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Europe Is Falling Behind

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Europe Is Falling Behind

Complaining about globalization is as pointless as trying to turn back the tide. Asian competition can’t be shut out; it can only be beaten. And now, by every relative measure of a modern economy, Europe is lagging.

It was Canute, one of the first English kings, who is said to have demonstrated the limits of his powers by showing that the tide would not obey his orders. Hearing some of the debates on globalization, I sometimes feel Canute needs to get his feet wet again.

Complaining about globalization is as pointless as trying to turn back the tide. There are, I notice, no such debates in China. They are not worrying about potential threats but are busy seizing the opportunities in ways that are transforming their society and ours as well. So, too, are the other emerging economies in Asia and South America. I am proud that the United Kingdom’s economy has grown twice as fast as Germany’s and four times as fast as Japan’s since 1997. I am, however, painfully aware that China has been growing three times as fast as the U. K.

More: msnbc.msn.com

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