Basic Facts about Wealth and Poverty

[Rakesh Bhandari]

> 
> The overwhelming majority of European trade is intra-European, and the EU
> will be a large, closed economy like the U.S. and Japan, not a small, open
> one like Norway.

Yes, I meant some of the lower paying mfg branches which are located eg
in the US South may be located on the European periphery (Portugal,
Spain, Greece, Southern Italy, etc) or the third world. Comparing
"Western"  European wages to US wages may be comparing a  part of an
industrial matrix to a more complete one. Of course, Doug's point that the
US industrial structure includes high growth, low wage services which
simply don't exist anywhere in Europe is very interesting indeed.
best, rakesh