For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the rest of the world that half the economy ran on exports.
Jobs were plentiful, the government’s financial coffers grew as other European countries drowned in debt, and books were written about what other countries could learn from Germany.
No longer. Now, Germany is the world’s worst-performing major developed economy, with both the International Monetary Fund and European Union expecting it to shrink this year.
Also, this neoliberal course fucked up education somewhat fierce. We simply can’t deliver the quality anymore as more and more experienced engineers (the main driving force behind those exports) are retiring. And don’t get me started on the terrible internet/cell infrastructure!
Because we legitimized the financial sector as a net benefit to society, historically they were considered a net negative, but now all the smart kids want to go into investment banking.
Boom and bust galore.