Richard Werner

We don't want this K-shaped economy where the elite is doing really well, but the majority of the people are not doing well.

That's...

And I think it's perfectly rational to say that that's not really a great system because you're storing up trouble for the future, right?

Yes.

You know, if the majority is actually not benefiting and you have increasingly democratic structures...

then at some stage something will change right yes um so you want to avoid it and they did it very early on so the first modern um sort of social security legislation was done in prussia also of course the first investment in public schools properly public schools and kindergartens and universities was in prussia

It was a very modern state, highly successful.

The middle class was thriving.

It was merit-based.

You could move up the ladder.

If you put in your energy and your efforts, you will be rewarded.

Very successful economy based, of course, also on the system of decentralization, local decision-making, and especially many small local banks lending to small firms.

Now, Prussia then morphed into Germany in 1871.

The unification.

Which is another partial unification because, of course, many German states were left out, such as Austria, under international sort of influence, but also Prussia felt Austria was a rival and so on.

I mean, that's for another show.

There's a lot of interesting stuff happening there.

But the principles were also applied in now imperial Germany under essentially Prussian leadership.

And again, Imperial Germany was highly successful.

Economic growth just in the beginning of the 20th century was very high.