 1929. History The first official mentioning of the geographic area on the banks of today's Wupper River as "''elverfelde''" was in a docu ...

in the

Duchy of Berg Berg was a state—originally a county, later a duchy—in the Rhineland of Germany. Its capital was Düsseldorf. It existed as a distinct political entity from the early 12th to the 19th centuries. The name of the county lives on in the modern ...

. During the

Revolution of 1848 The Revolutions of 1848, known in some countries as the Springtime of the Peoples or the Springtime of Nations, were a series of political upheavals throughout Europe starting in 1848. It remains the most widespread revolutionary wave in Europea ...

he was appointed as Minister to the newly created

Ministry of Commerce and Industry A Ministry of Trade and Industry, Ministry of Commerce, Ministry of Commerce and Industry or variations is a ministry that is concerned with a nation's trade, industry and commerce. Notable examples are: List *Algeria: Ministry of Industry and M ...

in the

Kingdom of Prussia The Kingdom of Prussia (german: Königreich Preußen, ) was a German kingdom that constituted the state of Prussia between 1701 and 1918.Marriott, J. A. R., and Charles Grant Robertson. ''The Evolution of Prussia, the Making of an Empire''. Re ...

, serving during the reigns of kings

Frederick William IV Frederick William IV (german: Friedrich Wilhelm IV.; 15 October 17952 January 1861), the eldest son and successor of Frederick William III of Prussia, reigned as King of Prussia from 7 June 1840 to his death on 2 January 1861. Also referred to ...

and

William I William I; ang, WillelmI (Bates ''William the Conqueror'' p. 33– 9 September 1087), usually known as William the Conqueror and sometimes William the Bastard, was the first Norman king of England, reigning from 1066 until his death in 1087 ...

. He helped increase circulation of money at the rate of 12.5%/year. He was responsible for the railways in Prussia and organized new railroad construction and purchased private ones. He reformed the old mining laws, by lowering the tax on the mining industry, ending state supervision, and eliminated the privileges of the miners

guild A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometimes ...

. He also allowed government to be less restrictive of its attitude toward the formation of banks. The formation of many new banks revolutionized Germany by supplying a lot of much needed capital. In 1862 he resigned his position, but he took it back from 1866–1867 to help finance the

Austro-Prussian War The Austro-Prussian War, also by many variant names such as Seven Weeks' War, German Civil War, Brothers War or Fraternal War, known in Germany as ("German War"), (; "German war of brothers") and by a variety of other names, was fought in 186 ...

. Von der Heydt died in Berlin. He is also the great grandfather of the banker, art collector, and patron

Eduard von der Heydt Eduard Freiherr von der Heydt (September 26, 1882 – April 3, 1964) was a German and Swiss banker, art collector and patron. Biography He was born in Elberfeld, Germany and died in Ascona Switzerland. His collections were the basis for the ...

References

1801 births 1874 deaths German economists Politicians from Wuppertal Barons of Germany Finance ministers of Prussia Trade ministers of Prussia Prussian politicians Member of the Prussian National Assembly {{Germany-economist-stub