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Full Description
In this book, one of Germany's most influential economists describes his country's economy, the largest in the European Union and the third largest in the world, and analyzes its weaknesses: poor GDP growth performance, high unemployment due to a malfunctioning labor market, and an unsustainable social security system. Horst Siebert spells out the reforms necessary to overcome these shortcomings. Taking a broader view than other recent books on the German economy, he considers Germany's fiscal policy stance, product market regulation, capital market, environmental policy, aging and immigration policies, and its system for human capital formation as well as Germany's role in the European Union, including the euro zone. Germany's system of economic governance emerges as a common theme as Siebert examines why this onetime economic powerhouse is today a faltering giant. He argues that what Germany needs, above all, is a market renaissance; that it must throw off the shackles of its social welfare economy and of its hallmark consensus approach, whereby group-based cooperative decision-making has undermined competition and markets.
In doing so he examines both the country's social security system and its labor market, including trade unions. His focus throughout is on Germany's present concerns, foreseeable future problems, and long-term policy issues. The definitive word on the postwar German economy to the present day, The German Economy is essential reading for economists and finance professionals as well as students, researchers, and others interested in modern-day Germany and its place and prospects at the heart of Europe.
Contents
Preface vii Chapter One: Basic Features of the German Economy 1 Chapter Two: The Social Market Economy 24 Chapter Three: The Weak Growth Performance 38 Chapter Four: The Labor Market: High and Sticky Unemployment 69 Chapter Five: The Social Security System under Strain 114 Chapter Six: Ageing as a Challenge over the Next Forty Years 154 Chapter Seven: Germany: an Immigration Country 166 Chapter Eight: Regulation of Product Markets 181 Chapter Nine: Environmental Protection: a German Topic 203 Chapter Ten: The Capital Market and Corporate Governance 213 Chapter Eleven: Human Capital and Technology Policy 244 Chapter Twelve: The Fiscal Policy Stance 261 Chapter Thirteen: Germany in the European Union: Economic Policy under Ceded Sovereignty 292 Chapter Fourteen: The System of Governance in Germany's Social Market Economy 325 Chapter Fifteen: The Need for a Renaissance of the Market Economy 365 References 378 Index 393
