The Fading Miracle: Four Decades of Market Economy in Germany

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Cambridge University Press, 1992 - Business & Economics - 302 pages
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The 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.
  

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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
References
280
Index
297
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