YCB Benchmarks – Object and Model Set

"The situation in East Germany is not due to the fact that the market economy is bad, but rather to the fact that the East German system was economically finished before 1989," Rochol explained, referring to secret internal government reports.

"Even before the fall of the Berlin Wall in October 1989, Gerhard Schührer, head of the Central Planning Commission of East Germany, submitted a secret report on the country's economic situation to the Politburo.", - reports Rocholl. "The report showed the catastrophic state of production facilities due to worn-out equipment and a huge need for repairs. In addition, he showed that the country already has so much debt abroad that state bankruptcy is inevitable."

Expectation

Despite the problems of East-West integration over the past three decades, a united Germany has generally made economic headway. Today, many countries are looking at its current success to see what parts they can take from it.

Erhard called for "prosperity for all," and indeed Germany is at a high level at the moment, despite a slight recent recession. When everything is going well, people don't ask questions. From 2005 to 2019, unemployment dropped from 10% to 5%. But the moment things get bad, the tides will turn on any existing system.


Adam Smith and Karl Marx are part of an exhibition at the Ludwig Erhard Center in Furth, Germany.

A recent report on Germany's social market economy published by KfW, the country's state-owned development bank, highlights the challenges facing the country, such as the growing income gap, poverty, climate change, a stumbling global trade regime, demographic changes, and dismal progress in digitalization.

It's a very long list. In addition, many companies say they need more flexibility, especially when it comes to hiring and firing employees. No system can be everything to everyone, but it seems that the social market economy is under attack from all sides. If the economy continues to grow, as some predict, then the cries for its dismantling will only grow.

Germany must meet these enormous challenges. The KfW report hit the nail on the head when it said, "Ensuring prosperity is a constant challenge."The government will be called upon to achieve greater social peace and solve some big problems.

"In his book prosperity for all, Erhard wrote that as Minister of Economy, he was not a representative of large commercial enterprises and cartels, but someone who was supposed to promote the well-being of everyone by ensuring competition. It is this moment that is more important today than ever. How do we deal with big, powerful companies like the big tech giants? What kind of competition regulation do we need? Rohall ESMT concluded.

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