Denmark Essay ⋆ Business Essay Examples ⋆ EssayEmpire

This northern European country has a population of around 5.5 million (2007), and has a land border with Germany, but has always had close contact with Sweden. Historically, Denmark was one of the major powers in Scandinavia, where it controlled, at times, modern-day Norway (until 1814, then ruled by Sweden until 1905) and Iceland (until 1944). It still controls the Faeroe Islands and Greenland making it, technically, the second largest country in Europe.

In the Middle Ages, Denmark was the center of a large trading network. Copenhagen, on the island of Jutland, emerged as a major port, and there was a great concentration of traders and wealth. As a result, with the start of European colonial expansion to Africa and the Americas, Danes started taking part in the slave trade, establishing forts in West Africa, in modern-day Ghana, and also taking over three Caribbean islands, which became known as the Danish West Indies (modern-day U.S. Virgin Islands). There was also extensive trade with India, and the Danish East India Company was founded in 1614 (dissolved in 1729). Denmark was to lose its possessions in West Africa with the rise of British maritime power, but held onto the Danish West Indies—major producers of sugar—until 1917, when it sold the islands—St. Thomas, St. Croix, and St. John—to the United States for $25 million.

Denmark remained neutral in the Crimean War and in World War I, emerging as a major producer and exporter of dairy products, biscuits, chocolates, and fish products. Its neutral status in most European conflicts allowed it to establish contacts with some countries anxious not to get entangled in European politics, with Danes training the Siamese (Thai) police force. The East Asiatic Company, founded in 1897, also developed into becoming agents for many European products in east Asia and southeast Asia, taking its lead from the business Andersen & Co., which had been operating in Bangkok, Siam (Thailand) from 1884.

The Nazi Occupation of Denmark from 1940 until 1945 left the economy of the country badly damaged, although because there was little fighting in Denmark, the infrastructure was not damaged as much as in most other European countries. With high rates of literacy in Denmark, the country emerged from the war as a small but significant economic power, but one which was fiercely independent. Denmark joined the European Economic Community, the precursor to the European Union (EU), in 1973, and in a referendum held in September 2000 rejected a closer monetary union. In spite of this, and occasional opinion polls published showing dislike of some EU policies, the Danish governments have committed themselves to remaining in the EU, especially since its expansion into the Baltic.

Some 76 percent of the workforce are in the services sector, and produce 74 percent of the country’s gross domestic product (GDP), with 21 percent working in industry contributing 24 percent to the nation’s GDP. Only 3 percent work in agriculture, and in spite of the continued reputation of Danish dairy products and bacon, this provides only 2 percent of Denmark’s GDP. In terms of its balance of payments, Denmark generally runs a surplus, with exports being mainly machinery and instruments, meat, meat products, dairy products, fish, chemicals, furniture, and ships and shipping equipment. In addition, Denmark has harnessed wind power and exports wind technology, including windmills. Lego has been a major Danish export, as have been other toys and playground equipment. Major imports include machinery, raw materials, and semi-manufactures for Denmark’s industry, chemicals, grain and foodstuffs, and consumer products. Some 17 percent of exports go to Germany, which makes up 23 percent of its imports. Sweden also contributes much to bilateral trade, with many exports to the United Kingdom, and imports from the Netherlands.

Bibliography:

“Denmark, Immigration and the EU— Hoist by Its Own Policy,” Economist (v.388/8593, 2008);
The Europa Year Book (Europa Publications, 2008);
Ole Feldbaek, India Trade under Danish Rule 1772–1808: European Enterprise and Anglo-Indian Remittance and Trade (Studentlitteratur, 1969);
Palle Lauring, A History of Denmark (Dorset Press, 1991);
Anders Ølgaard, The Danish Economy (Commission of the European Communities, 1980);
Harald Westergaard, Economic Development in Denmark Before and During the World War (Humphrey Milford, 1922);
Paul Westphall, The East Asiatic Company Limited (East Asiatic Company, 1972).

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