The article by Dr. Wolfgang Michalski explores the relationship between exports and economic growth in West Germany, particularly focusing on the Federal Republic of Germany (FRG) in the 1960s. Despite a slight decrease in net exports of goods and services from 1968 to 1969, they remained relatively high compared to previous years, indicating their significant role in economic stability and growth. Michalski argues that the neomercantilistic export ideology, which emphasizes the importance of exports, has deep roots in the FRG's economic policy. The rapid economic growth in West Germany over the past fifteen years is attributed to both the continuous rise in internal demand and favorable conditions for increasing production potential. Exports played a crucial role in this growth, contributing to demand stabilization during cyclical downturns and driving productivity gains through increased private investments and efficient production methods. The article also discusses the indirect productivity effects of exports, such as the expansion of large-scale production units and the improvement of the age structure of production plants. However, it acknowledges potential drawbacks, including balance-of-payments surpluses and the need for stringent economic policy measures to avoid overheating. Finally, Michalski addresses the debate between using public investments versus exports to drive economic growth. He concludes that while public investments could have been more effective in certain contexts, the realistic alternative is to continue relying on exports, provided that necessary structural changes are implemented and financial policies are aligned with growth goals. The true challenge lies in balancing economic growth with price stability and balance-of-payments equilibrium in a global economy characterized by rising prices.The article by Dr. Wolfgang Michalski explores the relationship between exports and economic growth in West Germany, particularly focusing on the Federal Republic of Germany (FRG) in the 1960s. Despite a slight decrease in net exports of goods and services from 1968 to 1969, they remained relatively high compared to previous years, indicating their significant role in economic stability and growth. Michalski argues that the neomercantilistic export ideology, which emphasizes the importance of exports, has deep roots in the FRG's economic policy. The rapid economic growth in West Germany over the past fifteen years is attributed to both the continuous rise in internal demand and favorable conditions for increasing production potential. Exports played a crucial role in this growth, contributing to demand stabilization during cyclical downturns and driving productivity gains through increased private investments and efficient production methods. The article also discusses the indirect productivity effects of exports, such as the expansion of large-scale production units and the improvement of the age structure of production plants. However, it acknowledges potential drawbacks, including balance-of-payments surpluses and the need for stringent economic policy measures to avoid overheating. Finally, Michalski addresses the debate between using public investments versus exports to drive economic growth. He concludes that while public investments could have been more effective in certain contexts, the realistic alternative is to continue relying on exports, provided that necessary structural changes are implemented and financial policies are aligned with growth goals. The true challenge lies in balancing economic growth with price stability and balance-of-payments equilibrium in a global economy characterized by rising prices.