Margaret Warner Become Germany's Richest Country Summary

Narrated by Margaret Warner, this video is about how German become Europe’s richest country. Margaret Warner travelled to German to reports on some of the people who help Germany becomes Europe’s richest country.

First of those people she reports on was Chairman Martin Herrenknecht, who credits much of his success to the centuries-old mechanical aptitude and ingenuity of the workers of his region. According Margaret, the secret to Germany’s success, lies in their small-to medium-sized firms like Herrenknecht’s who manufacture highly specialized and indispensable piece of equipment’s like tunnel boring machines that cost tens of millions of dollars. Most of Herrenknecht’s $1.25 billion in sales are worldwide, helping make Germany an export powerhouse.10- year old common European currency also contributes to German’s success. For example third of Herrenknecht’s sales go to other Eurozone countries, and pricing his machines in euros, rather than what economist say would be a far strong deutsche mark, makes them more

And part of the reason can be found in the southwest state of Baden-Wurttemberg. A castle that may have been date from the 1700s, but the economic model they’ve developed there is 21st century-plus. Baden-Wurttemberg’s high performer, Trump, Customers from Harley-Davidson to Apple buy their laser-driven metal cutting machines, $2.7 billion worth last year. The family-owned firm devotes 8 percent of revenues to R&D to keep its innovation edge. They invest even more in their 9,000-person work force, more than half here in Germany. Like most German industries, Trump hires them young, after the equivalent of 10th grade, for rigorous three-year training and schooling program and a full-salary job afterward. Most stay far longer. And after college, paid for by the company, some go on to become managers which keeps German’s economic