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Germany's social-economic model and the euro crisis

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  • Michael Dauderstädt

Abstract

Germany’s socio-economic model, the “social market economy”, was established in West Germany after World War two and extended to the unified Germany in 1990. During a prolonged recession after the adoption of the Euro in 1998, major reforms (Agenda 2010) were introduced which many consider as the key of Germany’s recent success. The reforms had mixed results: Employment increased but has consisted to a large extent of precarious low-wage jobs. Growth depended on export surpluses based on an internal real devaluation (low unit labour costs) which make Germany vulnerable to global recessions as in 2009. Overall inequality increased substantially. JEL Classification: J50; N14; O52; P16.

Suggested Citation

  • Michael Dauderstädt, 2013. "Germany's social-economic model and the euro crisis," Brazilian Journal of Political Economy, Center of Political Economy, vol. 33(1), pages 3-16.
    • Handle: RePEc:ekm:repojs:v:33:y:2013:i:1:p:3-16:id:298
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    More about this item

    Keywords

    Germany; corporatism; reforms;
    All these keywords.

    JEL classification:

    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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