The success of a social and economic order is measured not only by the criterion of economic efficiency, but also by its ethical foundation.

The exchange-traded funds industry is growing strongly. Yet it is no longer fulfilling its original mission.

The social market economy had already lost its substantive power before the Corona crisis. Now it has finally been replaced by the insurance state. The predetermined breaking point is the monetary system.

Even though on average the active bond managers and the index are roughly on par, the distribution of returns shows that some managers are able to beat the index.

Societal prosperity does not arise by fate or chance, but is dependent on conditions and regularities. There are various explanatory approaches.