The Austrian economy is a social free-market economy. Since 1995 Austria is full member in the European union. Based on the gross domestic product per head Austria (conditions 2005) is world-wide because of 10. , based on the gross national income (conditions 2004) at 21. Place. At the overall economic achievement the service sector has a rounded portion of 68%, the Industrielle sector of 30% and on land and forestry escapes 2%. The social climate is as good with small strike minutes for each employer to designate, a circumstance in the Austrian model the management and industry shank is led back.

History

'' Historical background: History of Austria

Early history

Trade routes

Due to the geographical situation of Austria in the center of Europe were here already in prehistory a row important crossover of trade routes, which used on the one hand the water routes (Danube, March, Inn and many more) and on the other hand the alpine passports (burner, Tauernpass among other things). Some these roads traversed Austria, whereby along their route the trade was promoted, others took here their exit, in order to export the own raw materials.

• The amber route ran on different routes from the north to the south by Austria.
• Salt roads
• Iron route

Raw material dismantling

Due to the geological conditions the area of today's Austria was already in the prehistory rich at which was diminished and carried on with those trade.

• Salt

Salt was called due to its meaning also white gold and was a desired commodity. In resounding place, convenient in the ''' salt ''' chamber well, finds occupy that salt dismantling was already operated in the Neolithikum. Economic success led name-giving resounding place culture to the development of the one whole epoch

With Hallein, in the Land of the Federal Republic ''' salt ''' castle became of the Celts around 600 v. Chr. Salt in the Untertagbau won.

In the resounding valley diminished salt was the basis of the salt industry in resounds in Tirol since that to 13. Century.

• Iron

At the ore mountain in the Steiermark since the Roman time, probably however already much in former times, iron ore is diminished. The offer at wood, rich in the surrounding field, in connection with to would flow necessary water routes promoted in the surrounding region the development of the and supplied the iron industry with the necessary coal. The Nori iron was desired in the antiquity because of its high quality.

• Gold

Into Gastein gold was won by the Celts in the building of days or by gold washing. In the Roman time gold in the Tauern was diminished

• Water

On the one hand as sources of energy for mills and on the other hand than means of transport the numerous water routes supplied an important infrastructure to completely Austria.

• Copper

In the Neolithikum by the Celts copper in the east alpine region was won, with increasing meaning of the copper in the Bronzezeit develops for restaurant economics in the salt oh valley with Bischofshofen in Salzburg and in Tirol

• Building material

In sank Margarethen in the castle country by the Romans of one of the largest well-known quarries of the antique ones one put on. It supplied it with the material necessary for their active building activities.

Austrian monarchy until 1918

As consequence of the Napoleoni wars and the reparation payments imposed in peacetime of 1809 Austria end of 1810 could not follow its liabilities in coined money no more. In the imperial patent from 20 February 1811 (bankruptcy patent) the obligation conversion became in the circulation present Banco note in the relationship 1:5 into certificates of redemption, which ordered so-called Viennese currency. Caused by the high war costs the inflationary development increased further. New paper money, anticipation lights (anticipated tax receipts)) were printed.

After the end of the wars the stabilization of the monetary policy was advanced and based on 1 June 1816 the privileged Austrian central bank, with which provide privilege of the cash dispensing. As independent corporation it had one, although small, independence from the financial requirement of the state. Up to the revolution year 1848 the monetary system could be kept stable.

In consequence of the industrialization also the building of a Austrian Eisenbahnetzes was begun. The first distance in Austria, the Austrian north course was taken 23 November 1837 officially in enterprise and connected Vienna with Krakau. In the subsequent years the railroad lines in Austria were fully removed, in order to connect large cities of the enormous realm. For this purpose to private investors concessions for the establishment and the enterprise were given.

At the 1. May 1873 was opened the Viennese world exhibition in the Prater by emperor Franz Joseph I. Until 31 October more than 7 million visitor were counted.

Starting from approximately 1867 became in the economy (see: Period of promoterism) also strongly speculates. Thus it came in the course of the years to ever more insolvencies. At the beginning of the world exhibition one was still optimistic, but on Friday the 8.Mai, also black Friday mentioned, it came to the large Viennese collapse of the stock market of 1873. However on this day 120 insolvencies were to be registered. The stock exchanges broke down. The economic consequences were however not as dramatic as feared. However the faith in the liberalism profile was shaken.

Off in approximately 1900 also the culture life in the monarchy achieved its largest development. Beside important writers and musicians Austrians ranked also in the film nature among the pioneers of this art.

Reconstruction of the economy after the Second World War

1945 replaced the Schilling the realm Marks as currency. Already 1947 were introduced due to the high inflation "more again a "Schilling. The exchange relationship amounted to three "old Schilling new "for one "". In the year 1946 a provisional government was educated.

On 2 July 1948 the agreement was closed to the Mars resounding plan between the USA and Austria, after which Austria got the means as Grants (gift) in the form of special goods. Austria succeeded it as only country to come also for the Soviet occupied areas to the funds of the Mars resounding plan. In response Austria had to stabilize the Schilling and to arrange the national budget as balanced as possible. The Soviets let themselves be bought the agreement in the allied commission by another rate of exchange of their cash assets.

The received goods had to be sold to the home-market price. The obtained funds had to be deposited into a counterpart account. Goods deliveries took place until 1953 and reached a value of approximately a billion dollar. This account on 12 July 1962 into the control of the Austrian state handed over from then the private-economically led ERP rear developed.

The promotions for Austria were European-wide highest. But there were two reasons: On the one hand Austria before the Second World War was very weakly industrialized and had to establish only an industry, on the other hand one Austria had to pay such as Germany reparation payments to the Soviet Union. Due to these two reasons Austria was considered as particularly eligible for promotion.

Put under state control enterprise

By the nationalization of the basic industry 1946 and the electricity supply industry 1947 a solid basis for an economic upswing should be created, because private investors were hardly present after the Second World War. By the nationalization one also a any access of the allied ones to the formerly German property wanted to prevent. Large industrial companies, like the former works - now Voestalpine - in Linz, were laboriously again developed after the nationalization. The further development of the Austrian economy was coined/shaped therefore very strongly by national enterprises. The consequences of this politics were however that these enterprises caused enormous deficits, because on their back many political goals, like e.g. the lowering by numbers of unemployed, were pursued.

For these enterprises the party book economy was typical. As late sequence of the Austrian civil war of the 1930er-Jahre had besides the upper positions between the two large parties are exactly divided, which particularly in the 1950er and 1960er-Jahren very often one practiced. 1967 were created the (Austrian industrial getting thing AG), into which all state participation was paged out.

Into the 1990er-Jahren one began to denationalize the state industry. This had for many state enterprises as a consequence that they more freely act and besides profitably keep house could. Many enterprises were sold by the privatisation also abroad. Thus for example Austria, Lenzing AG, Uddeholm and also VA Tech happen with the bank. Further enterprises like the Austrian post office AG, Telekom Austria and the are prepared for a complete or a partial privatisation, which entails many dismissals and early retirements.

Articles in category "Austrian economy"

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