Economy
Owing to the extensive use of water power along the rivers Ruhr, Lenne, Volme and Ennepe, metal processing played an important role in the region of Hagen in and even before the 15th century.
In the 17th and 18th century, textile and steel industries as well as paper production followed.
Hagen is the home of the Suedwestfaelische Industrie- und Handelskammer.
The city is heavily indebted and in the process of cutting city services in order to balance its budget.
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)