'Compelling' Guardian 'Eloquent and comprehensive deconstruction of the German model' Financial Times 'Excellent' The Telegraph 'An eye-opener' Gavin Esler Until recently, Germany appeared to be a paragon of economic and political success. Angela Merkel was widely seen as the true 'leader of the free world', and Germany's export-driven economic model seemed to deliver prosperity. But recent events – from Germany's dependence on Russian gas to its car industry's delays in the race to electric – have undermined this view. In Kaput , Wolfgang Münchau argues that the weaknesses of Germany's economy have, in fact, been brewing for decades. The neo-mercantilist policies of the German state, driven by close connections between the country's industrial and political elite, have left Germany technologically behind over-reliant on authoritarian Russia and China – and with little sign of being able to adapt to the digital realities of the 21st century. It is an essential read for anyone interested in the future of Europe's biggest economy.

Recommended on 1 episode:

Trump’s Tariffs Are Part of a ‘Tectonic Plate Shift’ in the Global Economy

After a week of market chaos, President Trump pulled back from the brink. But he didn’t pull that far back. He left a 10 percent tariff on most of the world and launched a trade war with China. It’s unclear what he will do after this 90-day pause or what countries need to do to satisfy him. But one thing that is very clear now is that our economy is subject to one man’s whims. How are businesses supposed to adapt to this new reality? What is this new reality? Peter R. Orszag is the chief executive and chairman of Lazard, one of the world’s largest asset management and global financial advisory firms. He also served as the director of the Office of Management and Budget under President Barack Obama, so was a policymaker during a financial crisis. And over the past few months, he’s been talking to lots of C.E.O.s and corporate board members as they try to process these changing policies. I wanted to ask him what he’s been hearing and how he sees the volatility of this moment.

Books recommended:

• 📕  Underground Empire: How America Weaponized the World Economy by Henry Farrell, Abraham Newman
• 📘  Chokepoints: American Power in the Age of Economic Warfare by Edward Fishman
• 📗  Smart Money: How Digital Currencies Will Shape the New World Order by Brunello Rosa, Casey Larsen
• 📙  The Catalyst: RNA and the Quest to Unlock Life's Deepest Secrets by Thomas R. Cech
• 📕  KAPUT by Wolfgang Münchau

Peter Orszag April 11, 2025 5 books recommended

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