GERMANY was the West’s biggest winner from the past 30 years of globalisation. Russia provided cheap energy. Emerging markets provided cheap labour. Everyone who was anyone wanted to own a Mercedes or a BMW or an Audi. And the cherry on the Black Forest cake: The United States picked up the bill for defence, while the Germans devoted all their energies to making money.

Globalisation brought psychic benefits, too. Germany’s two previous irruptions onto the world stage – in 1914 and 1939 – had occurred in the name of nationalism and militarism. The new age of globalisation allowed Germany to showcase its ability to work across borders in the name of universal prosperity.

Which raises a troubling question: Will the biggest winner from globalisation become the biggest loser from deglobalisation? The headlines are hardly encouraging. Olaf Scholz, the chancellor, has talked grandly about “Zeitenwende” (historic turning point), but dithered over delivering tanks to Ukraine. Many big companies are too dependent on China to rethink their strategies. China is by far the biggest market for luxury carmakers such as Porsche. The Mercedes-Benz Group’s biggest shareholder, the Beijing Automotive Group, is also Chinese. With such a short-sighted strategic perspective, the German eagle can easily give the impression of being an ostrich.