Don’t Underestimate the German Economy 🇩🇪
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- čas přidán 29. 05. 2023
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Germany has a unique economy that combines the best factors of capitalism, competition, and innovation with strong social policies, making it the 4th largest economy in the world. However, Germany is facing new challenges, such as the war in Ukraine, which could slow down it’s economic competitiveness.
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I want to watch German exclusive videos in English because I live in Germany but am not German. What do I do?
@@PoiSonSonic Turn on subtitles
Do a a video how the "shares" (as in the stockmarket) is slavery. Shares the means of production with passive income people. The people avoiding work. The investors' neighborhoods are nicer than the the people doing all the work neighborhoods.
Up until 2021, I would have fully agreed with this analysis. But I don't think you're sufficiently taking into account that Germany has thrived in the context of being able to buy cheap Russian fossil fuels, and there's a good chance that those are never coming back. Russia doesn't like that German tanks are again killing Russians, and we might say "well Russia started it" but that argument isn't actually likely to convince Russia to sell cheap fossil fuels to Germany again. Plus Russia has already found plenty of new buyers in Asia.
Germany's strength is its industry, and industry requires energy inputs, and Germany is very energy-poor itself. And now effectively all German industry will have to pay significantly more for energy, because Russian fossil fuels may not be coming back, which means that all German industry is less competitive. And this isn't a small factor either. There's examples of German companies that survived both world wars, but they didn't survive 2023.
I'm not saying that Germany is going to collapse, I'm just saying that I think you're being a bit too optimistic about them. I think they're more likely to fall in the biggest economies ranking than rise in the biggest economies rankings in the future, for example.
Link to german channel where?
I woke up today and decided to underestimate Germany's economy but this video set me straight
Yeah, that's the way it has to be , never forget this again
Germans never joke because they cannot b/c their on buismark mode.
Ikr
@@jamesabestos2800 beware, we Germans aren't all smiles und sunshine.
😂 lol
As a German it's interesting to see our economy analyzed from an outside perspective. Because I feel like we Germans hold our economy, education and welfare systems in rather low regard and view them as something that needs heavy improvements in many aspects. Yet when compared to other countries it apparently seems to be quite a high standard which is always interesting to think about.
Yeah, our education system is in a horrible state, but obviously not to compare with the American
Thats probably the Mindset that has brought us to this position in the first place
That's why they're better. The moment you're satisfied is the moment the decline begins
I agree
As a foreigner living in Germany I can confirm this, it’s actually contagious and is definitely driving this country forward, in comparison to the french, who too see the flaws in the system and protest against them, the Germans actually try to fix them instead of complaining, this perfectionist mindset positively affects people from other parts of the world as well.
As a German, I can confirm, that every German had a shiver, running down their spine, when you pronounced the word "Thyssenkrupp"
Absolutely true
jep..es brennt immer noch...
Oh gott, jetzt ist mir übel
10:33 bildet damit meine hasssekunde der woche
It's the lack of aggression in the tone, right?
German here,
The real challenge is keeping a manufacturing based economy going when energy prices went through the roof and companies are better off leaving the country - which many of them do.
I agree. In a more belligerent world, energy prices will continue to dampen the German economy. Additionally, oil and natural gas are the chemical basis for much of their entire industrial environment. So high prices are a double whammy.
But perhaps the most difficult problem to fix is the demographics. A larger proportion of its skilled labour is verging on retirement, which is a brain drain of itself. But more insidious is that the rest of Europe is in a similar predicament, undermining the consumer base that underpins economic growth. This means that exporting will not save Germany like it has Japan so far, which has faced similar demographic issues these past three decades.
An important German company that never gets mentioned is Zeiss. They produce the tools needed to produce modern microprocessors and have a monopoly on them.
He did not mention anything relevant in this video. Waist of time
Interesting how these companies like Zeiss and ASML are literal monopolies and without them no FAANG Company operates and most people don't even hear about them
@@lol007 waste*
TSMC from Taiwan has a monopoly on advanced chip manufacturing, which uses UV lithography machine that ASML from Netherland has a monopoly on, which need advanced lens that Zeiss from Germany has a monopoly on. I wonder how far this chain goes. Maybe down to some rare (earth?) elements which China has monopoly on?
Strong Asianometry vibes.
Everybody gangsta until Germany suddenly increases military budget
Auf der Heide blüht ein kleines Blümelein
*Brapbrapbrap*
@@kevburke UND DAS HEISST
@@InCognito-vx8gi ERIKA
Idk why Germany was so passive on military spending, and looming Russian aggression. Same with Japan
@@Worldaffairslover Well... Germany has had somewhat of a storied history with military buildup in the past century =P Much of the population has leaned towards pacifism in the 21st century and wanted military spending docked to fix other issues. Russia was supposed to be dealt with via economic interdependence - Germany wanted to be such a good partner and customer that Russia would think twice before breaking off ties.
Of course, when Russia did think twice and still decided that playing empire was more important, that backfired onto Germany as well... but as it turns out, you can recover from such a thing much faster when you have international support than when you have crippling international sanctions, so it still worked out in Germany's favor. =P
And also as a result, military spending is now being increased again.
I am from germany and had economics in school. The thing i missed most in this video about our economie is the principle "as much market as possible, as much state as necessary". It's the principle on which our economy was designed by and a great tool for understanding how the German economy works.
Also we call "Rhine Capitalism" "Soziale-Marktwirtschaft - social market economy".
Thank you for posting.
Guess they had to rename it to "rhine capitalism" to avoid the word "social" XD
@@Vlavir xD
@@Vlavir its only in the US where "social" is a bad thing...
@@groghnash Social Media is great... kills brain cells. 😀
Moving to Germany was the best decision I have ever made. Even though I live in Berlin, the most cosmopolitan and lively city in Germany, there is a sense of security and serenity I had never experienced anywhere else before (I had lived in New York, Boston, and Istanbul before coming here). You get value for everything you purchase. I had never seen so much affordable stuff with such good quality in my life. Food tastes great. All local brands are much better than their global competitors. Public transportation is great. It is reliable and very well connected. The most important thing is that you don't have to be rich to live a decent life. Even without having any savings, you can live a much better life than the top 10% in the US.
