Industrialization, Germany, German economy, German Federal Export Control Office, German companies
This research paper analyzes various aspects of the German economy, tracing its development from the early nineties to the present. The country is an economic powerhouse which has spurred over the years to advance from its financial troubles to become one of the worlds' best-performing economies. Germany brags of numerous industrial advancements and international brands. Critical emphasis on the key features of the economy is an integral subject of this research paper. The collection, presentation, analysis and recommendations for German economic data are also covered in this document.
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[...] Germany brags of numerous industrial advancements and international brands. Critical emphasis on the key features of the economy is an integral subject of this research paper. The collection, presentation, analysis and recommendations for German economic data are also covered in this document. Germany has a population of eighty-two million and a Gross Domestic Product 2.4 trillion Euros. It is highly integrated with the world economy. Towards the end of the last century, Germany was always referred to as sick man of Europe”. [...]
[...] Research intensive goods are only produced through specialization. Germany competes well in the global front thanks to her function as a hub to many international brands. Examples of companies that are headquartered in Germany and reputable global brands are Siemens, the Volkswagen Group, Adidas and Mercedes-Benz among others. The industries also efficiently engage diversification internally just like the country's industries are varied and diversified. Vertical integration of production of goods and services is another unique feature which lacks in numerous developed countries. [...]
[...] The German system of industrial relations has its base on legislation. Various private sector players have praised state organs for making regulations favorable and investment friendly. An economy is only successful if the private sector is vibrant and can sustain various domestic constraints. Regulations regarding employer associations, workers councils, and trade unions are also a build-up to the economic setup in Germany. Decentralization of the wage-setting for an industrial level to firm level is unprecedented. It is, therefore, easy to justify increasing localization of industrial relations in Germany. [...]
[...] However, the industrial development is facing various challenges that are rather crucial just as they are hurting. Fluctuations in different markets have posed challenges for German companies. The most affected companies are in the automotive and service industries. Granting of export authorizations should also be jointly fulfilled by the various business partners. Availing economic resources to listed persons is also jeopardizing the participation is income generating activities. The state also needs to work towards ensuring a free flow of information, transparency and cooperation between numerous stakeholders who play key roles in the industrialization of the country. [...]
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