Word: pieroth
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That is the conclusion reached by Lothar de Maiziere, the leader of the Christian Democratic Union, who is likely to become East Germany's Prime Minister when a newly convened parliament forms a government next week. For the post of Economics Minister, De Maiziere has designated Elmar Pieroth, a + prominent economist in West Germany and stalwart of that country's CDU. "De Maiziere told me he sought an experienced market economist and couldn't find one in a planned economy -- would I give it a try?" says Pieroth. "I said...
...answer characteristic of the affable Pieroth, 55. A scion of West Germany's pre-eminent family of wine merchants, Pieroth is a model of can-do spirit. Despite the immensity of the task before him, he is confident that, once unshackled, the East Germans will build for themselves a vibrant new economy just as surely as their West German counterparts did after the devastation of World War II. "In the coming years, we can harness the idea of keeping up with the Joneses," he says. "The East Germans want to show the West Germans that they can do just...
...Pieroth's first priority will be to eliminate the absurdities that now infect the system. Some 85% of East Germany's economy is controlled by 220 unwieldy state Kombinate (conglomerates), whose production has been dictated by ill-conceived five-year plans rather than by supply and demand. Heavy- industry manufacturers, for instance, have had to shoehorn consumer goods into their production lines, so that TuR, East Germany's largest producer of electrical transformers, also makes appliances for melting cheese at home...
...reduce the role of the Kombinate, Pieroth aims to spawn a healthy Mittelstand, the sector of small and medium-size businesses that is the backbone of West Germany's economy. There is a great need for such firms in the East, which suffers a dearth of everything from corner restaurants to car dealerships. In the past two months, some 40,000 East Germans have applied for a share of the $3.5 billion that Bonn will make available to them over the next three years for loans to start small enterprises...