Word: sectored
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...during 1965-1973, but economists disagree as to how much this can be explained by a less buoyant overall economy in the early 1970's. The sharp decline in productivity that occured in this period was concentrated in mining, construction, and public utilities and largely outside of the manufacturing sector...
...there was rapid growth in physical stock without discernable positive effect on labor productivity. The effects of government regulation are difficult to assess from a macro-economic perspective, but they have clearly contributed to the decline of productivity in mining and apparently in the public utilities sector as well. The decline in R & D expenditures in and of itself probably did not have appreciable effect on the decline in productivity growth. The rise in energy prices and the overall inflation rate have clearly caused serious problems requiring that resources be spent on coping with the immediate difficulties rather than permitting...
...private sector has a close fusion between banking and industry. Banks are not limited to local geographical areas and have accumulated substantial capital used in large part to finance industry, enabling them to acquire significant industrial holdings. German industrial companies are thus less dependent on equity markets for capital, and banks and companies work together to rationalize where desirable and salvage when necessary. In key sectors like chemical, ectro-technical, and automotive industries, the interplay between capital concentration in large giants with pressure for innovation and modern equipment to compete on world markets has proved highly effective...
...there are dozens of commissions and agencies of all sorts that bring together representatives of state and governments to address specific national needs with a common, supra-party single voice. State and federal governments are active economic participants, and the government is responsive to the needs of the private sector. All kinds of subsidies are available, many of which are designed to promote industrial innovation. The Federal Ministry of Research and Technology, an agency not similarly represented in the U.S. cabinet, has a rapidly growing budget that has supported projects in fields like microelectronics, silicon chips, coal gasification...
Perhaps the world's most successful capitalist society is West Germany. Though the government is nominally center-left and holds minority interests in the steel, oil and auto industries, it interferes little in the thriving private sector. Chancellor Helmut Schmidt will run for re-election this fall with a record that would be any other politician's dream: last year the economy grew 4.4%, inflation was 4.4%, and productivity increased...