By Olaf Gersemann
Such a lot literature exhibiting the greatness of capitalism via records is horribly biased, yet this ebook retains the prejudice to a reasonable point. this suggests you get a wealth of statistical details that's not overly encouraged by way of ideology, that's a unprecedented locate.
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Extra info for Cowboy Capitalism: European Myths, American Reality
Government has never spent more than 38 percent of GDP. The respective record levels of Germany, France, and Italy are much higher (50, 55 and 58 percent). org) and author’s calculations. of government spending that is significantly below its record high. 14 The transatlantic differences are mostly due to the higher level of social expenditures in the European countries. 2). In all other kinds of expenses, taken together, the differences were relatively small. In Germany, for example, they were not even two percentage points above the American level.
For every 100 jobs for low-skill workers, manufacturing provided 97 jobs for medium- or high-skill workers. The service sector provided jobs for 229 medium- and high-skill workers for every 100 low-skill jobs. In producer services, the ratio was even more impressive at 100 to 417. 24 Every so often, it is also said that even a modern economy needs a strong industrial base because the service sector produces nothing tangible and therefore can’t be the foundation of an economy.
13 ● The American government has stayed relatively trim. S. government has never spent more than 38 percent of GDP. The respective record levels of Germany, France, and Italy are much higher (50, 55 and 58 percent). org) and author’s calculations. of government spending that is significantly below its record high. 14 The transatlantic differences are mostly due to the higher level of social expenditures in the European countries. 2). In all other kinds of expenses, taken together, the differences were relatively small.