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The 2nd German Miracle

From the Money Illusion:

Starting in 2003, Germany under then-Chancellor Gerhard Schroeder began to implement a program of long-term structural reform called “Agenda 2010.” The idea was to transform Germany into an economy where business has an incentive to invest, and where labor has an incentive—and an opportunity—to work. This was pro-growth reform that would be very familiar to Ronald Reagan and Margaret Thatcher.

Seems as though the Germans in particular do better when they don’t take advice from socialists…

Posted in Economics.