Germany: The Big Merger

Nothing like this instant melding of two fundamentally disparate economies has ever happened before, anywhere

At first, as Frank Sinatra used to sing, they had high hopes -- pie-in-the- sky hopes. After 40 years as the poor relatives, the East Germans were going to be welcomed into the big house. Following decades of yearning for the good life, as they had seen it nightly on West German television, 16 million East Germans would be inside the supermarket with real money in their pockets. In the country's first-ever free election last March, people acted not only on the principle of one man, one vote, but also for one mark, one mark. Last Sunday, when monetary union between...

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