2 ms·
Not since they lost the possibility of cheap energy inputs with the destruction of the Nordstream Pipelines. All economic growth depends ultimately on energy.
by simonblack 4y ago
Not since they lost the possibility of cheap energy inputs with the destruction of the Nordstream Pipelines.
All economic growth depends ultimately on energy. If that energy is too costly, you can't compete. If you can't compete you can't sell. If you have no money coming in, you can't progress. That way lies unavoidable decline and then decay.
- fspeech 4y agoSouth Korea has done well, with no access to cheap energy and high defense spending needs. But I couldn't tell whether they have a good life relative to their number of hours worked.
- simonblack 4y agoI haven't looked, but I too reckon you'd find that the wage, infrastructure and social-security structures in Germany are more costly than those in South Korea. Thus meaning that South Korea can remain more competitive than Germany.