DesertFox
02-12-2006, 06:42 PM
Fareed Zakaria
Newsweek
20 Feb 06 issue
Cartoons and riots made the headlines in Europe last week, but a far less fiery event, the publication of an academic study, might shed greater light on the future of the Continent. ... the conclusion is clear—Europe is in deep trouble. These days we all talk about the rise of Asia and the challenge to America, but it might well turn out that the most consequential trend of the next decade will be the economic decline of Europe.
It's often noted that the European Union has a combined gross domestic product that is approximately the same as that of the United States. But the EU has 170 million more people. Its per capita GDP is 25 percent lower than that of the U.S. and, most important, that gap has been widening for 15 years. If present trends continue, the chief economist at the OECD argues, in 20 years the average U.S. citizen will be twice as rich as the average Frenchman or German.
More (http://www.msnbc.msn.com/id/11298986/site/newsweek/)
Newsweek
20 Feb 06 issue
Cartoons and riots made the headlines in Europe last week, but a far less fiery event, the publication of an academic study, might shed greater light on the future of the Continent. ... the conclusion is clear—Europe is in deep trouble. These days we all talk about the rise of Asia and the challenge to America, but it might well turn out that the most consequential trend of the next decade will be the economic decline of Europe.
It's often noted that the European Union has a combined gross domestic product that is approximately the same as that of the United States. But the EU has 170 million more people. Its per capita GDP is 25 percent lower than that of the U.S. and, most important, that gap has been widening for 15 years. If present trends continue, the chief economist at the OECD argues, in 20 years the average U.S. citizen will be twice as rich as the average Frenchman or German.
More (http://www.msnbc.msn.com/id/11298986/site/newsweek/)