New US paradigm for the times
TUESDAY, JULY 30, 2002
J Bradford DeLong
For most of the past decade the world has been lectured to by Americans who proclaimed the perfection of the US economy: its focus on competition, loose labour regulation, and a modest social safety net, all of which supposedly delivered dynamism and high growth rates.
Europeans were told to follow the US model and liberalise their labour markets, so that businesses that want to hire can do so without losing money and so that unemployed workers who find new jobs won't see their wages offset by cuts in welfare-state benefits.
http://economictimes.indiatimes.com/articleshow.asp?art_id=17498039