Economic history of Germany

Common card · No. 397508

Until the early 19th century, Germany, a federation of numerous states of varying size and development, retained its pre-industrial character, where trade centered around a number of free cities. After the extensive development of the railway network during the 1840s, rapid economic growth and modernization sparked the process of industrialization. Under Prussian leadership Germany was united in 1871 and its economy grew rapidly. The largest economy in Europe by 1900, Germany had established a primary position in several key sectors, like the chemical industry and steel production. High production capacity, permanent competitiveness and subsequent protectionist policies fought out with the US and Britain were essential characteristics. By the end of World War II, Germany's economic infrastructure had been largely destroyed. West Germany embarked on a program of reconstruction supported by investment under the U.S. Marshall Plan and guided by the economic policies of the Minister of Economics...

Read on Wikipedia · Image Nicolaes Visscher II, Public domain