International comparisons of economic growth also rely on exchange rates. In the last 5 years, Europe was not the growth-centre of the world and the strength of the euro probably depressed some European exports. But the EU market nevertheless added nearly €1.5 trillion to its value between 2001 and 2006. Because the euro increased in value, this expansion amounts to US$6 trillion. In comparison, the USA added US$3 trillion, China and India together added US$2 trillion and Japan added less than US$0.3 trillion over the same period.
I think this is a useful document. But let's remember that it is intended as a marketing piece to promote direct investment in Europe. It's going to present that case in the best light. I would sure do that if I was writing it, and if you pull out a similar document from the US Department of Commerce, they will of course do the same thing. There is nothing wrong with presenting data in a positive light. But your comment Jerome goes beyond what the people presenting the data in the most positive light would say.
But let's remember that it is intended as a marketing piece to promote direct investment in Europe. It's going to present that case in the best light.
I fully agree. The fact is that this presentation is no less true than the one e endlessly get in the media all over the place, i.e. that the US "free-market" economy is superior to Europe's sclerotic version. THAT's also a "marketing piece". That's the point I'm trying to make. The reality we're being sold is just marketing ans has only a tenuous link to reality.
Thus my version provides balance and perspective, and it's even technically true. In the long run, we're all dead. John Maynard Keynes
But my comment was addressed at true marketing, not the idiots in MSM. There is nothing wrong with the US Dept of Commerce or the French and German equivalents presenting things in the best light. But we should do our best to stay factual and objective.
Personally, as I've said before, I like both the US and European models. It's an incredible opportunity, imo, for us to have both models, so you get a chance to pick and choose--in some cases combine--the models, evolving toward something that is better than both. For example, there are elements of the French healthcare approach that I think would be very instructive for the US. Not in the sense of just adopting it wholesale. But rather in the sense of taking some elements, that if I understand it right, really make sense for the US, and combining with existing aspects of the US system.
The EU is doing more than fine in growth. The EU is certainly not declining nor stagnating. But they're just not the economic locomotive of the world, at least not yet--"and it's even technically true",,,,well, not really.
