Word: economice
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The injection of demand into the old GDR, of course, took place in a very different environment from today's. Its key purpose was as much political as economic: to create a reunited Germany, with shared values, from the two states that were the legacy of World War II. But...
Halle may be a lot more prosperous than it was 20 years ago, but it's still far from being a happy place. Its population has shrunk dramatically, falling by more than one-quarter to 230,000 since 1990 as young people have left to find jobs elsewhere. Despite the...
Money Isn't Everything In short, Halle has learned that throwing money at an economic meltdown isn't a cure-all. To be sure, some towns in the old GDR have done well. In the Saxon heartland, where the local economy had strong roots going back to before World War...
Germany has learned a second lesson; big spending packages don't work if the economic policies underlying them are miscued. In hindsight, eastern Germany's economic wellbeing was sabotaged at the very beginning of the reunification process by the political decision to exchange its currency for West German marks at...
A third lesson, and perhaps the most pertinent, is that spending so much money in such a short time is bound to be wasteful. "Every village wanted to have the same dog kennel," jokes Klaus F. Zimmermann, president of the Berlin-based German Institute for Economic Research (known by its...