People have a very good understanding of morality here. Overall, you get the sense that there is no corruption at any level of government or business in the country. German people are very polite and helpful, and even though I am Turkish, I get no racism, which was something I honestly braced myself for before coming here. (Though I must admit Berlin is exceptional in many ways and you would probably witness more discrimination in another German city.)
The no BS attitude that Germans have is an important reason why they were able to create this great economy and a decent life for the residents of their country. Paying taxes had never made more sense in my life before. I feel honored to be paying my taxes in Germany. Because I know that the system is not corrupt and is designed to benefit me and the society.
you can be very sure coruption is a big thing in germany. And it is not punished hard (sometimes not @all)
Its really not a big thing, yes it happens (just like everywhere else) but we do not have an corruption problem. I never had to bribe anyone in my life (this alone is crazy when compared to a lot of other places) and although our regulations for political donations could probably be improved, they are still one of the best. And if you get caught, your going to jail, no cover up by police. Our justice system is also exceptional in this regard.
@@Multihaker10 maybe. But when they caught 2 politicans doing it with covid-masks (hard and rare enough to do so) they couldnt get sued. The law protectect them.
(well, they got fired because of the image damage)... maybe it works better here, than elsewere. But I can see from my small hometown up to the highjest ranks, every year some new scandals. Its anoying. Its poisen for a democracy.
Das ist kein Berliner. Kein Berliner schreibt einen so langen Text ;)
@@cygnos6201
Really? You don't say
Was Sie nicht sagen. Können Sie viele Berliner?
Germany has world-class workers. Partly because they have an excellent apprenticeship program where kids that are not college bound can get real world experience while being paid a training wage by their company. That is something we should have an America.
We have it in Switzerland. Indeed it helps a lot, but the other side is that most people with Bachelor degrees are not locals... so in the end a swiss mesmerised by this aprentiship will work for and immigrant with Bachelor degree. 😅 I work in office with commodities and none of us is Swiss, they are all in the fields farming...
@@lol007 but immigrants does not have voting rights so they can charge immigrants higher tax Or cess something which may be invested on citizens
Also, Germany might not have top universities (unless they are specialized, like Heidelberg), but they have a pretty good floor of university education level while giving that access for free. On top of that, it is quite common to do internships or work on the side to your studies, also at top employees (like Big Tech, big Auto, Finance, Consulting, …) which produces a wide range of workers who have both good practical and theoretical experience.
I have no-where seen such good opportunities for student jobs or internships like in Germany, which has to do with smart regulations and subventions from the German government (thank you Schröder)
but our migrants (most of them) are absolutely trash who are not willing to integrate or work and live rent free forever. our left-woke government is garbage and crashing german economy
@@lol007is that a problem?
East Germany is poorer, but it’s not as extreme as you might think. Countries like France, Britain, the US and especially Italy have far bigger regional differences than Germany. Go to northern Scotland, Wales followed by Manchester in England and after that to cities like Schwerin, Dresden, Berlin followed by Dortmund and you‘ll know what I mean
North east England is the most deprived
Yeah, but I would choose Italy over Germany in a heartbeat.
okay, be right back
@@dawmeenick yeah the south is Germany's peer, the north is more like Spain.
@@lol007 Why?
The German "Rhine" economy is not just built on staving off Communism, it is also rooted in German mentality in general and old, medieval structures.
The country basically still runs on basis of a medieval guild system. Most of them don't call themselves guilds anymore, but "chambers" and "associations" and the such, but they are still organisations that the state grants the power to decide who gets to do a certain job and who doesn't.
Everyone needs to do a 2.5 to 4 year long apprenticeship with one of those guilds and pass their tests before they get a piece of paper from the guild allowing them to do a certain job.
You can't even be a grease monkey in a car repair shop or a bank teller without doing a 3.5 year long apprenticeship and passing lots of exams.
This has advantages and disadvantages, of course.
The disadvantage is that it makes the job market inflexible. People have to chose what they want to do at age 16 and then stick to it, because switching careers later in life is incredibly hard. For one, nobody wants a 30+ year old apprentice and even if you would find a master to take you on at advanced age, what grownup with a mortgage can live off of the token salary of an apprentice for another 3+ years?
Also, it makes integrating immigrants harder. People who think they can just come to Germany, span a awning over a side walk and start cobbling shoes are in for a rude awakening.
You're not cobbling shoes without graduating from a 3 year apprenticeship with the cobbler's guild.
You can imagine what that means for 30, 40 or 50 year old immigrants.
Even the ones who want to work and want to contribute are pretty much forced into the welfare system, which makes mass immigration a suicidal lunacy in Germany and to Germany.
The advantage of the system is that it keeps up standards. When you hire some handyman who passed all those guild exams, you can safely assume that he knows what he is doing. The standards of professionalism and detailed knowledge are pretty high in Germany, in pretty much every industry.
It also makes people value vocational jobs more than they do in the English speaking world. There isn't that much of a difference between being a college graduate and being a non-university educated master in some field.
People aren't clamoring to get into universities the same way they do in other places.
That brings me to another thing that makes Germany special: It is a very egalitarian society. There are no elite ivy league schools. Rich people and poor people send their kids to the same schools where everyone gets tested by nation wide standards that only vary slightly from state to state.
The point being that I think the fact that unions and capitalists, workers and bosses work together to achieve a common goal in Germany is at least in part rooted in that. They all were class mates and they played in the same soccer club together, to put it in a very simplified way.
Another factor is the way German schools are set up. Kids are divided into classes randomly, according to their age. For example, when 100 kids enter a elementary school one year, they will divide them into 4 classes with 25 kids each, named "Class 1A, 1B, 1C and 1D" and then those kids stay together in those classes for the first 4 years, till they get sorted by talent and sent to 3 different types of schools, one for the average kids, one for the below average kids and one for the talented kids and on those schools they get sorted and remain in fixed classes again.
