The Fading Miracle: Four Decades of Market Economy in GermanyThe Fading Miracle provides a lucid account of economic policy in West Germany from the late 1940s up to the present. First published in hardback in 1992, this paperback edition has been updated to include events since then. The authors describe and evaluate the major policy controversies and decisions, and place particular emphasis on the characteristically German institutions of policy counselling and their role in policy formation. The book will be of interest to students and teachers of economics, and to all those with an interest in the development of the greatest economic power in Europe. |
Contents
Stylized facts 19481990 | 1 |
1 Economic growth | 2 |
2 Structural change | 7 |
3 Macroeconomic stability | 9 |
19451948 establishing a liberal order | 16 |
1 Postwar misery | 17 |
2 The rise of Ordoliberalism | 26 |
3 The liberal reforms of June 1948 | 36 |
2 The heyday of demand management | 139 |
3 A deteriorating supply side | 154 |
B Coping with external constraints | 164 |
1 The economic division of Western Europe | 166 |
2 The erosion of the Bretton Woods system | 176 |
19731989 facing the slowdown | 185 |
A Persistent unemployment and the growth slack | 186 |
2 The nature of unemployment | 195 |
19481960 spontaneous growth | 45 |
1 The critical period 194950 | 46 |
the demand side | 63 |
the supplyside miracle | 68 |
B Returning to the world market | 88 |
1 The dismal startingpoint | 91 |
2 European liberalization and the Marshall Plan | 95 |
3 Turning into a pacemaker for liberalization | 106 |
4 The emergence of little Europe | 116 |
19601973 towards managed growth | 125 |
A Overemployment at an undervalued currency | 126 |
3 Roots of the growth slack | 207 |
B Painful adjustment to external challenges | 222 |
2 The current account debate | 236 |
3 International monetary coordination | 250 |
Two cheers for German unification | 256 |
2 Unification and its immediate aftermath | 262 |
3 The prospects of the eastern German economy | 269 |
A new miracle? | 273 |
| 280 | |
| 297 | |
Other editions - View all
The Fading Miracle: Four Decades of Market Economy in Germany Herbert Giersch,Karl-Heinz Paqué,Holger Schmieding No preview available - 1992 |
Common terms and phrases
adjustment agriculture average balance Bank deutscher Länder billion DMarks Bizonal boom Bretton Woods system Bundesbank capital stock cent of GNP cent p.a. central bank competition currency reform cyclical decade decline deficit demand Deutsche Bundesbank dollar domestic East economic policy economists EFTA Erhard European exchange rates expansion expansionary exports external federal firms foreign workers GATT growth rate Hence imports income increase industrialized countries inflationary interest rates investment Karl Schiller Keynesian labour market labour productivity late least liberal long-term Ludwig Erhard macroeconomic major manufacturing Marshall Plan monetary policy OEEC Ordoliberals output parity payments period political post-war pressure price inflation programme quotas recession recovery reduced regional Reichsmark restrictions revaluation rise Röpke Sachverständigenrat sector share social social market economy stability Statistisches Bundesamt structural change supply supply-side Table tariff unemployment unification unions unit labour costs vis-à-vis wage West German economy Western Europe
References to this book
Russia's Market Economy: A Bad Case of Predatory Capitalism Stefan Hedlund No preview available - 2002 |
Reconstructing Europe's Trade and Payments: The European Payments Union Barry J. Eichengreen No preview available - 1993 |