The German Economy: Beyond the Social Market by Horst SiebertThe German Economy: Beyond the Social Market by Horst Siebert

The German Economy: Beyond the Social Market

byHorst Siebert

Paperback | September 28, 2014

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In this book, one of Germany's most influential economists describes his country's economy, the largest in the European Union and the third largest in the world, and analyzes its weaknesses: poor GDP growth performance, high unemployment due to a malfunctioning labor market, and an unsustainable social security system. Horst Siebert spells out the reforms necessary to overcome these shortcomings. Taking a broader view than other recent books on the German economy, he considers Germany's fiscal policy stance, product market regulation, capital market, environmental policy, aging and immigration policies, and its system for human capital formation as well as Germany's role in the European Union, including the euro zone.


Germany's system of economic governance emerges as a common theme as Siebert examines why this onetime economic powerhouse is today a faltering giant. He argues that what Germany needs, above all, is a market renaissance; that it must throw off the shackles of its social welfare economy and of its hallmark consensus approach, whereby group-based cooperative decision-making has undermined competition and markets. In doing so he examines both the country's social security system and its labor market, including trade unions. His focus throughout is on Germany's present concerns, foreseeable future problems, and long-term policy issues.


The definitive word on the postwar German economy to the present day, The German Economy is essential reading for economists and finance professionals as well as students, researchers, and others interested in modern-day Germany and its place and prospects at the heart of Europe.

Horst Siebert is President Emeritus of the Kiel Institute for World Economics, Steven Muller Professor of Economics at Johns Hopkins University, and Jelle Zijlstra Professorial Fellow at the Netherlands Institute for Advanced Studies. He previously served as a member of the German government's Council of Economic Advisors for twelve y...
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Title:The German Economy: Beyond the Social MarketFormat:PaperbackDimensions:416 pagesPublished:September 28, 2014Publisher:Princeton University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0691166013

ISBN - 13:9780691166018

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Table of Contents

Preface vii
Chapter One: Basic Features of the German Economy 1
Chapter Two: The Social Market Economy 24
Chapter Three: The Weak Growth Performance 38
Chapter Four: The Labor Market: High and Sticky Unemployment 69
Chapter Five: The Social Security System under Strain 114
Chapter Six: Ageing as a Challenge over the Next Forty Years 154
Chapter Seven: Germany: an Immigration Country 166
Chapter Eight: Regulation of Product Markets 181
Chapter Nine: Environmental Protection: a German Topic 203
Chapter Ten: The Capital Market and Corporate Governance 213
Chapter Eleven: Human Capital and Technology Policy 244
Chapter Twelve: The Fiscal Policy Stance 261
Chapter Thirteen: Germany in the European Union: Economic Policy under Ceded
Sovereignty 292
Chapter Fourteen: The System of Governance in Germany's Social Market Economy 325
Chapter Fifteen: The Need for a Renaissance of the Market Economy 365
References 378
Index 393

Editorial Reviews

"This important book represents an ambitious and welcome attempt to analyse the past forty to fifty years of the German economy, which is vital not only for Europe but also for the world. Horst Siebert is certainly the perfect author for such a volume, and his argument is quite persuasive."-André Sapir, Université Libre de Bruxelles and Economic Advisor, Group of Policy Advisors to the President of the European Commission