SIGLEAvailable from British Library Document Supply Centre- DSC:6217.45(IEA-OP--91) / BLDSC - Bri... more SIGLEAvailable from British Library Document Supply Centre- DSC:6217.45(IEA-OP--91) / BLDSC - British Library Document Supply CentreGBUnited Kingdo
International Economics and Economic Policy, Nov 7, 2015
The benighted Eurozone. Hardly any region of the world has had a worse press in the last five yea... more The benighted Eurozone. Hardly any region of the world has had a worse press in the last five years than the community of 19 European countries that share a common currency, the euro. Judging by the tone of the global debate, the Eurozone must be a uniquely dysfunctional place, run by policymakers “who just don’t get it”. Yes, the Euro crisis was dangerous and very much for real. But much of the global debate missed the key points. We did not witness the inevitable demise of a misguided venture, the common currency, as many observers seemed to believe. Instead, we may be witnessing the birth pains of a stronger, more dynamic and more coherent economic and political entity in Europe.
In June 1948, West Germany took the great leap from central planning to more or less free markets... more In June 1948, West Germany took the great leap from central planning to more or less free markets, a step which initiated a growth spurt that became known as the “Wirtschaftswunder,” the German economic miracle. Recently, West Germany’s liberal reforms have been cited frequently as an example for the Central and East European countries wanting to transform their Soviet-type economies into market economies1. The purpose of the following text is to draw some tentative conclusions from the West German experience for the ex-socialist countries today. In order to do so, the economic situation in West Germany before the reforms, the reforms themselves and their impact will be analyzed in the first two sections, while section three is devoted to the lessons for Central and Eastern Europe.
Seit der Öffnung der Grenzen kann die DDR nie wieder zu dem werden, was sie vorher war. Millionen... more Seit der Öffnung der Grenzen kann die DDR nie wieder zu dem werden, was sie vorher war. Millionen Menschen haben sich erstmals ein eigenes Bild von der sozialen Marktwirtschaft machen dürfen, Millionen Arbeitnehmer können sich ausrechnen, um wieviel besser sie mit ihrer Familie leben würden, übten sie ihren erlernten Beruf künftig im Westen statt im Osten aus. Die laufende Abstimmung mit den Füßen erzeugt einen Zwang zu raschen und radikalen Wirtschaftsreformen in der DDR, der weit größer ist als in jedem anderen bisher kommunistisch geführten Land. Dies ist der Hintergrund, der bei den folgenden Betrachtungen über Konvertibilität und Wirtschaftsreform immer zu beachten ist.
SIGLEAvailable from British Library Document Supply Centre- DSC:6217.45(IEA-OP--91) / BLDSC - Bri... more SIGLEAvailable from British Library Document Supply Centre- DSC:6217.45(IEA-OP--91) / BLDSC - British Library Document Supply CentreGBUnited Kingdo
International Economics and Economic Policy, Nov 7, 2015
The benighted Eurozone. Hardly any region of the world has had a worse press in the last five yea... more The benighted Eurozone. Hardly any region of the world has had a worse press in the last five years than the community of 19 European countries that share a common currency, the euro. Judging by the tone of the global debate, the Eurozone must be a uniquely dysfunctional place, run by policymakers “who just don’t get it”. Yes, the Euro crisis was dangerous and very much for real. But much of the global debate missed the key points. We did not witness the inevitable demise of a misguided venture, the common currency, as many observers seemed to believe. Instead, we may be witnessing the birth pains of a stronger, more dynamic and more coherent economic and political entity in Europe.
In June 1948, West Germany took the great leap from central planning to more or less free markets... more In June 1948, West Germany took the great leap from central planning to more or less free markets, a step which initiated a growth spurt that became known as the “Wirtschaftswunder,” the German economic miracle. Recently, West Germany’s liberal reforms have been cited frequently as an example for the Central and East European countries wanting to transform their Soviet-type economies into market economies1. The purpose of the following text is to draw some tentative conclusions from the West German experience for the ex-socialist countries today. In order to do so, the economic situation in West Germany before the reforms, the reforms themselves and their impact will be analyzed in the first two sections, while section three is devoted to the lessons for Central and Eastern Europe.
Seit der Öffnung der Grenzen kann die DDR nie wieder zu dem werden, was sie vorher war. Millionen... more Seit der Öffnung der Grenzen kann die DDR nie wieder zu dem werden, was sie vorher war. Millionen Menschen haben sich erstmals ein eigenes Bild von der sozialen Marktwirtschaft machen dürfen, Millionen Arbeitnehmer können sich ausrechnen, um wieviel besser sie mit ihrer Familie leben würden, übten sie ihren erlernten Beruf künftig im Westen statt im Osten aus. Die laufende Abstimmung mit den Füßen erzeugt einen Zwang zu raschen und radikalen Wirtschaftsreformen in der DDR, der weit größer ist als in jedem anderen bisher kommunistisch geführten Land. Dies ist der Hintergrund, der bei den folgenden Betrachtungen über Konvertibilität und Wirtschaftsreform immer zu beachten ist.
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