Also, every class gets its own "main teacher" who will teach several courses to them and acts as a consultant and kind of as a Sheppard to the herd.
The difference to US schools is that the kids in German schools develop more of a feeling of unity with their class.
You don't really see the classical, stereotypical "clique" building you always see in US movies and shows about US schools. There aren't really "the joks" and "the cool kids" bullying "the nerds" and "the losers" or whatever.
Of course there is bullying too on German schools, but it is pretty much limited to within those fixed classes.
There is still a weird group coherency and sense of belonging within those classes. When for example a jock from Class 2B starts bullying a nerd from Class 2A, the jocks from Class 2A might even defend "their nerd" against the bullies from other classes.
There is a sense of rivalry between the classes that strengthens social ties within each class.
I think this mentality of "we belong together and we stick together, despite being different" that gets fostered in the schools also is reflected in the economy and in how workers and managers work together.
I love your analysis
As good as "overtaking Japan as number 3" sounds, it's not because Germany is growing at a decent rate or has some particular plan for the future. It's just stagnation vs less stagnation, waiting for someone from behind to overtake both.
Who's the likeliest contender iyo
Germany will be overtaken by india before it will overtake Japan. I mean the German economy is literally shrinking now
Funny how Germany would still be the fourth biggest economy in the world anyway, assuming Japan doesn't recover as quickly as most might predict.
Cant really compete with India so India will definitely surpass Germany, and Germany will probably overtake Japan. But I can see some other Asian Countries like Indonesia getting into the competition soon.
As a German who appreciates the WirtschaftsWissen channel, I still can’t imagine EconomicsExplained without English in that fine aussie accent, mate 👌🏼
If only all Australians were as good at conveying information as EE, and that's coming from an Australian.
We need German with Australian accent lol
naaa mate, this drongo from EE is a outlier. ;)
Yeah, but learning somethkng about the specificeconomical situations in germany by itself would, for me, also as a germanbe nice to, even if it comes at the expense of losing that nice accent
Til there is a german Version of economics explained
It'd be interesting to see how Czechoslovakia and now the Czech and Slovak Republics ranked.
This guy will never cover that. He covers the same countries over and over again
Cause he covers the largest and most important nations first, he will get to others eventually but more people are interested in big economies.
Czechia is so interesting. The vast majority live in one city then the rest of the landscape is a slightly upgraded version of how they lived in the middle ages. I legit saw a horse and buggy while driving down the highway.
True
@@joshuaburch4908 Ah, yes! 10%!!! Truly the VAST majority of the population.
Many years ago while I was at Uni, I did volunteering work in small German town of Uberlingen. While it situated on pretty Bodensee it is actually boring and unimportant small town, where it seems only pensioners live. So.. us, 30ish international volunteers were doing renovation work on school. One day city Mayor also met us (they were all very supportive of our work) and I used the opportunity to commend him on a pretty town and asked what sort of economy they have. (This is the point of the stroy) well we have tourism (obviously): a small agricultural tractor factory, oh yes and a major Diehl factor. Diehl is a major avionics supplier both for civilian and military jets. In a small sleepy German town.
And experience was similar (but not as striking) in other places I worked.
Germany despite everything, has a remarkable economic history, its bounce back following its dark past really is incredible.
because it was allowed to get away with stealing and plundering from other countries in order to fight the German backed Bolsheviks
What dark past?
Amazing how it is all squandered, isn't it?
@@spacejunk2186 comforting words to a wake of millions dead by their hands
@@Iamnotracistlmao Are u kidding us?
Since we're on the topic of the EU I think a video on Romania's economy, the way it integrated into the European Union and the massive growth rate it's seen ever since, I think it would be a good case study for the effects of the EU
I agree
They stole and came back for more, get it because vici veni vidi because they are the odd roman out
@@jamesabestos2800 it's veni vidi vici
Yes, please!
The problem with Romania is that everything outside Bucharest is a shithole. Ask any Romanian.
The strength the German economy derives from its automotive industry is i.m.o. often as overstated as the importance of its SMEs is understated. These SMEs are typically highly specialized, often family owned businesses operating in niche segments with a highly skilled workforce and a high level of vertical integration which even the Chinese have come to realise is very difficult to replicate.
yeh, cars only make up under 16% of the GDP, yet people still think it's the main income
@@lionljb it's not about income it's about employment.
@@lionljb 16% is massive and there's a lot employment + technology transfer + cooperation with other ibdustry branches missing in this picture.
@@IsomerSoma yes 16% is a lot, but SME's make up 55%
@@lionljb16% plus all the other companies that make the parts and materials for cars
I was waiting such a long time for this. Greetings from germany, love your Chanel and that you are willing to expand into german is really cool. Looking from the inside, we tend to only see the negatives. But your positive outside view is refreshing.
Agreed. Inside views are usually more negative than objective views because we are just more in touch with our problems than for example with Norway's.
These "negatives" you see are direct threats to the future of the country. If you listen to what people from different sectors have to say, it becomes very grim.
I'm having a bad year; TSLA is down by $40k, ALLP is down by $35k, Draft Kings is down by $6k, NIO is down by $15K, ABML is down by $8K, and my husband is unaware. I'm only clinging to Jim Cramer's advice regarding opportunities during erratic market conditions in the hopes that I can either wait for a recovery or choose profitable investments to make up for my loss.
@Finest Bear Hug You will need a strong FA to help you through the current market turmoil. I've been talking to an advisor for a while now, mostly because I lack the knowledge and energy to deal with these ongoing market conditions. I made more than $220K during this slump, demonstrating that there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for those who are close to retiring.
@@tampabayrodeo2474 We’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this coach that guides you help?
@@mcginnnavraj4201 My Financial Advisor is JEANNE LYNN WOLF. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can run a quick online research with her name if you care for supervision. I basically follow her market moves and haven’t regretted doing so.
She appears to be a true authority in her profession. I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.
Never listen to Cramer
Episode Idea. Please describe a theoretical economy that would be all 10 in your rankings. That would be an interesting thought experiment.
Excellent stability, good growth, massive resources and massive well educated, well taken care of population.
