United Kingdom

Posted by marmara on October 25, 2020

In the 19.Jahrhundert with the development of the steam engine, set in the industrial revolution and caused a tremendous economic upheaval. Henceforth, the manual work such as the sewing of rugs or the metal production were taken over by machines. It created millions of jobs and meant new challenges for policymakers. The first trade unions emerged and provided for a fair pay of the workers. The company responded to the trade unions of their employees sometimes but rabidly were simply closed the gates and hired workers without trade union membership to lower wages. Germany Otto von Bismarck, the first social security system consisting of introduced by Chancellor health insurance, disability insurance, and insurance against poverty in old age from an accident insurance. Today, the German social system is firmly established and ensures a social security.

The annual social cost of the Federal Republic of Germany amounted to over 800 Billions of euros and correspond to almost 30 per cent of economic output, which is located at about 3.45 trillion euro per year. The entire economic output of the world totals stand at 82,64 trillion Euro 2012. The most powerful economies in the Western market economy are Germany, France, Norway, Sweden, United Kingdom, Italy, Switzerland, the United States, Canada and Australia. Benefits the benefits of the free Western market economy are that the supply and demand determine the price of products and services. The higher is the demand for a product, the price is lower because the cost of production decline and this cost advantage is partly passed on to customers. In low demand, however, prices rise. Everyone can unfold freely, freedom of career choice, free choice of place of residence, freedom of contract and commercial freedom. There is an economic freedom of activity, where is the profit in the first place and the payment for the service provided. The customer is King, because he uses his demand What products and services on the market remain.

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