This article was written with the support of a Harvard-Newcomen Fellowship at Harvard Business School. The author would like to thank the anonymous reviewers, as well as Tom Nicholas, John Turner, Mark Stoneman, and Jessica Csoma, for their insightful comments and suggestions.

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⁹⁴ This distinguishes Germany from most other European countries, such as Switzerland, Spain, Belgium, France, Italy, Portugal, and most Eastern European countries.

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