@@Angel-wo8gv yeah, the thing is what systems you put in place to achieve these
@@perseusgeorgiadis7821 He didn't discuss any systems here anyway. He just waffled on about a generic social market economy, not the actual country that was supposed to be the focus of this video. What is 'Rhine Capitalism'? This video never explained.
@@perseusgeorgiadis7821 systems itself is not enough. UK has a great court, law and economic system balanced with good social services,but because it got cut off from the EU, While still adhering to 1000s of EU regulation, their economy is going bad. System is not everything.
@Blue you are correct. What I meant is an abstract thought exercise to describe what 10/10 means in each category, and what would that economy be and whether it is possible to have 10/10 in all categories. Are there any conditions which make one category 10/10 and lowering another category.
Amazing video as always, i am a italian student of economy and i would love to help you translate your video in my first language, you are amazing and keep inspiring me now for more than 3 years, and i hope you the best, thanks for your work
First of: I have to admit, that i was anticipating this video for about 3 years and now i have missed it's existence forr 3 weeks...
Then again, well scored in discribing the german economy in such a short video. As i am from germany myself: Thank you for the point of view from someone outside the country. Been loving your videos for the past 6-7 years now and i am allways looking forward to them.
So, once again, thanks for the video, i allways enjoy a view in local topics "from the outside"
Iview Germany’s so-called endless challenges as an asset. I think it helps to keep the society fluid and flexible as an American. I think this is one of our greatest disadvantages. We have become very rigid in our thinking in our political stance. Change is difficult and hard, but necessary I believe. Germany’s probably seen more political change in the last hundred years than any other major industrialized nation.
From bis to ler and that one woman mp
Political discussion is quite narrow and driven ideologically (green) and nazi-trauma based. Accepted discussion on the political spectrum ranges from Clinton to Bernie Sanders. Anything else is considered far-right.
US has a more dynamic discussion. Private media caters to all voters, whereas public media in Germany (Öffentlich-rechtlich) has become a spokesperson for the green, shy to critic the ruling party on whom they depend.
@@user-fn2oy1rq5p
"I'M NOT EVEN ALLOWED TO SPEAK FREELY" he shouted in everyone's face.
I believe you are a Dem voter, who has clearly never been in Germany.
The US is not actually as rigid on alot of things as we as Americans perceive.
When you talk about the german central bank you actually show a picture of Deutsche Bank's headquarters which is kinda hilarious.
yes, and if a central bank is supposed to stabilize an economy and establish trust, the Deutsche Bank has historically been very much not that.
this videos are awesome man, thanks for doing them
You mentioned in passing two interesting points that would take up a lot of time. One is that Germans vote for policies and political parties slightly less emotionally than other nations. It's odd for me to see politicians arguing about extremely specific energy productivity policy parameters on national television instead of just saying "waah red team bad".
The other one was the medium sized companies. It's interesting going around Germany to cities of less than 1m people and seeing companies that a global leaders in their fields headquartered there.
cities with over 1m people are very rare in Europe. Most countries have 1 or 2, some don't have any.
Of course germans would be so interested in economy to watch this channel in high enough numbers to warrant a whole channel in their language
im german and i can confirm
This makes me feel a little bit proud of my country.^^
😄
They want to know what they are doing wrong because of which their economy is in recession
the main issues my teachers throughout my school life had were trying to stop us from getting into calssroom wide debates over economics and politics...
The model of the social marked is much older. You could say it started with Bismarck, who introduced social welfare programs hundred fifty years ago. People were protesting against the monarchy and started to unionize. To appease the people he initiates some social programs.
I associate the word 'Bismarck' differently.
All his good work was undone by Wilhelm 2
We also copied some of those polices from Denmark and other more Scandinavian countries. If you have to survive in such a hard climate, strong social cohesion is much more likely, considering they would simply run out of food when there is some famine. I assume thats also the reason why Norway wasn't corrupted by oil.
@@alandinsmore1186 In fact, Wilhelm II was a supporter of worker's protection and other forms of social welfare. He used to visit factories as a young lad, making him more empathical towards the labourers. This is something many forget. While Bismarck gave some sort of social welfare as a concession, Wilhelm II is believed to be its genuine supporter, again out of his empathy.
Most dont know it was a way to appease the worker movements to actually safe the old systems
I am from DEUTSCHLAND and I learned for my economics exam with your videos only a couple months ago. Kinda funny that you are making this video now
there are quite a few issues not mentioned that are really problematic for the german economy. currently we have a rather massive braindrain and overaging population which are partially linked. young people have problems finding housing with the current prices while wages stagnated in addition with all the berueacracy. As an individual, the best strategy at the moment is to get educated here and then work somewhere else, often swiss around here, and become a 'german export product' yourself. The mentioned Automotive Industry lost quite a lot of luster by staying the same. Car manufacturers abroad caught up by now and there is no real innovation in sight. Weird policies in regards of environment protection are in place (shutting off nuclear power plants while coal plants get more lifetime and not having any contingencies in place after the slowdown of russian oil and gas export)
As a Polish citizent, i can't wait for video about my country. As always good epizod :)
I'd like to hear aboot Poland too
Has Eastern Poland been invested in? Only Aussie Economics can say for sure!
Poland should thank the European Union for goving food.
@@manhoosnickthat makes Poland sound like the congo, but i think i know what you meant, i am very grateful to EU for many things, but our government apparently isnt.
@@manhoosnick Thanks for what? For hunger they planned?
For e.g. amount of pigs farm's in Poland dropped last 6 yr's over 80%.
Price of bread went up 60% y/y.
Thanks, been waiting for this for a while
Germany has good farmland, rivers, and coastline. Things that economists typically underrate.
Indeed, and many more factors. Also the comparsion with Iran was laughable.
@@polarstorm5986 yea, as russia have shown us
size, population and lots of natural resources isn't everything
How about exploring the 3 big boosts to the German economy: low spend on defence (massive peace dividend), low labour costs (thanks Turkey, Eastern Europe, etc.) And low energy costs (they loved Russia for a reason). Now that all three are more expensive how does this change the outlook for Germany?
