While unification has undoubtedly had major effects on Germany's political economy, the pattern of current policy-making preferences was established at an earlier stage, in particular, at the beginning of the 'Kohl-era' in 1982. This essentially neo-liberal pattern can be seen to have dominated the modalities chosen to guide Germany through the process of unifi cation and was mirrored in developments in other OECD countries and in particular within the EU. This book demonstrates that the three policy imperatives (neo-liberal structural reform, European monetary integration, and unification) produced a policy-mix which, together with other structural economic and demographic factors, has had disappointing results in all three areas and hampered Germany's overall economic development.The low average ratio of external financing of 10.6 per cent for the first period of the Kohl era actually conceals a truly dramatic decline from ... cent in 1990, while interest payments on government debt rose from 5.8 per cent to total expenditure to 8.6 per cent in the same period. ... (Schulmeister 1997: 303) The breakdown of the classical accumulation system driven by private credit from private savings for anbsp;...
|Title||:||The Political Economy Of Germany Under Chancellors Kohl And Schroder|
|Publisher||:||Berghahn Books - 2013-01-15|