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Encyclopedia > Economy of Berlin

The economy of Berlin has been affected through the years by the city's changing political fortunes. Berlin was once a major manufacturing center and the economic and financial hub of Germany. The city suffered economically during the Cold War, when West Berlin was isolated geographically and East Berlin suffered from poor economic decisions made by East Germany’s central planners. Since reunification, the city has relied increasingly on economic activity in the service sectors, but nevertheless accumulated a record state debt. Berlin is the capital city and a state of Germany. ...


Berlin was founded at a point where trade routes crossed the River Spree and quickly became a commercial center. During the early modern period, the city prospered from its role as Prussian capital by manufacturing luxury goods for the Prussian court and supplies for the Prussian military. The Spree (Slavic Å preva or Å preja, older form Sprevja, Sorbish Sprowja) is a river in Saxony, Brandenburg and Berlin, Germany. ...


During the mid-1800s, the Industrial Revolution transformed the city’s economy. Berlin became Germany’s main rail hub and a center of locomotive manufacturing. The city became a leader in the manufacture of other kinds of machinery as well, and developed an important chemical industry sector. Toward the end of the 19th century, Berlin became a world leader in the then cutting-edge sector of electrical equipment manufacturing. As the de facto center of the German Zollverein, or Customs Union, and later the seat of the Reichsbank, Berlin became Germany’s banking and financial center as well. A Watt steam engine in Madrid. ... Rail transport refers to the land transport of passengers and goods along railways or railroads. ... A locomotive (from Latin loco motivus) is a railway vehicle that provides the motive power for a train, and has no payload capacity of its own; its sole purpose is to move the train along the tracks. ... Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... An electrical component is any component in the generation, transmission, distribution, or consumption of electric power. ... Zollverein (German for customs union) was formed between the 38 states of the German Confederation in 1834 during the Industrial Revolution to create a better trade flow and reduce internal competition. ... A 100 Mark banknote issued by the German Reichsbank in 1908 (http://www. ... The Bank of Taiwan in Taipei , Republic of China (Taiwan). ... Finance studies and addresses the ways in which individuals, businesses and organizations raise, allocate and use monetary resources over time, taking into account the risks entailed in their projects. ...


Berlin suffered from both the German hyperinflation of the 1920s and the Great Depression of the 1930s. The city’s economy revived as a center of weapons production under the Nazis, but it lost a pool of entrepreneurial talent when the Nazis forced Jewish businessmen to sell their holdings and ultimately massacred most who did not flee Germany. World War II severely damaged Berlin’s industrial infrastructure, and Soviet expropriation of machinery and other capital equipment as “war reparations” further damaged Berlin’s industrial base. Soviet restrictions on transport impeded communication with West Germany and ended hopes that Berlin would resume a role as Germany’s financial center; most banks established headquarters in Frankfurt. In East Berlin, central planners rebuilt a manufacturing sector, but one that was not competitive internationally or responsive to market demand. West Berlin’s economy grew increasingly dependent on state subsidies and on its role as an educational and research center. In economics, hyperinflation is inflation which is out of control, a condition in which prices increase rapidly as a currency loses its value. ... The Great Depression was a worldwide economic downturn, starting in 1929 and lasting through most of the 1930s. ... The bayonet, still used in war as both knife and spearpoint. ... War reparations refer to the monetary compensation provided to a triumphant nation or coalition from a defeated nation or coalition. ... Skyline of Frankfurt at night is the largest city in the German state of Hesse and the fifth-largest city in Germany. ... This article or section contains information that has not been verified and thus might not be reliable. ...


Berlin’s and Germany’s unification brought the collapse of many of East Berlin’s producers, which could not compete with market-disciplined Western competitors. Massive unemployment was only partly compensated by the growth of jobs in the construction and infrastructural sectors involved in rebuilding and upgrading East Berlin’s infrastructure. The arrival of the federal government in 1999 brought some economic stimulus to Berlin. Berlin’s service sectors have also benefited from improved transportation and communications links to the surrounding region. While some manufacturing remains in the city (Siemens and Schering are headquartered here, for instance), the service sectors have become the city’s economic mainstay. Unemployment remains high, however, at 19.0% as of August 2005.[1] An 1837 political cartoon about unemployment in the United States. ... The service sector or the service industry, is one of the three main industrial categories of a developed economy, the others being the secondary industry (manufacturing and primary goods production such as agriculture), and primary industry (extraction such as mining and fishing). ... Manufacturing is the transformation of raw materials into finished goods for sale, by means of tools and a processing medium, and including all intermediate processes involving the production or finishing of component parts (semi-manufactures). It is a large branch of industry and of secondary production. ... Siemens AG (FWB:SIE, NYSE: SI) is the worlds largest electronics company. ... Schering Aktiengesellschaft was founded in 1851 and is a research-centered pharmaceutical company, employing more than 26. ...


See also

// Middle Ages Medieval Germany, lying on the open Central European Plain, was divided into hundreds of contending kingdoms, principalities, dukedoms, bishoprics, and free cities. ...

References

  1. ^ Berliner Morgenpost (German)

 
 

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