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In this landmark study, Tooze offers an elegant account of the reordering of great-power relations that took place after World War I, at the dawn of “the American century.”
Germany seems like Europe’s lone island of fiscal stability, but trouble lurks under its impressive export-fueled growth. An obsession with debt and austerity has blocked domestic investment as the country has ignored problems such as a shrinking work force and outdated infrastructure. Germany needs to borrow and spend more or face the end of its economic miracle.