经济学人外刊原稿

ambitions but their business culture has deep provincial roots. They look back as much as forward. "We have existed since 1825 and have been doing the same thing since then," says Dieter Brand, chairman of the Sparkasse, or savings bank, in Bielefeld, the region's biggest town. In some senses the same is true of his corporate customers. Germany may have reformed and

rearticulated its model in recent years. But the underlying skeleton is ancient, and perhaps inimitable.

Two decades ago, the country seemed

distinctly arthritic. The euphoria of unification in 1990 was followed by the sharpest

recession since the second world war.

Some 50o,ooo manufacturing jobs were

lost. Business was menaced by an overvalued n -mark, nimble Asian competitors

and unification's huge costs. The economy had become rigid and uncompetitive,

moaned entrepreneurs. The then-president,

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