TEN YEARS AFTER GERMAN ECONOMIC UNIFICATION: ARE THERE ANY LESSONS FOR KOREAN UNIFICATION?
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Ten years ago, in 1990, Western and Eastern Germany became unified. After a short period of unrest in 1989, unification was finalized incredibly fast and came as a surprise to all, laymen and experts alike. In the following years, Western German political, economic and social institutions were transferred to the former German Democratic Republic (Eastern Germany). Together with this, considerable amounts of money and expert knowledge were transferred to create the ‘flourishing landscapes,’ which then-German chancellor Helmut Kohl had promised the Eastern Germans before unification. Considerable changes were achieved and Eastern Germans today enjoy a standard of living much higher than in all other transformation states in Central and Eastern Europe. However, still some urgent economic problems are remained unsolved and an economic convergence is far from being achieved. This article takes a retrospective look on ten years of German unification focusing on monetary unification, institutional changes, privatization and the labor market. Finally, it discusses comparisons with the Korean situation.
Abstract
Ten years ago, in 1990, Western and Eastern Germany became unified. After a short period of unrest in 1989, unification was finalized incredibly fast and came as a surprise to all, laymen and experts alike. In the following years, Western German political, economic and social institutions were transferred to the former German Democratic Republic (Eastern Germany). Together with this, considerable amounts of money and expert knowledge were transferred to create the ‘flourishing landscapes,’ which then-German chancellor Helmut Kohl had promised the Eastern Germans before unification. Considerable changes were achieved and Eastern Germans today enjoy a standard of living much higher than in all other transformation states in Central and Eastern Europe. However, still some urgent economic problems are remained unsolved and an economic convergence is far from being achieved. This article takes a retrospective look on ten years of German unification focusing on monetary unification, institutional changes, privatization and the labor market. Finally, it discusses comparisons with the Korean situation.