Economic commentary

Following the European option

The relative merits of the European and American ways of life are often debated, with the European emphasis on social cohesion being contrasted with the greater emphasis on individualism in the USA.

In view of the relative performance of the two economies in recent years, the tendency among commentators has generally been to pronounce the American model superior because of its alleged greater encouragement of entrepreneurship and personal effort. The European reply has been that one should only judge questions such as these over the long run, and that the European model will prove to be more enduring than the American one.

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