Volltext: Is there anything special about Liechtenstein's national economy?

In the primary sector, most importance is attached to pastural agriculture and dairy 
farming. Cultivation of vegetables also plays a role due to the existence of a 
processing plant. And last but not least, Liechtenstein also has its viniculture. 
What industry can be found in Licchiensiein? — F 
The secondary sector is also very diversified. It is a special kind of industry which is 
to be found in Liechtenstein. 
In our so-called industrial zones there aren't any factory chimneys in sight! 
Liechtenstein's industry does not manufacture cheap mass products but only high- 
tech goods. Liechtenstein has no other option. It doesn't fulfil the basic prerequisites 
for the sale of mass products on a competitive scale. On the one hand, Liechtenstein 
has no natural raw materials which would favour the foundation of a basic industry 
or heavy industry in Liechtenstein. This is, however, no longer a disadvantage, for 
these industries are shifting to threshold countries anyway. On the other hand, the 
wage level in Liechtenstein is too high to make labour intensive manufacturing 
processes at all appealing. Furthermore, the government takes no steps to spur the 
economy or promote exports. 
We must try to imagine how this model functions in economic terms. The market 
determines supply and demand and competition flourishes. The starting-point of this 
development is the shortage of labour and, in part, the lack of land. Shortages, as you 
know, lead to price increases. That was the case in the early years of expansion in 
Liechtenstein when wages rose considerably without the unions playing too large a 
part. And despite wages being high, labour was still short. Simultaneously, there was 
a great deal of capital with low interest on borrowings. As a result, industrial 
production automatically oriented itself towards capital-intensive processes which 
involved great investment in research and development. 
The sales markets of our industry can be found all over the world which means that 
Liechtenstein's industry has to compete on an international scale. Only products 
which are bought despite their high price but because of their high quality and their 
after-sales services can be successful. This development was promoted by the well- 
trained population, that was prepared to work long hours, and by good co-operation 
between management and labour. Political stability, a stable legal, economic and 
social order and a liberal economic and fiscal policy, have naturally also played an 
important role. 
BER :: 


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