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The Yale review (v. 11)

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Pages: 356

Book format: An electronic version of a printed book that can be read on a computer or handheld device designed specifically for this purpose.

Publisher: Date:8/5/2009 - General Books LLC

By: George Park Fisher

Excerpt from book: THE ECONOMIC CRISIS IN GERMANY. MOST of the states of Europe are suffering at the present time under an unusually severe crisis, Russia and France, Switzerland and Austria, as well as the German Empire. It is a fact that the crisis in Austria-Hungary and in Russia is more severe than in the German Empire: nevertheless the interest in the severe depression of German industry is much greater than in the economic decline in other countries. This is explained by the greater importance to the world's commerce of Germany's industry, trade and navigation. Germany has become today, together with Great Britain and the United States, one of the great powers in the world's market, in which her position is far more important than that of the other states of the European continent. It is not only this fact, however, which makes the present situation in Germany so much more interesting to the general public, but above all the extraordinarily rapid development of Germany's productive capacity in the five years immediately preceding the crisis. Even if, in comparison with the fabulous development of industry and the great capital concentration in the United States, the development in the German Empire does not seem so extraordinary, yet, compared with the slower development of the states of Continental Europe and with the stationary condition of industry in the United Kingdom, Germany's importance as a powerful industrial and commercial state seems especially great. The history of Germany's development as a great industrial power is comparatively recent. The quickest development indeed has gone on in the years since 1895. Immediately before the outbreak of the present crisis Germany displayed to an astounded world her extraordinary position in the field of productive labor at the Paris Exposit...  

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