This week's The Economist devotes a large part of the issue to the new equilibriums in Europe and the industrialized world. A year ago we were still talking about the dynamic world of English-speaking countries that were creating new wealth and a new world order, while "Old Europe" was falling behind. Now, however the the situation is very different. See:
Europe's economies: A new pecking order http://www.economist.com/printedition/displayStory.cfm?Story_ID=13610767
And here are some other examples from this week of how the financial crisis is having the effect of making us in the USA think more about alternative policies for economic growth and social welfare:
Thriving Norway Provides an Economics Lesson
Instead of spending its oil riches, Norway saved, and it is now growing in the midst of the global recession.
http://www.nytimes.com/2009/05/14/business/global/14frugal.html
Why Ghana is Growing
http://www.thetakeaway.org/stories/2009/may/15/ghana-land-plenty/
WNYC Friday, May 15 2009
In the current economic climate, it's hard to imagine a place where the economy is growing by 4, 5, or 6 percent. A place where banks are adding branches and holding onto their deposits. That place exists. Even in the middle of a global recession, Ghana is doing great. The African nation has enjoyed more or less unbroken growth since the 1980s, propped up by gold and cocoa exports and now, oil. BBC Chief Economics Correspondent Hugh Pym has just returned to London from a reporting trip there and he joins us now.John C
Yes, Norway can teach us a lesson or two, but the US may either not be ready to learn (or have the capacity) what's being demonstrated to be successful at certain initiatives by other countries. Norway's homogeneity, perhaps facilitates its success. Maybe political will also helps. When we/the US was going strong, we had no need to question our processes, both the good and the bad.
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