German business leaders are alarmed by the rise of the far right

The Alternative for Germany (AfD) was originally launched in 2013 as a pro-business, classically liberal party by German intellectuals who were against the single European currency. Hans-Olaf Henkel, a former leader of the main German industry association, was one of the founding members and known for his support of free-market ideas. However, within a few years, the AfD underwent a transformation into an anti-immigrant, populist party that even considered Germany’s exit from the European Union, or Dexit. In response to this shift, Mr. Henkel resigned from the party in 2015, and many German business leaders distanced themselves from the AfD. Despite their usual reluctance to engage in politics, several business leaders publicly denounced the AfD leading up to the European Parliament election on June 9th.

The rapid evolution of the AfD from a pro-business party to an anti-immigrant and populist party was a surprising development for many observers. The shift in the party’s platform led to a divergence in support from its original backers, such as German intellectuals and business leaders, who were not aligned with the new direction of the AfD. The party’s consideration of Germany leaving the EU further alienated supporters and caused many to distance themselves from the party.

As a result of the AfD’s transformation and the introduction of policies that were against the interests of many German intellectuals and business leaders, there was a notable backlash against the party in the lead-up to the European Parliament election. Despite their usual stance of staying out of politics, many business leaders felt compelled to speak out against the AfD and its new platform. This shift in support and public condemnation from influential figures reflected the growing unease with the direction the AfD was taking and its potential implications for Germany and the European Union as a whole.