VEB (Volkseigener Betrieb)

A Volkseigener Betrieb (VEB) was a type of state-owned enterprise in East Germany during the period from 1949 to 1990. The term translates to "people's owned enterprise." VEBs were established to manage industries and services, aiming to align with socialist principles by eliminating private ownership. They operated under government control, focusing on collective benefit rather than profit. The model was part of East Germany's planned economy, where production and distribution were centrally regulated. After reunification, many VEBs were privatized or integrated into the West German economy.