The Parabellum pistol was a very early semi-automatic design that was quite successful, primarily because of it's adoption by several military organizations.
The toggle design goes back to Maxim and probably earlier. The Luger design represents decades of refinement, which pretty much stopped by 1949 (except for the fine work by Mauser in the 1970s)...
There have been decades of firearms design improvement since then. As a result, there are many safer and more reliable designs than the venerable Luger pistol.
I simply want the best and most appropriate handgun for self defense. That's why I would not rely on a Luger, even though I collect and admire them. In a gunfight, I would want every possible thing in my favor. That includes a reliable, compact, safe handgun.
In practical terms, there are reliability and safety issues inherent to the Luger design that you just don't have to deal with in more recent designs. In particular, the exposed sear is an issue in carry. That is one reason for the holster design. Concealing a loaded Luger would be an interesting experience.
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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