The European Economy in an American Mirror

Europe’s economy is under strain due to lagging productivity growth, population ageing, the difficulties of adjustment in an enlarged European Union, and the challenges of globalization. In comparison with America, rates of growth of GDP per capita and labour productivity growth are anaemic, raising questions about the viability of a distinct European model. From observations like these, conclusions can be drawn that Europe will feel irresistible pressure to allow its policies and institutions to converge toward those of the United States. But how far and how fast are uncertain. Edited by internationally renowned authors in the fieldand packed with articles by an impressive array of international contributors, this bookexamines the American and European economies; drawing comparisons between them. Bringing together specialists from both sides of the Atlantic, includingLindert, DeLong and Butito analyze the current state of both economies and their responses to the changing global environment, the book deals with competitiveness on the one hand and the relationship between institutions and markets on the other. This volume is particularly relevant topostgraduate and postdoctoral students undertaking research in all areas of European integration and international political economy, while also being appropriate for a professional audience.

Introduction PART I Competitiveness and employment 1 Comparing welfare in Europe and the United States 2 Technology regimes and productivity growth in Europe and the United States: a comparative and historical perspective 3 Longer-term competitiveness of the Wider Europe 4 How well do the clothes fit? Priors and evidence in the debate over flexibility and labour market performance 5 Convergence via two-tier reforms and growthless job creation in Europe 6 Employment and labour productivity in the EU: reconsidering a potential trade-off in the Lisbon strategy 7 Migration, labour markets, and integration of migrants: an overview for Europe with a comparison to the US 8 International migrations: some comparisons and lessons for the European Union 9 American fiscal policy in the post-war era: an interpretive history 10 Fiscal policy in Europe: the past and future of EMU rules from the perspective of Musgrave and Buchanan PART II Governance and social policy 11 Economic institutions and policies in the US and the EU: convergence or divergence? 12 Between neo-liberalism and no liberalism: progressive approaches to economic liberalization in Western Europe 13 Is there a European welfare model distinct from the US model? 14 The Welfare State and Euro-growth 15 The policy of insolvency EU–US 16 Phases of competition policy in Europe 17 European Union expansion: a constitutional perspective 18 Europe’s constitutional imbroglio 19 From accidental disagreement to structural antagonism: the US and Europe: old and new conflicts of interest, identities, and values, 1945–2005

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Eco\nomics and Political Science at the University of California, Berkeley, Research Associate of the National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research. Michael Landesmann is Scientific Director of the Vienna Institute for International Economic Studies (wiiw) and Professor of Economics and Head of Department at Johannes Kepler University, Linz, Austria. Dieter Stiefel is Professor at the Department for Social and Eco\nomic History and at the Department of Economics at Vienna University.