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Trivia Tidbit Of The Day: Part 121 -- Globalization.

Globalization-

Robert J. Samuelson, in his "The World Is Still Round" piece (via Townhall.com), explains that economic success is not arbitrary:

The United States, Europe and Japan offer an object lesson. All face, generally speaking, the same opportunities and threats from globalization. But results vary dramatically. Since 1995 American economic growth has averaged 3.3 percent; Europe's, 2 percent; and Japan's, 1.3 percent. (Europe refers to the 12 countries using the euro.) Even in Europe, stark contrasts emerge. Ireland's growth averaged 7.9 percent over the decade; Germany's, 1.3 percent. Somehow national policies, culture and business overshadow globalization....

Localization usually trumps globalization, though countries seem to succeed more when they encourage globalization. In 1990 per capita incomes in Ireland were 28 percent lower than in Germany, reports the Organization for Economic Cooperation and Development (OECD). In 2004 the Irish were 26 percent higher. One reason that Ireland grew faster is that it eagerly welcomed foreign investment. Half of Ireland's manufacturing employment comes from foreign multinationals, compared with Germany's 6 percent, says the OECD.

Previous Trivia Tidbit: Economic Literacy.

UPDATE:

Added to the Beltway Jam.

Posted by Will Franklin · 28 July 2005 09:48 AM

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