Download Cowboy Capitalism: European Myths, American Reality by Olaf Gersemann PDF

By Olaf Gersemann

Such a lot literature displaying the greatness of capitalism via statistics is horribly biased, yet this e-book retains the prejudice to a reasonable point. this implies you get a wealth of statistical details that's not overly stimulated by means of ideology, that is an extraordinary locate.

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Extra resources for Cowboy Capitalism: European Myths, American Reality

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Org) and author’s calculations. of government spending that is significantly below its record high. 14 The transatlantic differences are mostly due to the higher level of social expenditures in the European countries. 2). In all other kinds of expenses, taken together, the differences were relatively small. In Germany, for example, they were not even two percentage points above the American level. On the revenue side, there is of course a dramatically higher tax burden in Europe. Consider, for instance, the difference between what employers pay out in wages and social security charges and what employees take home after tax and social security deductions.

The end of work was near! Were Rifkin, Beck, and Co. right, after all? Well, no. At least in the United States, the increased employment ratio more than made up for the slight reduction in annual hours worked. 6 hours per day per working-age person, the number was higher in 2002 than in 1970 or 1980. It’s Productivity, Stupid In the continental European countries examined, a small part of the working-age population is working—and those people who are working are working less and less. The question arises of whether that trend is sustainable.

35 Mostly Clear and Sunny Whereto from here? S. economists have reduced their productivity growth predictions a little. 36 One should be cautious about such forecasts. After all, economists still can’t explain convincingly what caused the slowdown of productivity growth in the 1970s. The productivity boom that started in 1996 also came as a surprise to most experts. In addition, much depends on the speed of technological innovation. 37 It seems plausible, however, that at least over the medium term the new economy will deliver to Americans further high productivity growth: ● When new technologies are implemented, companies often suffer from disruptions of the production process.

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