Discussing German economy requires mentioning the unique position of Germany in the EU.
And how their companies expanded and established production plants in eastern Europe.
Or how EU forces other countries to buy from Germany...
They were already the largest economy before the EU
Germany was helped hugely financially after WW2 by the U.S and UK , the UK was still paying back loans to he US from the war until the late 90s .
@@johndonson1603 nonsense
As a german, i can't understand that we should have an skilled workforce. If i'm looking at the problem in our education system, this skilled workforce is sadly not a regrowing resource.
But as always we german love to complain. :)
Oh das tuen wir😅
Time to train all those African and middle eastern migrants that came to Germany 🫱🏿🫲🏼
@@ll4680 it´s easier to give them social welfare and promise them more to effectively buy their votes!
@@ll4680 not staying for long though, bureaucracy is killing us
@@goodiesfeats2252 Good news by all respect. Often you dont see germans downtown anymore 😏
Their tech setup for bets is so advanced yet so user friendly, love it 🖥️💕
No matter how well versed you are on a topic, you will always learn more or something new by watching an EE video. Amazing work on this one, both content and quality. Germany is fascinating, and the US can learn from them.
Interestingly I watched another video yesterday that talked about Germany's shrinking workforce and that less and less people are willing to live and work there compared to some other parts of europe. Mainly because of the amount of bureaucracy and not being able to adjust to german society. This does seem like a major threat to the economy.
VisualEconomics was the channel.
Understandable, I'm a german and dont want to work there or live there
Yeah EE has definitely not lived in Germany if he thinks starting a business is easy there
You just described me perfectly. I have dual citizenships in Germany and Australia and work in data science. Tried working in Germany, got swamped with paper work, didn't like their work culture and I wasn't really that accomplished for German standards. Meanwhile in Australian, the work culture is more chill, and colleagues consider me a coding genius.
I do wish that Australia had more STEM related industries though, there's really not much here apart from consulting and business analytics.
Mainly because our cities are not German anymore. Its just a pool of unrelated people without any common goal, just like in the US. Thats why we are starting to get the same bullshit race tensions over here than in the US. I moved to switzerland two years ago because the country I grew up in doesnt exist anymore.
Unasked for, but here's some feedback on the video.
This seemed like a video without topic, compared to many of your other videos. Some stats and facts with little cohesion other than being about Germany and working towards the leaderboard at the end.
They can't all be winners. Keep up the good work.
Yeah, same feeling. Felt like propaganda to me, with nothing to think about or data to analyse. Excesive use of words all and every...
Germany is a progressive wet dream which is being driven against a wall at 200 km/h. The first gets mentioned, the latter ignored.
Would love more updates on Australia, there is rampant commentary on USA and EU all over CZcams.
How we sit in Aus, domestically and comparatively to the rest of the world would be much appreciated as all that is readily available is state (mass media) issued and not independent analysis.
Any
I am self educating thanks to channels like yours so I can position my finances and families future successfully.
Current and 6-12 month outlooks on how we are tracking here would be great.
If there are channels that focus on this I’d love to know who they are so I can follow them too.
Thanks for your great content
Cheers
Great video, keep up the good work
Consideration of the effects of baked-in demographic changes would provide a useful adjunct for your comparisons. It must be acknowledged that the challenge of quantification of how many people will be available, able, and willing to do how much of whatever might need to be done in whatever future probably militates against specific inclusion in your leaderboard comparisons.
@@PerilOS lol
@PerilOS except for the second order impact over disposable household income and unemployment rates, which would be significant.
Useless jobs are very much a form of modern welfare.
@@disalazarg THIS
@@disalazarg Your observation that ‘Useless jobs are very much a form of modern welfare‘ is thought provoking. In an economy and society like that of Germany there is widely accepted tacit agreement that German Society’s minimum standard of maintenance for the underemployed, unemployed and unemployable is somewhat above the real absolute minimum needed to merely sustain life. Preserving the habits and attitudes necessary to employment would seem be of benefit to society as a whole, as well as to an underemployed individual.
Great Video! Greetings from Germany
Would love to hear your take on Nigeria (the largest economy in Africa), considering it just got a new president 2 days ago who has committed to removing its problematic petroleum subsidy literally a week after the richest man in Africa launched a brand new refinery in Lagos.
Congrats on the second channel! Fingers crossed we get a French one, too ^.^
Can you do a video on the economy of portugal? Would love if you gave an in-depth look at the problems and strengths the country has
please do more videos on developing economies
Thank you for setting me straight on that!
Always interesting, thank you.
Third largest will be India 0:32 by every means. People in west might not like it but that's the reality. Not to mention that german economy is already in recession that not even mentioned in the video.
As I mentioned on other comments. With the amount of 1,4 billion citizens this is no rocket science, just simple math.
This whole channel is just r/badeconomics and simping for the west.
😂😂😂😂😂😂
@@fayadbozan3321 what are you laughing at?
The German economy is facing major headwinds right now with de-industrialization due to high energy prices and competition from China with one of their main exports: automobiles. The German auto industry stuck too long with their ICE vehicles and are playing catch up with EVs now. While luxury German cars such as Benz, BMW, and Porsche might have some brandpower, I think budget and affordable luxury brands such VW and Audi are going to have some serious competition against Chinese EV makers globally.
Japan will be hit harder by this than Germany. So although it may hit Germany, it may also help Germany overtake Japan again (they are already very close now😂)
Germany car companies will face serious competition from Tesla, and possibly other American car companies. But Chinese car companies? You might as well ignore them - they are heavily subsidized by the Chinese government, but China is quickly running out of money due its rapidly growing internal problems, including an upcoming real estate crisis, massive youth unemployment, rapidly increasing sanctions from the West, etc... So, no, Chinese EVs are not a threat, not to Germany, no to the USA, and not to Japan.
@@highdefinist9697 the subsidies to the EV industry has already been scrapped as the industry is mature and can walk by itself. Local EV makers are already taking up market share in China, a market once dominated by German car manufacturers, and China is the largest car market in the world. They will also sell their cheap vehicles to South America, Southeast Asia as they are cheaper than German EVs due to scale.
