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The Schüssel Era in Austria

 | 
Günter Bischof
, 
Fritz Plasser

II. Policies and Policy Changes

Economic Policies and Economic Change

Johannes Ditz

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Introduction

In the past fifty years, Austria has undergone a transformation; initially a “poorhouse,” it has become one of the most prosperous nations in Europe. This change — measured as gross domestic product (GDP) per capita — shows that Austrian economic policy has been able to find, generally speaking, the right answer to its many domestic and international challenges. Without a drastic change of course in its economic policies in the mid-1980s, this positive development in Austria would not have been possible.

After restoration of stability in the mid-1950s, Austrian economic policy took a market-oriented direction and focused on economic and social policies supportive of a social market economy that would also be strongly shaped by the Austrian representation of interests by employers and employees (a social partnership). With an economic policy aimed at the promotion of exports and investments, accompanied by a responsible wage and income policy, Austria was able to achieve a...

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© innsbruck university press, 2010

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