Economic history of Germany

Economic history of Germany

Until the early 19th century, Germany, a federation of numerous states of varying size and development, retained its pre-industrial character, where trade centered around a number of free cities. After the extensive development of the railway network during the 1840s, rapid economic growth and modernization sparked the process of industrialization. Under Prussian leadership Germany was united in 1871 and its economy grew rapidly. The largest economy in Europe by 1900, Germany had established a primary position in several key sectors, like the chemical industry and steel production. High production capacity, permanent competitiveness and subsequent protectionist policies fought out with the US and Britain were essential characteristics. By the end of World War II, Germany's economic infrastructure had been largely destroyed. West Germany embarked on a program of reconstruction supported by investment under the U.S. Marshall Plan and guided by the economic policies of the Minister of Economics Ludwig Erhard, contributing to the Wirtschaftswunder (economic miracle) of the 1950s and 1960s. East Germany became part of the Eastern Bloc and operated under a centrally planned socialist economy, with living standards generally lagging behind those of Western Germany. Following German reunification in 1990, the country underwent significant structural changes as the former East German economy was integrated into the market economy. Today, Germany has a highly skilled work force and the largest economy in Europe. It is one of the world's largest exporters of high-value manufactured goods, including cars, machinery, pharmaceutics, chemical and electrical equipment. Germany had a gross domestic product (GDP) of US$3.67 trillion in 2017.

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CEA-Leti: Laboratoire d'électronique des technologies de l'information.

DRG H 02 1001.

Economic history of Germany

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