Contents page 1 — is Now back in the hands page 2 — Everything spat a colossal waste of tax money? On a page
Peter Altmaier, the acting Federal Minister for economic Affairs, read comes in set of four, in his statement to the press to speak on the last Tuesday of Ludwig Erhard, then again in sentence seven. If one seeks such a quick of its predecessor, although for more than forty years dead, there is cause for concern. To be the concern of a break with a Tradition accused. Quite right. Because the “National industry strategy to 2030”, presented by Altmaier, is the attempt to revive something that in Germany, at least in the official use of language was long frowned upon: industrial policy. Altmaier does not want to have a debate about whether the country industry needs policy again, but where and how it needs you.
His “National industrial strategy” is the result of a remarkable change in the conservative camp of the Republic. Because while the social Democrats with government intervention in the economy has always been little problems, this in the Union, yet skeptical. Now, Altmaier says, of all things, an “act of state” can be justified, or even necessary, to avoid “serious disadvantages for the national economy”. And he is not alone. Last August, high-ranking Union leaders met with businessmen and economists in the Konrad-Adenauer-house, to talk in a confidential round about how the economy would be political profile of the Christian Democrats sharpen. In addition to Chancellor Angela Merkel, the current party boss was Annegret Kramp-Karrenbauer present, the Chairman of the Central Association, Carsten Linnemann and the former Prime Minister of Hesse, Roland Koch. It was quickly agreed that Germany had to go industrial policy in the Offensive.
as a response to the successful state economy in China and an America that is increasingly active on a protectionist, in order to promote in their own country, certain industries, or even back. The ideas include things such as battery factories, which are funded with state money, to the reduction of corporate taxes.
Only stupid, Altmaier, started the public debate on these challenges now conceivable clumsy. As he mentioned in his strategy and in particular large corporations, which he considers to be national Champions, and should be received as such. Deutsche Bank, for example, he says: “A country like Germany must also have the claim to play on financial markets and banking an international role.” The sounds of an implicit state guarantee, but explicit. Other mentioned companies Siemens, Thyssenkrupp, the auto companies are.
Even an Economist such as Peter Bofinger from the Council of the economy, has been promoting a long time for a debate on industrial policy, is not thrilled about this part of the Altmaier’s proposals: “to protect Individual companies specifically, I find questionable,” he says. “The concern is that to use it to protect ailing companies.” Jens Südekum, University of Düsseldorf, says: “Picking winners, this is the kind of policy that quickly goes wrong.” Two dangers of this approach: companies might act in the Knowledge of their meaning much too risky and, later, losses socialize, as many banks in the financial crisis, was accused of; or they become lazy because they believe in the Need of state help, Yes. In both cases, the Problem is the same: risk and liability do not coincide, which makes the thing so dangerous.
This article dates back to the TIME no 07/2019. Here you can read the entire issue.
another thorny issue that appeals to Altmaier, foreign investors, the company, based in Germany. The economic Minister wants to observe the future accurately and Acquisitions, if necessary, even by the state to prevent it. Also, this project is a response to the rise of China. Altmaier is afraid that with the state money, engorged Chinese companies, German companies are buying up, while the Chinese authorities, with Vice versa, German companies in China often do not. One example is, he’s called as a trigger of the Considerations is the Acquisition of the robot manufacturer Kuka in the year 2016 by the Chinese Midea group.
this is Also highly controversial. Most of the large corporations in Germany have long been major foreign investors. And not only from countries that are known for a market economy and democracy. Under these companies with foreign shareholders, many of whom want to protect Altmaier, particularly in the Rest of the group (VW, Deutsche Bank, Thyssenkrupp). Should politicians determine in the future about whom companies may soon sell their shares? Most Economists agree that the state should keep better back and a maximum in limited cases, it is intervention.
