Financial activity was concentrated largely in what the Europeans termed “Anglo-Saxon” economies: above all the United States and the United Kingdom, and a few small countries that tried, disastrously, to replicate a model of free-for-all finance such as Iceland and Ireland.  But the emerging markets that drive globalization in the early twenty-first century have a similar mix of export orientation and a prominent industrial base of small and medium-sized and frequently family-owned enterprises.  They have the problem today of trying to reconcile dynamic growth and social cohesion that was the problem of Germany in the past, and to which the German social model was and is held up as the answer.
ومن المرجح في الأعوام المقبلة أن تكون الحكومة الألمانية أكثر صراحة في المناقشات الأوروبية والعالمية. ومن المرجح أن تقدم النموذج الألماني باعتباره أكثر توافقاً مع ما يحتاج إليه العالم في أعقاب الأزمة المالية.