The establishment of the European Union has had a strong correlation with developments in the German Basic Law that has been in place since 1949. The first notes on the European Union. The most recent version we could find dates to 22 March 2025 and covers the 21st electoral term. It can be found over here:

Economics tries to understand human interaction in society, markets in particular, through available data and modelling thereof. This frequently means that both insights from positive sciences (statistics, mathematics) are combined with normative/social sciences in which morally charged claims regarding situations are made, i.e right versus wrong.

Disclaimer: This article does not constitute investment advice

Attention: This article is a long-read of about 5,500 words and contains in-depth analysis of the Efficient Market Hypothesis and historical interpretations; State Aid and Monte Dei Paschi's accounting; aspects of the Egrant inquiry and the trial of Mr. Yorgen Fenech, Parex bail-out and suspicious transactions involving former Pilatus Bank. Several account numbers from Pilatus bank caught our attention, which can be found on page 949 of the Egrant inquiry. 

'The Crisis of Democratic Capitalism' is a book written by Professor Martin Wolf in 2023 and highlights a serious problem: He argues that Democracy and Capitalism need each other for both to function well and hence for society to be free, yet the marriage between these two is under pressure. This article provides an analysis of his book, as well as a short comparative study between two legal building blocks. There are two constitutions that are in particular relevant for Capitalism, Liberal Democracy, the EU and the Euro. These are as follows and are explained below : i) the German Constitution of 1949 and ii) the Chilean Constitution of 1980. The first one was adopted after World War II in response to Nazi tyranny, and is a leading legal framework for liberalism under democracy, and hence also for EU law. The second one was adopted under authoritarian rule, following disharmony between different social classes in Chile and a violent overthrow of government, and is controversial for good reasons. This article by Forbes provides clues https://www.forbes.com/sites/jameshenry/2011/09/10/the-other-september-11/. Its historical significance is in the fact that the regime provided a leading legal framework for global liberal capitalism since the Cold War. Part i) gives an analysis of 'The Crisis of Democratic Capitalism', Part ii) analyses the German constitution of 1949 and Part iii) analyses the Chilean Constitution of 1980. Part iv) links core findings together and Part v) concludes. 

Below is a link to an interview with one of the last 'Chicago Boys', Rolf Luders. He explains both the concepts of Neoliberalism and Social Market Economy, implementation changes in 1982 in Chile and how it differs from the unrestrained 'libertarian capitalism' without/with technically no State and why it does not work according to him. The relevance of this analysis for Calibrated Capitalism is that it sheds light on what challenges can be expected to this model in a liberal democratic context, how to protect it and what kind of risks there are on the outskirts, from competing models, or potential blowback from the rough edges of the earlier variant. This may be especially true for the Eurosystem as it has adopted this moderated social market economy that respects liberal democratic rules, while competing against autocracies and illiberal regimes. You can find the article below or read the excerpts. https://batimes.com.ar/news/economy/milton-friedmans-last-chicago-boy-has-warning-for-javier-milei.phtml

First let’s start with what Calibrated Capitalism is not