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About: Economic history of the German reunification

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On July 1, 1990, the economies of the two German states became one. It was the first time in history that a capitalist and a socialist economy had suddenly become one, and there were no precise guidelines on how it could be done. Instead, there were a number of problems, of which the most severe were the comparatively poor productivity of the former East German economy and its links to the economies of the Soviet Union and Eastern Europe, which were rapidly contracting. Two years after German reunification, industrial production in the east had plummeted by 73 percent from 1989 levels.

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  • On July 1, 1990, the economies of the two German states became one. It was the first time in history that a capitalist and a socialist economy had suddenly become one, and there were no precise guidelines on how it could be done. Instead, there were a number of problems, of which the most severe were the comparatively poor productivity of the former East German economy and its links to the economies of the Soviet Union and Eastern Europe, which were rapidly contracting. Even before economic unification, the West German government had decided that one of its first tasks was to privatize the East German economy. For this reason, it had taken over in June the Treuhandanstalt (Trust Agency, commonly known as Treuhand), which had been established by the GDR to take over East German firms and to turn them over to new management through privatization. The agency assumed the assets and liabilities of about 8,000 East German enterprises in order to sell them to German and other bidders. By the time the Treuhand was disbanded at the end of 1994, it had privatized some 14,000 enterprises. The policies of the Treuhand were not universally welcomed, and the CEO Detlev Karsten Rohwedder was assassinated in Düsseldorf in 1991. Two years after German reunification, industrial production in the east had plummeted by 73 percent from 1989 levels. (en)
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  • On July 1, 1990, the economies of the two German states became one. It was the first time in history that a capitalist and a socialist economy had suddenly become one, and there were no precise guidelines on how it could be done. Instead, there were a number of problems, of which the most severe were the comparatively poor productivity of the former East German economy and its links to the economies of the Soviet Union and Eastern Europe, which were rapidly contracting. Two years after German reunification, industrial production in the east had plummeted by 73 percent from 1989 levels. (en)
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  • Economic history of the German reunification (en)
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