!!!Wirtschaftspolitik

Economic Policy, in comparison to other countries of western Europe, 
the Austrian economy has been marked by an outstanding growth rate 
since 1945. Trade and commerce flourished, especially in the west, and 
were strengthened by the process of European integration, (EFTA, trade 
agreements with the European Community, EEA, entry into the European 
Union). New perspectives for the Austrian economy opened up after the 
liberalisation of Central and Eastern Europe; Germany is the most 
important trading partner (around 40% of foreign trade). The Austrian 
economy after 1945 can be divided into 4 phases: 1) Post-war era and 
reconstruction (1945-1952), characterised by the strong influence of 
the state on economic activity. 2) Stabilisation and beginning of 
Austro-Keynesianism (1952-1974), characterised by monetary stability, 
the promotion of capital formation, income policy influenced by the 
social partnership and "deficit spending" during periods of 
cyclical fluctuation. 3) "Debt Keynsianism" (1975-85) under B. 
Kreisky, which aimed at securing full employment. 4) Policy of 
financial reorganisation focusing on budget consolidation and 
supply-oriented structural policy, since 1986.

!Literature
E. Nowotny and G. Winckler, Grundzuege der Wirtschaft 
Oesterreichs, 1994.


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