Exploring Economics in Practice: A Visit to the Federal Ministry of Finance
On April the 23rd, a group of Business students visited a very interesting landmark of Berlin: the Federal Ministry of Finance. Taking place in the framework of the Introduction to Economics class of Professor Dr. Erick Behar-Villegas, it was a very nice opportunity to hear from Ministry experts how taxation and public spending occur in practice, especially given the challenges of coordination with the Federal States. The building itself is full of history, going back to the War Ministry of Prussia and partly surviving bombings during World War II. It was also a relevant site for the DDR - the Democratic Republic of Germany, informally known as Eastern Germany- as it has home to its foundation on October 7th of 1949.
Students were able to see this mix of styles in the Building, albeit in a modern context where officials are permanently thinking about how the State is to be financed. In the Introduction to Economics course, after going into the specifics of micro and macroeconomics, students learn about fiscal and monetary policy. The former has to do with taxation and spending, exactly the core activity of the Ministry of Finance. The latter, which pertains to the European Central Bank in Frankfurt, relates to interest rates and the monetary supply.
Complementing our other visit to the Ministry of Energy and Economy with Professor Dr. Mantel, this visit rounds up a policy tour that at the same time reminds us of the historic importance of Berlin. One very interesting way of seeing this was by seeing the neighboring buildings to the Ministry: the Bundesrat (the Council of the German Federation, which participates in the legislative process) and the Berlin Senate (the government of Berlin).
In our DNA at Whitecliffe, we seek to experience our city and understand how history has shaped it, going beyond economics and business and thinking - with an international perspective and with the help of some storytelling - that we too can shape the world.
