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Week 5 - Essay Example

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The French economy for example, has overtime been described as a combined-plan market given that it incorporates both national economic planning and a democratic capital society. The German market on the other hand…
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Discussion Questions on Week 5 Question One How would you contrast the French and German economic systems? Response The French and German economies contrast in a variety of ways. The French economy for example, has overtime been described as a combined-plan market given that it incorporates both national economic planning and a democratic capital society. The German market on the other hand is defined as a social-market economy, essentially because of the high level of state intervention for social goals. The French government only provides information and directions, while the German government is often actively involved in the market operations (Lippert, 2001). Both economies are known to tax her citizens heavily, though the French economy is also known to exhibit high spending when compared to the German economy. A considerable percentage of French industries are nationalized, while most of the major corporations in Germany are privately owned. The two economies also differ when it comes to their trends in growth, for the German economy has been registering steadfast growth over the past twenty years while the French economy has been exhibiting slow and a somewhat declining growth (Gregory et al, 2004).
Question 2
Do you think international trade is more important for the British economy or the German economy?
Response
Both Germany and Britain are key players of international trade. Half of Britain’s GDP for example comes from both imports and exports. That notwithstanding, I presume true the fact that international trade is more important to the German economy than it is for Britain. My argument is based on the fact that Germany has overtime ben known as one of the world’s leading exporters, and has continuously maintained surplus trading with her partners (Buell, 2015). Most of Germany’s trade partners are EU members, and analysts hold the opinion that well over a fifth of the German labor market, depend on international trade. Germany majorly exports automobile, chemicals, food products and electrical equipment. At the same time, it imports raw materials and semi-finished products.
Question 3
What has been the impact of European Union for the German economy?
Response
The overall impact of the European Union on the German economy has been positive, as the Eurozone has made the German economy stronger and highly stable. This is majorly because Germany has registered high economic growth since the EU came into play, with its real gross domestic product standing at in excess of 37 billion Euros annually over the last twenty years (Buell, 2015). At the same time, German exports have become more competitive within the Eurozone than when the country was using its own currency; a fact that has made Germany more dependable within the Eurozone. Nonetheless, events such as frequent bailouts of poor performing economies have slightly prevented Germany from realizing the maximum growth possible.
References
Buell, T. (2015). Germany Enjoys Record Year for Trade. Wall Street Journal. Available at: http://www.wsj.com/articles/germany-enjoys-record-year-for-trade1423480347?KEYWORDS=todd%20buell
Cleaver, T. (1997). Understanding the World Economy. New York. Rutledge.
Gregory, P. R. & Stuart, R. C. (2004). Comparative Economics Systems. (7th Ed.) Boston. Houghton Mifflin Company.
Lippert, B. (2001). British and German interests in EU enlargement: Conflict and cooperation. London Read More
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