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Catching Up with the West: The Achievements and Limitations of Creative Destruction

In: East Germany’s Economic Development since Unification

Author

Listed:
  • Thomas Lange
  • Geoff Pugh

Abstract

Unification left eastern Germany with an acute imbalance between physical and human capital. A well-educated and trained workforce is a necessary condition for physical investment to generate sustained productivity growth. This is grounded in theory as well as the experience of South Korea and Taiwan where, since the 1960s, high investment promoted by public subsidy has powered growth and convergence with the developed market economies (Rodrik 1995, pp. 53, 96, 100). Accordingly, in eastern Germany a fundamental feature of transition strategy has been government support for investment — both directly in infrastructure and indirectly through financial incentives for the private sector.

Suggested Citation

  • Thomas Lange & Geoff Pugh, 1998. "Catching Up with the West: The Achievements and Limitations of Creative Destruction," Studies in Economic Transition, in: Jens Hölscher & Anja Hochberg (ed.), East Germany’s Economic Development since Unification, chapter 9, pages 141-165, Palgrave Macmillan.
  • Handle: RePEc:pal:stuchp:978-1-349-14705-2_9
    DOI: 10.1007/978-1-349-14705-2_9
    as

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