What Germany Offers the World: Germany's Economic Model  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8781 (Apr. 2012), page 27-30.
Topik: Central Banks; Economic Policy; International Trade; Exports; Many-industries

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The European Central Bank controls Europe's currency from Frankfurt, Germany's financial center. Beckhoff Automation, in a bucolic corner of Westphalia, controls the bank. Or more precisely, its devices control the bank's lighting and ventilation. Other Beckhoff gizmos raise the curtain and dim the lights at Milan's Teatro alla Scala. Yet more are embedded in luxury sailboats, in dancing fountains outside Las Vegas hotels and in half the wind turbines made in China. Omnipresent but obscure, family owned but by no means puny, Beckhoff is among thousands of "hidden champions" that account for much of Germany's prowess as a manufacturer and exporter. Its sales leapt 34% to EUR 465m ($608m) last year. It is aiming for EUR 2 billion by 2020. Beckhoff exports more than half its output. But its manufacturing is mainly in high-wage, rule-bound Germany. Largely thanks to its Beckhoffs, Germany looks like a bright exception to the dispiriting rule among developed economies. True, its economy contracted more than those of most rich countries during the 2008-09 world recession. But the jobless rate rose by less than in all the others, peaking at 7.9%. And nobody talks about downgrading Germany's AAA credit rating; it can borrow money for practically nothing.

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