Very informative post from Michael Roberts on the German economy and what prospects a grand coalition of CDU and SPD hold for the country and the rest of Europe. thenextrecession.wordpress/2013/09/22/german-capitalism-a-success-story/ "German capitalism may have been a ‘success story’ over the last 25 years since the integration of East Germany. But its long-term prospects do not look so good from here. It has a declining and ageing workforce (this will be the last election in which the majority of voters were under the age of 55) and less areas for exploitation of new labour outside Germany, while competition from the likes of China and Asia will mount. And the costs of maintaining the Eurozone will grow. All these are issues for the strategists of German capital now that there will be a new coalition in power. The German electorate may have voted for the status quo again in this election, but the relatively low turnout and the low share of the vote for the main parties show that there is growing disillusionment with the ‘success’ of German capitalism that has given just a few crumbs for the working class off the table of bounty for German capital income. And the burden on the working class in paying for the further ambitions of German capitalism is set to rise."
Posted on: Thu, 26 Sep 2013 16:40:44 +0000
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