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It's not just the Mittelstand. It's also that Germany doesn't have financial markets as sophisticated as those in New York, London or Tokyo, so the DAX doesn't
by chalst 5y ago
It's not just the Mittelstand. It's also that Germany doesn't have financial markets as sophisticated as those in New York, London or Tokyo, so the DAX doesn't have companies whose centre of gravity is outside Germany in the same way.
As an aside, "sophisticated" sounds like an applause word which is not intended: I think overall the benefits outweigh the harms for Germany to have its business decisions made more by industrialists than financiers.
- moistly 5y agoWhere you say “sophisticated”, I might say corrupt and likely criminal.
- chalst 5y agoNot all activities in the financial sector are destructive, but the sector as a whole has a tendency to reward destructive activity. You might like Michael Hudson's comment: "when left-wingers–or people who call themselves left-wingers, they’re really not left-wingers at all; they’re, I don’t know what, post-left–very few people who call themselves left-wingers distinguish between industrial capitalism and finance capitalism." https://twitter.com/txtpf/status/1393211215053299716 https://twitter.com/txtpf/status/1393211215053299716