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Many Happy Returns
Kaput: The End of the German Miracle, with Wolfgang Münchau
Dec 4, 2024
Wolfgang Münchau, co-founder of Eurointelligence and author of 'Kaput: The End of the German Miracle,' delves into the decline of Germany's once-mighty economy. He discusses the troubling impacts of deindustrialization and reliance on Russian energy, as well as the stagnation in the tech sector. The conversation explores Germany's outdated economic practices, including a peculiar fear of modern technology, and why many Germans shy away from stock market investments. Münchau's insights paint a candid portrait of an economy at a crossroads.
52:32
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Quick takeaways
- Germany's economy is experiencing a critical turning point due to reliance on traditional manufacturing and geopolitical vulnerabilities.
- The collapse of the governing coalition reflects broader societal frustrations tied to economic decisions, especially concerning energy management.
Deep dives
The End of the German Economic Miracle
Germany's economy, once characterized by a robust industrial base and significant trade surpluses, is now facing serious challenges that suggest an end to its 'economic miracle.' The industrial export model that defined Germany was successful during periods of globalization, relying heavily on cheap Russian gas and optimized global supply chains. However, multiple geopolitical shocks, including the war in Ukraine and the reality of deindustrialization, have exposed weaknesses in this reliance. The collapse of the governing coalition further signifies a critical moment for Germany, as it struggles to adapt to systemic issues that have become apparent in recent years.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode