TITLE

Juggernaut

AUTHOR(S)
Legrain, Philippe
PUB. DATE
June 2003
SOURCE
New Republic;6/16/2003, Vol. 228 Issue 23, p16
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Discusses the relative health of the European economy compared with that of the United States. Despite concerns of the administration of President George W. Bush, expressed at the G-8 summit of leading industrialized countries, that economic weakness is spreading throughout the globe, Americans still routinely boast that their economy beats the socks off the rest of the world. Pick any year between 1995 and 2000 as a starting point, and the conclusion is the same: Europe's economy has outperformed the U.S.. Not only are U.S. growth figures inflated because American number-crunchers have done more than their European counterparts to take into account improvements in the quality of goods and services, but the U.S.'s population is also growing much faster than Europe's. Not only is productivity growth higher in several European countries than in the U.S.--so too are absolute productivity levels. The truth about Europe is that its weaknesses are not as big as they seem--and its advantages are underplayed. Obscured by all the cyclical gloom, Europe's new common currency, the euro, is already working its magic. Ironically, the biggest threat to Europe's resurgence is not homegrown. It is that the U.S.'s unsustainably unbalanced economy will finally crash, dragging the rest of the world down with it.
ACCESSION #
9969832

 

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