Publisher's Synopsis
Hailed as the economic powerhouse of Europe, Germany's economy with its strength in exports and manufacturing is frequently lauded but rather less emulated. What have been the causes of the country's economic revival after a calamitous Second World War and is this success likely to be sustainable?
Jeremy Leaman's analysis of the postwar Germany economy considers longstanding features of its economic culture including cooperative relationships between economic and political elites and uniquely close bank-industry relations. It explains the key moments and periods in a journey from recovery and reconstruction to the post-Crash dilemmas of the present. Surveying all the key economic statistics and indicators of the current Germany economy the author argues that its trajectory has been unique if not always a "sonderweg" (special path) free of downsides.
Relentless mercantilism and more recently deflationary imperatives and austerity have resulted in the highly selective policy architecture of European Monetary Union led by Germany even if the country's strong regional hubs and high levels of innovation still attract admiration outside. Human factors ranging from cooperative labour relations and artisan and skills traditions, are also shown to have been crucial in Germany's development. Whilst the impact of migration has mostly been positive, the scale and nature of current migratory movements is show to pose severe challenges to the apparent desire to retain the current German model in the face of many pressures within the country and from outside especially in the wider EU.
Utilising approaches from a range of economic perspectives, this book offers a dynamic overview and analysis rooted in political economy that will inform any reader interested in understanding Europe's leading economy.
