Germany and its Economy Essay

Germany and its Economy Essay

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Germany and its Economy

Known as the "fair" capital, Germany lies in the center of Europe and
in the center of the European home market. Approximately two thirds of
the top international fairs take place in Germany. Germany is
successful. A leader in world trade, Germany is the third largest
economy in the world and the biggest market in Europe. It wasn't
always this way though; European power struggles wounded the country
in two devastating World Wars in the first half of the 20th century
and left the country dominated by the victorious Allied powers of the
US, UK, France, and the Soviet Union in 1945.

Germany has been through all of the phases of the business cycle many
times. It even suffered immense depression after World War One in the
early 20th century. The Treaty of Versailles dug a deep hole in
Germany's economy because the Allies had gotten a little greedy with
their revenge. Payments made by Germany to the Allies represented a
drain of capital that would have otherwise been directed toward the
growth of German industry. In order to pay its debts for World War I,
Germany engaged in a huge "hyperinflation" of its currency, printing
paper marks until, in 1923, when they became worthless. The
destruction of the currency wiped out the people's savings, which
meant that there would be very little capital available within the
German economy for years to come. With Adolf Hitler rising to power in
1933, the German economy became increasingly socialized and
militarized, passing through recovery to prosperity, which scared
their foreign investors and made a healthy economic recovery
nonexistent.

Germany is referred to as a "social" market economy and remains a key
member of Europe's economic, polit...


... middle of paper ...


...Germany is doing well other than a few
scarcities. Because they are the third leading economy in the world,
they rank up there with the U.S.and France. Germany has a few
shortages in labor and energy, but overall they succeed in exports and
GDP growth. Germany is an economy not much different than our own.
Besides both being defined as market economies, Germany and the U.S.
also share the same periods of business cycle changes. They both
experienced the Great Depression in the 1920's and '30s and are even
witnessing a recession now. I would agree that an economy is just like
a business. An economy goes through the same downfalls and good times
just like a business, an economy experiences depressions, recessions,
recoveries and prosperities and the goal of an economy is to have a
surplus of money while supplying its citizens with needed goods and
services.

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