The asparagus economy

Katharina Reiche wants to reform the incentives behind Germany’s energy transition. The backlash shows how difficult it is to change a system built on guaranteed growth.

Dear Reader,

Imagine, for a moment, a new business concept. It revolves entirely around asparagus. The founders are earnest and well-intentioned. Spargel, they insist, is good for your gut, your bones, your heart. Abandon the starchy potato and embrace an asparagus-only diet, and disease will soon be a thing of the past.

Their business plan is bold. Bring your produce to our asparagus markets, they tell farmers, and we will pay you not only for what you sell, but for what you fail to sell as well. We will organise the transport. We will shoulder the logistics. All you have to do is grow.

Before long, white shoots are pushing through the soil wherever you look. Large agricultural firms abandon wheat and devote vast tracts of land to asparagus. In cities, enterprising homeowners plant a few drills in their gardens. Why not? The company has guaranteed that it will collect the harvest.

Banks take note. Guaranteed returns and deep pockets are an attractive combination. Loans flow into asparagu…