Dear Readers

As we are completing this issue of New Austrian, the tectonic shifts in geopolitical events unfolding in Europe have reshaped our sense of post-World War II security and also sharpened our senses regarding the importance of the Transatlantic Relationship. The threat posed by the war in Ukraine to both Europe and the so-called Pax Americana has upended the political and economic status quo in both Europe and the United States, but it has also brought us closer together, reinvigorating transatlantic cooperation. One bedrock of this cooperation and relationship are the many economic ties that connect Europe and the United States, and ultimately form the Transatlantic Economy.

Austrian business and trade activities in the United States date back centuries. Austrian immigrants, for example, have left their mark on the American business landscape as they opened and built their own companies, while many others contributed their labor to the American economy in substantial numbers, often under harsh conditions in the coal and steel industries during the late nineteenth and early twentieth centuries. At the same time, trade links between the two countries were established and continued to grow—briefly interrupted by the World Wars—into a mutually fruitful relationship.

Today, the United States is Austria’s second-largest export partner (after our immediate neighbor Germany), and many Austrian businesses operate successfully in the U.S. This issue will introduce just a few of those businesses in order to provide readers with a few tangible examples that illustrate the depth of Austrian business activities in the United States. In fact, Austrian businesses are so well integrated into the American market, and many are so specialized in their respective fields, that they can easily go unnoticed. Indeed, Austrian companies often fall in the category of the so-called “Hidden Champions,” which is defined in management literature as small to medium-sized companies that are market leaders in their respective fields, but not well known to the public at large. The term was first coined by German management guru Hermann Simon, and the concept applies in particular to a host of Austrian companies, including to some featured in this issue. Often, these companies are family-owned and export-oriented, and in many cases, the term “small” no longer truly applies as they have grown with their success.

Beyond providing a brief overview of the Austrian-American business relationship, its historical dimensions, and some examples of Austrian businesses active in the U.S., this issue also showcases two governmental initiatives, one spearheaded by the Austrian government and another organized by the U.S. Embassy in Vienna. In doing so, we aim to underscore the importance of both state and private actors in the tapestry of commercial linkages that tie the Austrian-American business landscape. Designed in response to the pandemic and as the global economy recovers, the Austrian government has launched a new initiative, ReFocus Austria, a signature global outreach program and a key pillar of the Austrian government’s plan to rebuild the economy as it emerges from the coronavirus crisis. It is carried out in cooperation with the Austrian Chamber of Commerce international offices, the Austrian National Tourist Office, and representatives of other federal ministries in order to open doors for Austrian companies abroad, and to secure and create jobs and investment in Austria itself. Secondly, as aforementioned, this issue also features a program called Austria to Austin or A2A, a program by the U.S. Embassy in Vienna that brings young Austrian entrepreneurs to one of the United States start-up hubs—Austin, Texas.

We are grateful to the Austrian Federal Minister for Digital and Economic Affairs, Margarete Schramböck, for providing this issue’s opening remarks, highlighting Austrian-American business relations and the hundreds of Austrian companies active in the United States today. We introduce just a few representative examples in this issue, after having a look at historical aspects of the Austrian-American business relationship, including a contribution by Hans Petschar of the Austrian National Library, followed by an analysis of the Transatlantic Economy today by Daniel Hamilton and Joseph P. Quinlan from Johns Hopkins University.

Finally, we are deeply appreciative for the professional support of our colleagues at our printing & distribution partner, Intellicor Communications, who tirelessly navigate the (post-)pandemic paper market amidst supply and pricing fluctuations to ensure this publication could go to print and out the door in the midst of a rather complicated market situation.

We hope this issue will be an enjoyable read for you.

Yours sincerely,

The Editors

Hannes Richter
Joshua Seale