Report
Will Germany have to put an end to ordoliberalism?
Germany practices ordoliberalism : the government has to establish a positive economic and social environment: no inflation, healthy public finances, competition and absence of dominant positions, protection of employees, social welfare. But the government does not intervene in wage negotiations or in defining corporate strategies: there is no income policy or industrial policy. Germany is currently in trouble: it specialises in declining industries, its cost competitiveness is deteriorating, and the energy transition is going to be costly. According to the ordoliberal tradition this should lead only to changes to the business environment, for example tax cuts, which is what German employers are demanding. But will this be sufficient or will the German government have to go further: help for companies to switch to the technologies of the future (electric cars, hydrogen), public investment (alone or with other European countries) in the energy transition, new technologies, etc. ?
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Natixis
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Patrick Artus
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