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100 Years of Austrian Economy

Fritz Breuss
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Fritz Breuss: WIFO

No 570, WIFO Working Papers from WIFO

Abstract: From an economic point of view, 100 years of Austria are analysed, and conclusions drawn for the future. The Republic of Austria has not consistently existed for 100 years; she disappeared between 1938 and 1945. In contrast to the view of a historian who chronologically and in great detail describes the events of 100 years of Austria in the First and Second Republic, as an economist I would like to work out only certain patterns. On the one hand, the characteristics of economic development after the two world wars (inflation, unemployment, state budget, monetary policy and the impact on economic growth) are shown. On the other hand, the effects of the various regime changes on the economic sovereignty and thus on the economic development of the state of Austria are discussed. In the First Republic and at the beginning of the Second Republic, there was rather a compulsory surrender of sovereignty (the dictate of the League of Nations, Anschluss, occupation). Then, with the State Treaty and neutrality, full sovereignty followed. Later, as part of the gradual participation in European integration (EFTA, EEA, EU, EMU), Austria voluntarily ceded part of its sovereignty, hoping to get in return a barrier-free access to a larger market. Finally, the benefits of EU membership will be highlighted and the question of whether Austria should move into the future better with or without the EU.

Keywords: Österreich; Wirtschaftsgeschichte; Europa (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his
Date: 2018-10-23
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