Cowboy Capitalism: European Myths, American Reality by Olaf Gersemann

By Olaf Gersemann

Europeans and lots of American pundits think that whereas the U.S. economic climate may possibly create extra development, Europeans have it higher whilst it come to task defense and different components. Olaf Gersemann, a German reporter who got here to the USA, came across the truth fairly diversified. He checked evidence and located the marketplace freedoms in the USA create a extra versatile, adaptable and filthy rich approach then the declining welfare states of outdated Europe.

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60 percent achieves an increase of only 44 percent over the same period. 10 That discrepancy is counterintuitive. One would have expected higher gains in Germany: ● The reconstruction of East Germany (see Chapter 4) should have caused increased growth in productivity. 11 ● In the job creation boom of the last two decades, labor force participation in the United States increased significantly. Especially immigrants and women were integrated into the workforce. Those groups tend to lower the level of productivity because they have, on average, either less education (immigrants) or less work experience (women).

Germany, being the poorer country, should—according to the principle of diminishing returns—enjoy higher productivity growth rates than America (see Chapter 1). And it did—in the past. 6 But in 17 of the 22 years between 1974 and 1995, Germany’s productivity growth was higher than America’s. Especially at the end of the 1980s, the German-American gap was large. At that time, the German economy benefited from a surge in productivity growth. 7 At the time, Germany looked poised for continuing high productivity growth.

That divergence is significant. 09 percent would imply a doubling of per capita income within 23 years. 60 percent achieves an increase of only 44 percent over the same period. 10 That discrepancy is counterintuitive. One would have expected higher gains in Germany: ● The reconstruction of East Germany (see Chapter 4) should have caused increased growth in productivity. 11 ● In the job creation boom of the last two decades, labor force participation in the United States increased significantly.

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