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I agree with this and on top of it, the GDP per capita of the EU grew at the same pace as that of the US over the last 20 years only because poorer Eastern Euro
by ucha 5y ago
I agree with this and on top of it, the GDP per capita of the EU grew at the same pace as that of the US over the last 20 years only because poorer Eastern European countries are catching up to Western Europe. The GDP growth rates in France, Germany, UK etc have been anemic during the same period.
The EU did a great job at distributing wealth eastward, the GDP per capita of Slovakia for example doubled in the last 20 years, far outpacing the growth in the US.
- JumpCrisscross 5y ago> EU did a great job at distributing wealth eastward That's uncharitable. The EU did a great job of growing Eastern Europe by promoting good institutions. There was wealth redistribution. But it alone is insufficient to explain the growth.
- bserge 5y agoThat actually sounds great considering the workforce drain that mostly benefitted western Europe.