When I first came to live in London about 25 years ago, Germany was widely considered a more advanced economy than the UK. In the mid-1990s these perceptions began to reverse. During the course of the next decade, I would expect to see yet another reversal - in favour of Germany. No, I am not going to leap to a defence of the Rhineland model. I remain sceptical about Germany's long-term economic performance. The country relies too heavily on manufacturing exports. It lacks a modern service economy and is committed to an antiquated financial sector.
No, I am not going to leap to a defence of the Rhineland model. I remain sceptical about Germany's long-term economic performance. The country relies too heavily on manufacturing exports. It lacks a modern service economy and is committed to an antiquated financial sector.
So, anyone able to enlighten me what "a modern service economy" is?
As for "an antiquated financial sector" I'm somewhat suspicious of that too...
a modern service economy
Estate Agents, hairdressers, financial advisers, betting shops, mobile phone shops.....
an antiquated financial sector
Banks where the manager actually knows you; Banks without a queue of people outside frantic to withdraw their money; shares held for longer than two weeks.... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
