Global Economy -- Globalization and European Growth

The Globalist | Global Economy

"Globalization and European Growth

By Jason L. Saving | Wednesday, July 12, 2006

Since the 1980s, the economies of the EU and the United States have diverged. While the United States has grown, the members of the EU have stagnated. The EU is at a crossroads. One path leads to liberalization and global competition, while the other path points to a more closed economy — and limited growth. As Jason L. Saving explains, globalization has many EU nations wondering if it is for them.

Europe once kept pace with the United States. Tracking GDP back to the early 1970s shows that Europe managed to keep up with the United States until diverging markedly in the 1980s."