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The core fact is that the European model is foundering under the fact that billions of people are willing to work harder than the Europeans are. Europeans clearly love their way of life, but don't know how to sustain it.
All this was illuminated last year in a study by a Swedish research organization, Timbro, which compared the gross domestic products of the 15 European Union members (before the 2004 expansion) with those of the 50 American states and the District of Columbia. (Norway, not being a member of the union, was not included.) After adjusting the figures for the different purchasing powers of the dollar and euro, the only European country whose economic output per person was greater than the United States average was the tiny tax haven of Luxembourg, which ranked third, just behind Delaware and slightly ahead of Connecticut.
The next European country on the list was Ireland, down at 41st place out of 66; Sweden was 14th from the bottom (after Alabama), followed by Oklahoma, and then Britain, France, Finland, Germany and Italy. The bottom three spots on the list went to Spain, Portugal and Greece.
Alternatively, the study found, if the E.U. was treated as a single American state, it would rank fifth from the bottom, topping only Arkansas, Montana, West Virginia and Mississippi. In short, while Scandinavians are constantly told how much better they have it than Americans, Timbro's statistics suggest otherwise. So did a paper by a Swedish economics writer, Johan Norberg.
I think it's way too early to write Europe off. Britain looked like a basket case in the 1970s, and recovered dramatically in the Thatcher years. Democracies have a way of reinventing themselves when the pressure is on, and Europe is beginning to notice that the pressure is on. What's more, the economies of Eastern Europe are far more entrepreneurial, and the voters more suspicious of government promises, than those of Old Europe.
Who knows: In 20 years, European leaders may be suggesting that the United States needs to adopt a more free-market, capitalistic approach. If they do, they'll probably be right!
Originally posted by xpert11
I have to cast doubts about the quality of journalism. Other then France & Germany only one other countrie is mentioned. Europe stretches from the UK to asia minor.
So out of 15 it mentions by name 11, why are you saying it only says 2 - 5?
Originally posted by arnold_vosloo
that report is grossly misleading! If you are to believe it you would draw the conclusion that european countries are third world economies
The GDP of the us is approx $9612 billion dollars
the next largest is china at $5019 billion.
The largest EU country is Germany at $2062 Billion
the average GDP per state would be in the region of $192 billion.
The UK (inc northern Ireland) is £1404 Billion
France at $1426 Billion
and Ireland way down at number 51 with $113.3 billion