(vii) Which is the new era that developed in Europe?
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Answer:
Capitalism was born in Europe. But for nearly half a century, its most vigorous offshoots have flourished in the United States and Japan, while our economic performance has been lackluster. Or so the familiar litany goes. Despite our venerable commercial achievements—and the great European thinkers who defined the very institutions of capitalism—the continent that dominated world events for thousands of years seems to have fallen irretrievably behind.
Capitalism was born in Europe. But for nearly half a century, its most vigorous offshoots have flourished in the United States and Japan, while our economic performance has been lackluster. Or so the familiar litany goes. Despite our venerable commercial achievements—and the great European thinkers who defined the very institutions of capitalism—the continent that dominated world events for thousands of years seems to have fallen irretrievably behind.First came the devastation of World War II and the enormous work of reconstruction in Europe, work that only government had the resources to undertake. Then in later years, as the United States and Japan prospered, we grappled with stagnant economies, high unemployment and social welfare costs, and an exaggerated fear of invasion by American business interests. Now, with the drive toward 1992 and the single market gaining momentum, other difficulties have arisen: we are lagging badly in critical sectors like electronics; a new regulatory bureaucracy has emerged in Brussels; and once again we face the threat of economic invasion—this time from the Japanese.
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