Summary of The Germany Shock

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Germany is an unusual economic powerhouse: It maintains a strong manufacturing base that offers its citizens steady employment, generous wages and a good quality of life in a post-industrial developed world. But as entrepreneur Conrad Bastable argues in this illuminating essay, the European Union and the euro have played significant roles in making the German economy a success story.

About the Author

Conrad Bastable is an engineer and technology business executive. He co-founded Walrax, a peer-to-peer marketplace.

 

Summary

Most advanced nations have left manufacturing behind in moving to post-industrial economies. But not Germany.

Germany’s primary source of economic well-being is global trade. Its customer base is diversified, and its trade surplus ranks second in the world. That success delivers excellent living standards to its citizens. Germany remains internationally competitive despite high labor costs, elevated tax rates and only average maritime ports and facilities.

Conventional trade economics describes initial prosperity but eventual failure for those nations that industrialize.

Neoclassical economic theory...


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