Word: laborities
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Germany is still far from being a freewheeling economy. It remains suspicious of Anglo-Saxon finance, for example, and has been seeking to curb the power of hedge funds. There's also little sign of substantive change in the historic--some say hide-bound--system of labor relations, under which unions are represented on the supervisory boards of companies. Kenneth Rogoff, a Harvard professor and former International Monetary Fund economist, sees Germany's improved fortunes as being largely the result of the private sector finding ways to bypass continuing structural roadblocks in the economy. The recovery "has legs," he says...
...Reithofer is more upbeat. Faced with low-cost competition from Asia and Eastern Europe, he says, "many German firms did their homework, and now they are benefiting from it." He thinks Germany could go further, for example, in reducing high nonwage labor costs. But Germany still has competitive advantages, he says, pointing to its traditional engineering prowess combined with a newer ability to cater to the needs of individual clients. The challenge, he tells TIME: "It's all about mastering complexity...
...some ways symbolic of the resurgent German economy. For more than a decade, exorbitant labor costs, unbending union rules and an addiction to red tape--not to mention the high price of unification with East Germany--put Germany into an economic straitjacket. BMW went through its own rough patch in the 1990s after the disastrous acquisition of Britain's Rover Group, but its fortunes have changed markedly since it ditched Rover in 2000. Production has increased steadily, and profits are buoyant. Pretax earnings last year rose 25%, to $5.5 billion, despite the soaring cost of raw materials and the strong...
...surplus to more than $200 billion. Germany's economy has also undergone significant re-engineering to loosen some of its infamous rigidities. The government has cut corporate taxes and reduced the burden of some nonwage costs on business, such as pensions and health care. It has shaken up its labor market, which has led to a drop in unemployment (although the proportion of jobless, at 8.8%, is still well above the European average). The move to ever shorter working hours that culminated in the 35-hour week in the late 1980s has been reversed; millions of Germans have been working...
...lease workers employed by specialized agencies and used by BMW when needed. That's a relatively new but fast-growing phenomenon: the number of lease workers nationally has more than tripled in the past decade, from 160,000 in 1996 to about 600,000 today, according to the Federal Labor Office...