The German economy

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One of Germany's most influential economists analyzes the country's economy, the largest in the EU and third largest globally, highlighting its weaknesses: poor GDP growth, high unemployment from a malfunctioning labor market, and an unsustainable social security system. The author outlines necessary reforms to address these issues, taking a broader view than recent analyses. He considers Germany's fiscal policy, product market regulation, capital market, environmental policy, and aging and immigration policies, along with its human capital formation system and role in the EU, particularly the euro zone. A central theme is Germany's system of economic governance and why this former powerhouse is now struggling. The author argues for a market renaissance, urging Germany to shed its social welfare economy and consensus-driven decision-making that hampers competition. He examines the social security system and labor market, including trade unions, while focusing on current concerns, foreseeable challenges, and long-term policy issues. This comprehensive analysis of the postwar German economy is essential for economists, finance professionals, students, researchers, and anyone interested in Germany's role and future in Europe.