The fading miracle : four decades of market economy in Germany

1. Stylized facts 1948-1990. 1. Economic growth. 2. Structural change. 3. Macroeconomic stability

2. 1945-1948: establishing a liberal order. 1. Post-war misery. 2. The rise of Ordoliberalism. 3. The liberal reforms of June 1948

3. 1948-1960: spontaneous growth. A. Overcoming capital shortage and unemployment. 1. The critical period 1949/50. 2. 1950-1960: the demand side. 3. 1950-1960: the supply-side miracle. B. Returning to the world market. 1. The dismal starting-point. 2. European liberalization and the Marshall Plan. 3. Turning into a pacemaker for liberalization. 4. The emergence of 'little Europe'

4. 1960-1973: towards managed growth. A. Overemployment at an undervalued currency. 1. Labour shortage

facts, causes and consequences. 2. The heyday of demand management. 3. A deteriorating supply side. B. Coping with external constraints. 1. The economic division of Western Europe. 2. The erosion of the Bretton Woods system

5. 1973-1989: facing the slowdown. A. Persistent unemployment and the growth slack. 1. The demand side: a tale of two cycles. 2. The nature of unemployment. 3. Roots of the growth slack. B. Painful adjustment to external challenges. 1. Protectionist temptations. 2. The current account debate. 3. International monetary coordination

6. Two cheers for German unification

7. A new miracle?