Seven Secrets of Germany: Economic Resilience in an Era of Global Turbulence - Hardcover

"Just when so many are asking 'How did Germany do it?' a new book appears with some answers. In an enormously well-informed, erudite, and accessible manner, the authors point to seven features that help Germany thrive in the face of globalization, demographic challenges, the Eurozone crisis, and much more. The seven 'secrets, ' or features-which range from the small-is-beautiful Mittelstand to the growing comfort zone that Germans feel about being German citizens of the EU-allow Germany to foster the central drivers of economic prosperity: innovation, labor skills, and entrepreneurship. Social cohesion is critical in allowing the formal and informal institutions to work together-to make the whole more than the sum of the parts. The Seven Secrets of Germany is bound to provoke discussion and disagreement, but it really is a must-read for those who want to understand this nation's remarkable resilience and economic success." --Richard Baldwin, Professor of International Economics at the Graduate Institute, Geneva and Director of the Center for Economic and Policy Research "The Seven Secrets of Germany is the second book published recently on Germany that has intrigued me. The first one is Neil MacGregor's Germany: Memories of a Nation, which shows why Germany was special in the past. The Seven Secrets of Germany presents brilliant analysis on Germany's unique economy and economic policy, which has produced a second Wirtschaftswunder for the country today. It is a compulsory reading for anyone interested in economics." -- J.-Matthias Graf von der Schulenburg, Professor of Business Economics and Director of the Institute for Risk and Insurance Management, Leibniz University, Hanover, Germany "Audretsch and Lehmann have written a page turner of a book that explains how Germany has become the most successful globalized economy in the world. They combine a dazzling mastery of economic theory with real-life experiences and lessons for other Western countries that are struggling to compete in a global economy. This is by far the best explanation available on the secrets of Germany's revival from being the "sick man of Europe" to Weltmeister in just a decade. It is also an essential introduction to today's Germany that seamlessly weaves together history, culture, economics, and politics." -- Stephen F. Szabo, Executive Director, Transatlantic Academy, and Johns Hopkins SAIS

German economic performance has astonished the world. At the turn of the century, Germany had been written off as the sick man of Europe. No more. Even as most of its European neighbors and OECD trading partners have struggled in the face of a turbulent global economy, the German economy has thrived.

How does Germany do it? What is the secret? In The Seven Secrets of Germany, authors David Audretsch and Erik Lehmann answer these very questions. This book reveals, explains, and analyzes seven key aspects of Germany, its economy, and its society that have provided the nation with considerable buoyance in an era of global turbulence. These seven features range from the key and strategic role played by small firms to world leadership in its skilled and trained labor force, an ability to harness global opportunities through leveraging local resources, public infrastructure, the capacity to deal with change and confront challenges in a flexible manner, and the emergence of a remarkably positive identity and image.

The Seven Secrets of Germany have insulated the country from long-term economic deterioration and enabled it to take advantage of the opportunities afforded from globalization rather than succumbing as a victim to globalization. This insights can be instructive to other countries and refute the defeatist view that globalization leads to an inevitable deterioration of the standard of living, quality of life, and degree of economic prosperity.