The rise of the far right alarms German business leaders

When the Alternative for Germany (AfD, from its German initials) was launched in 2013, it was a pro-business, classically liberal party created by German intellectuals opposed to the single European currency. Hans-Olaf Henkel, a free-market enthusiast and former boss of the bDI, the main German industry association, was a founding member.

Then, in the space of a few years, the AfD turned into an anti-immigrant, populist party toying with…