> Germany in particular takes a moralistic approach to finances that IMO harms the economy quite a bit and constrains entrepreneurship to the well connected and already established. You are only supposed to start businesses that succeed.
It's more pragmatic, than moralistic. Germany aims for high quality in business and workers, the whole system is based around this. USA seems more aiming for quantity. Just throw money at it, and see what sticks. But the difference is, USA is very big and wealthy in resources and manpower, so it can afford this. Germany, like other European countries, is rather small and lives from connecting with others. So efficiency is very important.
My experience is incomplete I will admit and possibly outdated besides, however I speak German, regularly consume a fair about of German news, and I spent a few months living in Munich. The attitude I've observed, especially among older Germans, is that buying with credit is a moral shortcoming while paying with cash is virtuous. High interest rates are considered good because they reward savers, conversely people complain about low interest rates as an injustice.
Also, Germany has the 3rd largest economy in the world, so not as large as the US or China, but I wouldn't exactly call them "small" economically.
> Also, Germany has the 3rd largest economy in the world, so not as large as the US or China, but I wouldn't exactly call them "small" economically.
US GDP: $28.7T
China GDP: $18.5T
Germany: $4.5T
Also, Germany is relatively small when it comes to land area, has to import most of the raw materials, and heavily relies on subcontractors from China. They do not really play in the same league as US and China.
It's more pragmatic, than moralistic. Germany aims for high quality in business and workers, the whole system is based around this. USA seems more aiming for quantity. Just throw money at it, and see what sticks. But the difference is, USA is very big and wealthy in resources and manpower, so it can afford this. Germany, like other European countries, is rather small and lives from connecting with others. So efficiency is very important.