aftermath forged new ideas about how capital, labour and the state should relate to one another.
An 1884law created the dual-board system of corporate governance in its current
form, with a managing Vorstand answerable to a separate supervisory board.
Among the supervisors were bankers,
who provided "patient capital", and scientists, whose expertise was valued as highly.
The vocational training system, set up during the 1880s, provided new producers of
chemicals and machinery with skilled and loyal workers. Bismarck established the welfare state in part to cater to their needs. The way the health insurance system
worked required capital and labour to cooperate, paving the way for works councils
and, almost a century later, for mandatory
representation for the workers on the supervisory boards of large companies.
The "co-ordinated market economy"
