The changes of the of Luxembourg economic structure of 19. Century into the present can do as more radical and extremely fast change away of the dominating steel industry (1975: 25% of the sum of all creations of value, 2001:2%) to the service company to be described. Luxembourg is today an important financial center and has the highest gross domestic product per inhabitant of the world (2002).

1839-1885

1839 were Luxembourg a small isolated agricultural country. Over of this isolation to break out Luxembourg joins 1842 the German customs union. By the building of railway lines Luxembourg gets better traffic facilities to Germany, Belgium and France.

1886-1918

In the south of Luxembourg there are plentifully iron ore occurrences, which cannot be used however efficiently, until the Englishman Sidney Thomas the Thomas process develops 1886, which it permits phosphorus-rich iron ore to melt.

1886 mark the starting signal for the modern steel industry in Luxembourg. German capital and German workers help to construct the industry. Thus slowly an industrial nation becomes from an agrarian state.

1919-1945

80% of the industrial production were exported. As a member of the customs union Luxembourg exported particularly to Germany. But after the First World War Luxembourg for political reasons this customs union had to give up.

Luxembourg must look around thus 1919 for a new business partner. To decide requested in the referendum from 20 September 1919 the Luxemburger among other things in addition for France or Belgium as a new business partner. 73% of the population express themselves for France. But it should come differently, to 10. May 1920 informs France the Luxemburger government that it does not have the intention an economic union with Luxembourg to be received. Thus is to be negotiated Luxembourg in a forced manner with Belgium. After lengthy negotiations the UEBL (union economique belgo luxembourgeoise) is created 1921. It came into force officially 1922. The UEBL leads among other things to the fact that Luxembourg occurs a monetary union with Belgium, which persisted up to the introduction of the euro in the year 1999.

The Luxemburger iron industry had to adapt to the new conditions:

First of all the capital of the companies was restructured. German shareholders will step out and Belgian and French shareholders were added. Secondly the whole industry had to change itself over from a large domestic market (the market of the customs union) to a world market. 1929, which year of the world economic crisis was for Luxembourg an important year, because on the one hand the Luxemburger stock exchange (Bourse de Luxembourg) is created, on the other hand because the parliament (Chambre of the a law over tax reductions for holding companies decided. This legislation offers the basis for the later Finanzplatz Luxembourg.

The 1930er years is overshadowed by economic, social and political crises. Trade unions will become based, to mass strikes organized and the government try the communist party with the law muzzling freedom of speech to forbid.

1946-1949

1947 ratify the parliament the BENELUX contract for establishment of the customs union between Belgium, which the Netherlands and Luxembourg leads.

1950-1974

As one of the most important steel producers in Europe Luxembourg is 1951 establishment memo member of the EGKS (European community for coal and steel). France, Germany, Italy, the Netherlands, Belgium and Luxembourg agree to place its coal and steel production under a supranational control organ with seat in Luxembourg.

1975-2000

In former times the economic structure coined/shaped by heavy industry and agriculture changed itself since beginning of the 70's substantially. Before the foreseeable decrease of the meaning of the heavy industry the Luxemburger government operated diversification politics since 1975 consciously and successfully, settled new industries and forced particularly with large success the bank and insurance sector. Since 1 January 1994 Luxembourg is a Contracting State of the agreement over the European marketing area (EWR agreement). Chief work giver was the steel concern ARBED, which could get over the steel crisis at the price of the reduction of the staff (of beginning of the 70's still 27,000 on at present approx. 6,700) and radical modernization.

2002

Introduction of the euro as currencies. ARBED has in January 2002 with USINOR (F) and ACERALIA (FR) carried out a fusion to at present second largest steel concern of the world ARCELOR.

See also: Luxembourg

See also: : Category: Enterprise (Luxembourg)

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