The Economist: What Germany offers the worldAn 1884 law 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 co-operate, paving the way for works councils and, almost a century later, for mandatory representation for the workers on the supervisory boards of large companies.