Ciocca, P. (2018), “Germany and its Low Growth”, Annals of the Fondazione Luigi Einaudi, 52(2): 221-244.
In Germany during the last 20 years the growth of domestic demand did not exceed 1% per annum, limiting the progress of GDP. It was a policy choice. The budgetary deficit was cut and transformed into a surplus. Since 2013 net public investment have been negative. National saving by far exceeded aggregate investment. Germany transferred to other countries a vast amount of real resources through an increasing surplus in the balance on current account. A huge creditor position with abroad was accumulated, at the cost of heavy lossess on portfolio investments. Being economically sub-optimal, this choice raises the question of its rationale. Evidently, Germany pursues non-economic goals. De facto, Germany could excercise political influence on debtor countries, including european partners. Such suspicion could jeopardize the unification of Europe.
Perazzoli, J. (2018), “From the ‘Social Democratic Moment’ to the ‘Shock of the Global’: The British Labour and the German Social Democracy during the 1960s-1970s”, Annals of the Fondazione Luigi Einaudi, 52(2): 193-218.