2013年9月19日 星期四

The secrets of German success



Germany, the industrial powerhouse of Europe and the world's second-largest exporter, has achieved an economic success. Despite working fewer hours, having a workforce that is not exceptionally productive, and children spending less time in school compared to its neighbors, Germany's economy has proven to be resilient and powerful. This article discusses the secrets behind Germany's economic strength and explores the lessons that other nations can learn from this remarkable success story.


1.   The Eurozone Advantage: Germany's decision to adopt the euro provided a significant boost to its exports. By sharing a currency with other European countries, including some with less competitive economies, Germany benefited from a weaker currency. This, in turn, made its products more affordable for consumers abroad, fueling its export-led growth.

2.   Cultural Aversion to Borrowing: Cultural attitudes play a significant role in Germany's economic success. This unique perspective fosters an aversion to borrowing, promoting a society that prefers living within its means. As a result, consumers and businesses did not need to drastically cut their spending during the recession to reduce debt levels, contributing to economic stability.

3.   Labor Market Reforms: Germany's labor market underwent crucial reforms in 2003, responding to post-unification wage increases. Employment protection legislation and strong ties with labor unions allowed the government to advocate for wage inflation moderation. Consequently, Germany developed a stable and flexible labor market, and despite global downturns, the country's unemployment rate remained relatively low.

4.   Vocational Education System: Germany's education system, particularly its emphasis on vocational training, stands apart as a key driver of economic strength. Approximately half of all upper secondary school students participate in vocational training and apprenticeships. These programs enable young adults to spend more time in on-the-job training than in traditional classrooms, equipping them with practical skills that align with the needs of the country's robust manufacturing sector.

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