@@Kaif08610 Yeah, China stopped the subsidies this January, which is why the Chinese EV industry is falling apart. For example, in China, Tesla is outselling Chinese competitors 3:1 this year - unlike last year, where they were about even. Chinese EVs are not competitive without subsidies, not even inside China.
I heard people in the automobil industry say that EV's are a joke that only work as long as government money is flowing.
You are the best counterindicator.
This was one of the best-researched videos of yours! I always get fresh perspectives from you 😀
Germanys success depended partly on buying cheap hydrocarbons from Russia and selling expensive products to China. Both is becoming increasingly difficult. We’ll see if the economy can keep up with the changes.
German gas prices right now are as cheap as they were in 2021
Germany can thrive again if it can free itself from American domination and, indeed, occupation.
That dependence is vastly overestimated by some groups. Basically, the $100bn mentioned in the video is all it will likely cost.
Germany is already in recession now.
And security from the US of A. On the other hand, energy prices in USA and China are much cheaper, while Germany has the highest electricity prices worldwide. The argument about cheap hydrocarbons from Russia goes in the wrong direction.
Wreszcie odcinek o Polsce. Będę czekał!
Don't Make fake report. India is the 5th Largest Economy. Not UK. its gives the impression that your videos facts are not correct. You are simply making some contents to get views and make money. Don't cheat people
O KURWA
I loved your conclusion: "Conmon goods, like defence are something that everyone can use" :)
Good video as always Economics. Could you next time do a video about balkan countries?
I'm American with German ancestry, and I'm happy seeing how Germany runs. I mean, at the end of the day, it really doesn't matter whether it's ranked 3rd or 7th on the global economic ranking. It has lots of jobs, great quality of life, vibrant democracy and lots of friends (EU, US, etc). Compared to just forty years ago, Germany has finally unified under a stable beaurecratic system essentially for the first time in its history. Hard to say Germany was a stable, prosperous state before now at any point except maybe the late 1800s - but it wasn't democratic. Economists are obsessed with GDP growth but as long as it's economy isn't shrinking I'm happy (and it doesn't lie about its figures like China)
@@PerilOS I definitely would not say that the population is "split in half" in the US. Most of the stuff you see is media sensationalism - I'm a Floridian, who voted for Desantis, but probably will vote Biden in 2024. And I don't see an issue with the right gaining political power in Germany - let the people vote them in and make the changes the people want. There will always be serious disagreements between the left and the right in a democratic nation; thats the whole point of the system. I believe the far right in Germany wants to ensure as little as possible of immigration and I believe, that if the German people do not want non-EU immigrants, that its well within the rights of Germans to codify that into law.
My comment was not to say things are perfect in Germany. But compared to the last 200 years, things are great. And I don't really consider pre-1971 "German Confederation" as a unified German state but thats definitely not objective fact.
If Germans are pissed about the liberalism that it undertook the last forty years, then let Germans vote to stop the policies they do not like. Again, I think its mainly immigration and I'm all for Germany being the protected home of Germans. I see no issue with this (and I actually support this policy - but its not for me to decide)
Greetings from Germany 🙋♂️🍻
@@arnodobler1096 hello ! We have a small chance of being distantly related ! Much love from America - please keep our homeland safe and sound!
@@tl8231 Middle Eastern genetics are almost exactly the same to European genetics funny enough (same with Northern Africa like Tunisia but not Egypt). Big differences in culture, but genetically very familiar. I assume you are referring to all the Turks in Germany. While I'm not pro-immigration, in two generations that Turkish minority will be mixed into the general German population (if they manage to pro-create at all).
I'm American, and I live in a multicultural coastal city, so I see a lot of different people. If I put a lineup with three Turks, two Italians, three Germans and four Frenchmen... you cannot tell the difference. They all look the same. We Americans act like Latinos are some separate race from white people (I hate the term white - the right term is European) and its so funny. There are so many latinos that are completely indistinguishable from the whitest of white people (because latinos are Europeans)
China has a pretty good approach to this. China isn't just one race across the country - they're all "Han" Chinese but there are huge differences between the Han (especially in skin tone). The Western equivalent of China would be if you combined Rome (at its full glory) with all of Europe and then referred to everyone as European ethnicity. Thats not how it has shaken out for the Europeans but it is true. Much of Europes bloodline comes from the Aryans who moved into Europe a couple thousand years ago from the Middle East
Look at it this way. If I put a lineup of three Brits, four Sub-Saharan Africans, five Japanese and three Philipinos in a lineup it would be definitely possible to get it all right. Not the same with three Turks, four Germans and three Italians.
@@joenichols3901You have absolutely no clue how race or genetics work, you're truly a real american, congratulations.
About 40% of all children younger than 6 that live in germany are not german.
Thank you for these videos EE, I occasionally show them in my Business and Finance class and my kids always love it and say the learn something every time.
What a lazy way of teaching, showing your class a CZcams video.. unbelievable.
I feels sorry for your kids. It is an informative channel, but it is very biased and this video for example was all over the place with no data compared to his other videos. He does mistakes here and there with his assumptions or even data or the way he compares it. Good channel, very informative but not paid teacher level obviously. So please do your job and spend your working hours doing your job and kids can qatch this videos on weekends at home... always hated when teacher just put whatever on and just sit on their phones...
@@lol007 Cry less
@@balabanasireti he‘s right. Just look at the sources EE is using. Some are really outdated and his claims are often unfounded.
Okay so I am a German Viewer, let me tell you something. If there is a German Viewer watching this, they will keep watching in english, even if there is a German one, don't expect to draw too many of us over to the German channel.
I think due to the population size and diversity of the economy, Germany is one of the few countries that could be compared to the US in terms of what might or might not work. I dislike it when people say "well Sweden does X so US should be able to do it". Germany, France, Italy, UK, Spain, Japan, South Korea are probably the only countries where comparisons are relatively easy.
germany is the best example for what does NOT work
Despite net immigration of 1.5 million last year (Population is now 84.2 million), there still is a massive shortage of workers. That's why the current government now announced a simplification of immigration bureaucracy for people from outside the EU, a shorter track to citizenship (5 instead of 8 years) and a general recognition of dual citizenship (currently this is only recognized with EU and Schengen states plus a dozen others).
