ABSTRACT
This chapter discusses the German policies used to exploit the Belgian economy. The institutional changes also had the purpose of harnessing the economy for the German war effort. The chapter explains to what extent these institutional changes promoted economic exploitation and how Belgian business reacted to these changes. Economic power in Belgium was in the hands of the Brussels financial world, while Belgian industry was dominated by holding companies of which the Société Générale, controlling 40 per cent of Belgian industry, was the most important one. Fearing an open confrontation with powerful groups, the Germans allowed economic objectives to prevail over political considerations, with the ultimate goal of making Belgian industry produce for the German war effort. Exploitation of the Belgian economy for the German war effort was primarily based on indirect exploitation, using the Belgian industrial infrastructure to produce goods that Germany needed.
