Get Cowboy Capitalism: European Myths, American Reality PDF

By Olaf Gersemann

ISBN-10: 1930865627

ISBN-13: 9781930865624

Such a lot literature displaying the greatness of capitalism via data is horribly biased, yet this e-book retains the prejudice to a reasonable point. this suggests you get a wealth of statistical info that isn't overly encouraged via ideology, that is an extraordinary locate.

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Extra resources for Cowboy Capitalism: European Myths, American Reality

Sample text

The whole misery comes to light only 23 COWBOY CAPITALISM when one also considers the amount of time actually worked. That’s important because it turns out that those who are still working in Europe are working less and less. European countries have cut their workweeks down considerably. In France and Germany, labor unions, with some success, fought for a 35-hour week. In addition, an increasing share of people employed in Europe don’t have full-time jobs. In the United States, part-time employment as a share of total employment was slightly lower in 2002 than it had been in 1990.

In peacetime, a lower level had been achieved only once in the past 50 years, in March 1957. During the last recession, unemployment rose again. In the summer of 2003 it reached over 6 percent. 7 For Germany, Italy, and France that level would have been the lowest since 1991, 1980, and 1979, respectively. What’s more, even prolonged economic upswings in the big European countries have ceased to bring unemployment down decisively. 0 percent (2000). 3 percent (2000). Employment The official unemployment rate is the most common measure of what’s going on in the labor market.

In that light, it’s all the more worrisome that here, as the following chapter shows, Europe is falling far behind, too. 27 3. The New Economy Lives . . In America On average, a working-age German works about 2 hours and 35 minutes per calendar day. For her French and Italian neighbors, the working day is even shorter (see Chapter 2). Nations whose people work that little could raise their material living standards rather easily, simply by working longer hours. In the long run, though, increasing prosperity can stem from only one source, increased labor productivity.

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Cowboy Capitalism: European Myths, American Reality by Olaf Gersemann

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