The massive shift in energy production, heating, gas infrastructure and military build-up is making things interesting. Despite a technical recession last quarter - mainly due to lower consumption as a result of inflation, so far the impact has been rather small. And energy prices have now come back to pre-war levels.
Not sure I would watch a channel that simply translates into German. Most people sufficiently interested in EE usually understand English. But maybe it gets more attention in German youtube. But I would definitely watch it if it has different topics.
There is seemingly always a labor shortage. No matter how many millions of people we import, there's still a shortage. How about we stop seeing people as resources to be exploited and see them as humans? How about we stop being reliant on exploiting the skilled labor from poor countries and start having sustainable demographics again?
@PerilOS it’s not actually true that all of it is unqualified and going straight into welfare. The part of the immigration that includes refugees from Syria is less qualified. But you also have to consider that many foreign degrees are recognized less often (also part of the reform). It is also not true that the vacancies only concern highly skilled jobs. Many Ukrainian refugees filled the gaps in hospitality left after the pandemic. Those were hundreds of thousands of jobs. Many of them are more qualified but are waiting for recognition of their degrees, do not speak the language well enough or have children to care for.
The workforce is still growing and has been at record highs every year.
I think with „productive jobs“ you mean jobs that you personally consider productive. But that’s not necessarily the objective definition.
@@sebastiangruenfeld141 good luck with that. The birth rate has increased over the last decade but Germany has not had a birth rate of 2.0 since 1971. so if you wanted to solve the labor shortage today you should have started at least 25 years ago. Now it’s too late.
Also almost all well-off countries have net-immigration. With the biggest exception of Japan, Korea and China. And they face demographic collapse.
Not sure I want this.
@@tobiwan001 You're going to have a bad time if Germany thinks it can solve its workforce problems with mostly not up to par qualified refugees and quantity based migration policies which are not aligned to the country's goals.
@@davinnicode it’s not the majority of immigration. But with the war in Ukraine 1 million Ukrainians came.
Overall the government is now looking to recruit more people from India and elsewhere.
Very interesting episode, although it's worth noting that in the last few days Germany has reported a 2nd quarter of negative growth. This means it's in a technical recession, it will be interesting how long it lasts!!
Awesome video!
Great and optimistisch video 🙏🇩🇪😎
Curious for "WirtschaftsWissen"! 😎👍
Few things i cant find the sources for anymore ^^:
Apart from the large companies you named, germany has a few more "hidden champions". I specifically know about the chemistry industry in this regard. Germany is home to BASF, the biggest chemical company in the world. Its also home to Bayer, another chem company that owns a lot of patents for really basic medications that are needed everywhere. Aalso its home to merck, ive heard, that they have made a lot of the liquid crystal stuff that was and still is used for lcd displays, so this company probably made some profit of many many screens that are around today.
Another thing about the pension reform stuff: germany has already increased the pension age ^^. Even with the rise that macron signed into law, germany's pension age is 2-3 years higher than that of france. germans were just a bit sluggish to protest against it. (especially compared to the french ^^)
super cool btw that you are making a german version of your channel 👍the german youtube scene is a little small, and now the imo best economics channel on youtube is getting in there! youll definitely do well 👍
People forget that Bayer is the world market leader in agriculture chemicals. They are more relevant in that field than their pharmaceutical branch.
basically you can retire early in germany and take a smaller pension, they are laughable anyways, so it doesn't really matter
Not sure, where you get the data from, but wherever it is, its not the latest. UK is no longer 5th largest economy, and hasn't been for few months now.
I don't think anyone has underestimated Germany since 1939, great video.
Being German and engaging in the scene of startups I wonder what your resource you are basing the statement that it is great for any kind of startup.
There's a lot of hesitance in taking risky decisions in Germany which is a fundamental idea of a startup
i cant wait for the Afghanistan economy vidioe
Guten Abend! Ich bin hier um sie zu informieren das diese Kommentarsektion nun Eigentum der Bundesrepublik Deutschland ist. Wir möchten sie daher bitten umgehend ihren Rundfunkbeitrag und ihre Steuern zu bezahlen.
Cringe 😂
I am a forex traders and I find your videos very useful when I am doing research. Cant wait for you to make a video about Poland. All the best from Bulgaria :)
waited for ages for this video
They've really shot themselves in the foot with Energiewende. Whatever your opinion on the so called carbon crisis, it's prohibition on nuclear power is insane.
Yes, they can thank their Russian Trojan horses Angela Merkel and Gerhard Schröder for this "genius" move.
The worst thing is that Germany is pushing this nonsense to other European countries.
Tell that to the children of #Fukushima.
@@aclark903 tell that to 1000x more people that dıe because of coal burning. nuclear deaths are nothing compared to coal. enjoy choosing to kill more people
@@aclark903 The Japanese turned theirs back on.
@@kevinbryer2425 Only recently. And I think it is fair to say #Kishida is winning elections in spite of it, not because of it.
Something that is very underrated is the city structure. Even tho Germany has one of the biggest metropolic regions in the world (rhein-ruhr region), comparable to the one of Paris and London, it is much more centralized. This means that you find many more great job opportunities without being reliant on the capital. This reduces the living costs by a lot - even the most expensive city to live in, Stuttgart, is far cheaper than the likes of London and Paris. This, combined with a cartel of supermarkets that drive the prices of food down reduces the living costs even further, increasing the living standard while not having an intact on the income.
*less centralised
And "cartel" is wrong word of you're trying to communicate competition & free market
Now if only there was a "cartel" for good Internet service...
@@RminusOR oh no. We know that they set prices together, so that is a cartel and less free market. But it’s one of those exceptions that are good for consumers
I, as a German, am not interested in to German translated videos of yours, but I would watch the WirtschaftsWissen channel, if they‘d make exclusive videos on the German economy, because I enjoy these
I love how you used the font from our streetsigns.
