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Germany was a world leader because of its prevailing "corporatist mentality", its strong bureaucratic tradition, and the encouragement of the government. These associations regulated competition and allowed small firms to function in the shadow of much larger companies.
Now, Germany is the world’s worst-performing major developed economy, with both the International Monetary Fund and European Union expecting it to shrink this year.
The economy of Germany is a highly developed social market economy. [24] It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and the sixth-largest by PPP-adjusted GDP. Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates
Klaus Schwab, founder and Executive Chairman of the World Economic Forum, Richard Baldwin and Philippe Martin have divided the history of globalization into four eras: Globalization 1.0 was before World War I, Globalization 2.0 was after World War II "when trade in goods was combined with complementary Globalization 3.0, for which other terms ...
Matthew Qvortrup described the book in Prospect as a "well-argued case" to learn from Germany. [6] Oliver Moody of The Times described the book as an "impeccably fair guide" to Germany. [7] Anne McElvoy for The Observer said the book was an "even-handed hymn to Germany" that "underlines why Britain will need its help in a post-Brexit world". [8]
The broader industrial sector, which includes Germany’s famed manufacturers such as Volkswagen and Siemens, has also taken a knock. Industrial output contracted 1.7% year-over-year in June ...
Yu Xintian noted two contrary trends in culture due to economic globalization. [72] Yu argued that culture and industry not only flow from the developed world to the rest, but trigger an effort to protect local cultures. He notes that economic globalization began after World War II, whereas internationalization began over a century ago. [73]
The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialisation), developed its current meaning sometime in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post–Cold War world. [2]