The Global Implications of the German Election

Decades of underinvestment, excessive taxation, and anti-Europeanism might finally come to an end. Or not.

Sunday’s German federal election should lead to a change in government that will likely improve global economic conditions. The exact outcome will determine the magnitude of the gains, which range from modest (likeliest) to very large (unlikely). But if current polling holds up, most of the plausible coalition scenarios imply at least somewhat better po…