As a german manager I have to say, you give us more credit than we deserve. In the past it was true, that education was our main competetive factor. But nowadays with almost free education over the internet, I can hire a person from anywhere in the world and they would still be as much qualified as a person educated in Germany. You may have to go through language barriers, but thats it. Germany isnt as innovative as it used to be and many rest on previous successes and forget to keep striving for the next better thing. Thats why other nations will overtake our position in the world.
True. If the video had been made 20-25 years ago, it would be spot on. Now it looks more like cherry picking the good stuff, while neglecting the problems German economy has, wich are really big.
While the internet is grade, practical training is not included. Work in a lab or in a tool shop requires facilities.
@@neodym5809 i know what you mean. but the work world has shifted a littlebit. many businesses need people in IT related positions. thats something you can do everywhere in the world. and for the jobs that require physical labor, the typical blue collar worker, many germans dont wanna do these anymore. there is this culture of getting a respected white collar job, so plenty of blue collar jobs are now done by east europeans or other immigrants. its hard to motivate young german school graduates into these kind of jobs. this might change in the age of AI, which will kill plenty of white collar jobs. but for now Germanys future competitiveness is rather declining than increasing.
i wanna add, that the upcomming age of AI is a rather lucky case for Germany. since it can help stay productive despite an aging population.
If you would actually be a manager you would know about the massive problems with outsourcing to other countries. There is a reason almost nobody does it. Stop lying on the internet you little clown.
Excellent video!
Nice video!
now subscribed to wirtschaftswissen, very interestiong video
I'm surprised you didn't list BASF as a company example.
It's a hidden giant
@@alienkishorekumar I don't know if the term "hidden" can be said about BASF. They are absolutely massive and their stuff is used by almost every company in the world.
Bosch
10:25 As well as a lot of so called "hidden Champions", small and medium sized companies you've never heard of but that fill important spaces in the economy and have large international dealings.
For example in the municipality I'm from we have a company that produces solid paperboard packaging with (technical) design, print, die-cutting and folding done in-house. They produce packaging for global giants like _Panasonic_ (batteries) so much so that whenever they get a large order from them, they produce the packaging for a single _Panasonic_ product for weeks or sometimes even months on end with thousands upon thousands of large solid paperboard sheets turned into the back of the battery packaging you likely see in the supermarket regularly.
And that company isn't like a singular exception. Germany has a good number of these hidden champions without some of which the world as we know it simply wouldn't work.
You may have heard about the fact that Taiwan is the world's biggest producer of high-end semiconductors but what you might not know is that the machines you need to produce these microchips come from the Netherlands and contain high-tech mirrors that have to be produced to with in literally microscopic tolerances because their surface has to be absolutely to specifications since the transistors on these high-end chips are to unimaginably tiny that even the tiniest imperfection in the mirror used to reflect the laser on the chip to create those microscopic transistors would ruin the chip entirely.
Guess where those mirrors are made. That's right: Germany.
Without that single German company alone our world as it is now couldn't exist...
Right, only "Zeiss" makes the mirrors. But don't forget "Trumpf". They are the only company making the mandatory lasers for those maschines you mentioned. Also in Germany. ;)
Bin Ami, der aktuell Deutsch lernt. Ich freue mich auf den neuen Kanal WirtschaftsWissen mit Videos auf Deutsch!
Thanks!
Quite surprised to see a video on Germany made in 2023 that misses out on the massive challenges faced by no longer being able to import cheap Russian natural gas. For some heavy industries this resource still cannot be replaced by renewable electricity, either because natural gas is used as a direct input instead of just an energy source, or because it's the only way to get something like a furnace hot enough.
The biggest issue and bottleneck for businnesses in Germany is the inefficency of the governmental apparatus. The bureaucracy is insane. All processes in various fields are being seveery slowed down as the ruling and controling is insanely detailed, which also discourages entrepreneurship and development.
This is absolutely true. Germany has a certain economic potential not because - but despite the interventionist governmental logic, especially the green parties crazy policy.
Would be interesting to see a similar video about Italy's economy
I really enjoyed this materiiiiaaaaaaal.
I will never watch the German version, simply because I love the original Australian accent and very unique delivery so much. If phonebooks still existed, EE could make a whole video channel reading them aloud and I would watch it.
7:25 do not even need to watch that video, i’m Norwegian and Even I can tell you the Norwegian economy is so friendly because we never had an upper class only a lower class and a slightly poorer than average middle class so the oil did not do this to us, it only supported and made a system we already have even bigger. Also we have tons of plant and mineral production’s
interesting video,love it
I would like to see your/your Teams take on Peter Zeihans predictions over the coming deglobalization and if you see his spekulations in geopolitiks and demographics as accurate or if there is a flaw in them.
Well the leader board makes it very difficult to compare countries . There are a lot of 7.8 countries
@Cancer McAids It is hard to compare within those countries too . He puts the country which is discussed at the top.
The so called Rhine Capitalism (aka Ordo Liberalism) is not just a thing they invented to hold communisim at bay. It's a improved version of German economic and social values which originated in the late 19th century (with high value products and social securities like pension and health insurances). Also a country like Germany has not a strong economy despite its challenges but rather because of them. A country that has to readjust every so often is more likely than a country that can ignore problems until the pile up and its to late. There is a certain fear that Germany may loose its position and thats why politicans and people from the economy do have an eye on the current developments. That does not mean every trend is managed successful (the internet and public digitalization for a bad example).
Your should revisit Norway. It is somewhat collapsing, and you can see it on it's currency.
The most important German law that has prevents outsourcing of the heavy industry of Germany, is the "Mitbestimmungsgesetz" law!
This law requires companies of over 2000 employees to have half the supervisory board of directors as representatives of workers, and just under half the votes (really clever 🤔).
Another reason for the strong innovative German economy, are the small local and community banks (according to Prof. Richard Werner), that are investing in innovation and modernization of small enterprises.
...is just my opinion as an, in Germany born, non German.
By the way, I really love Germany 🙂