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Old Town Square Romerberg in Frankfurt, Germany at twilight

By Barry Eichengreen, Project Syndicate | October 24, 2025

Why did Germany, defeated in both World War I and WWII, recover so strongly after the latter, but not after the former? Two new books suggest that conventional accounts of the Wirtschaftswunder – West Germany’s miraculous economic ascent after WWII – get it wrong.

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