By 1953, one out of every seven industrial companies had relocated to the West. Joseph Stalin died in March 1953. In June 1953, the SED, hoping to give workers an improved standard of living, announced the "New Course" which replaced the "Planned Construction of Socialism." The New Course in the GDR was based on the economic policy initiated by Georgi Malenkov in the Soviet Union. Malenkov's policy, which aimed at improvement in the standard of living, stressed a shift in investment toward light industry and trade and a greater availability of consumer goods. The SED, in addition to shifting emphasis from heavy industry to consumer goods, initiated a program for alleviating economic hardships. This led to a reduction of delivery quotas and taxes, the availability of state loans to private business, and an increase in the allocation of production material.