Political Economy

The Seven Secrets of Germany: Economic Resilience in an Era by David B. Audretsch, Erik E. Lehmann

By David B. Audretsch, Erik E. Lehmann

German financial functionality has astonished the area. on the flip of the century, Germany were written off because the in poor health guy of Europe. not more. while such a lot of its eu buddies and OECD buying and selling companions have struggled within the face of a turbulent international financial system, the German financial system has thrived.

How does Germany do it? what's the mystery? In The Seven secrets and techniques of Germany, authors David Audretsch and Erik Lehmann solution those very questions. This publication unearths, explains, and analyzes seven key features of Germany, its economic system, and its society that experience supplied the kingdom with huge buoyance in an period of world turbulence. those seven good points variety from the major and strategic position performed through small organizations to international management in its expert and knowledgeable hard work strength, a capability to harness worldwide possibilities via leveraging neighborhood assets, public infrastructure, the potential to accommodate swap and confront demanding situations in a versatile demeanour, and the emergence of a remarkably optimistic id and photograph.

The Seven secrets and techniques of Germany have insulated the rustic from long term fiscal deterioration and enabled it to use the possibilities afforded from globalization instead of succumbing as a sufferer to globalization. This insights might be instructive to different international locations and refute the defeatist view that globalization results in an inevitable deterioration of the traditional of residing, caliber of existence, and measure of financial prosperity.

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Additional info for The Seven Secrets of Germany: Economic Resilience in an Era of Global Turbulence

Sample text

How can anyone know in advance which of the ideas is really good, or at least not bad? That is, how can anyone separate the wheat from the chaff ? Because they are ideas and haven’t been tried out, they remain, until implemented, simply that—ideas. No one can be certain what will actually be profitable and what will not.

This is not the case in a family-run business. Or rather, the top is a lot closer to the bottom. In a family business the owner is typically the executive and manager. 29 The flat decision-making structures of the German Mittelstand enable the companies to access know-how and ideas from their workers in a relatively efficient and seamless manner. The apprentice system delivers highly trained employees who not only are rich in technological and social competencies, but also provide a fertile garden of ideas.

18 The strategy based on quality and innovation is consistent with a society and economy that has traditionally operated with a high value of its currency, rendering low-cost price competition relatively ineffective. After all, the post–World War II German economy was forged on combining a highly valued currency with very high labor costs. Thus, for some years, the Mittelstand companies had to operate and learn to survive and thrive in an environment where they competed against lower-cost producers located in low-cost countries.

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