Chapter

Europe at the Crossroads: The Challenge from Innovation‐Based Growth

Jan Fagerberg

in The Globalizing Learning Economy

Published in print October 2002 | ISBN: 9780199258178
Published online November 2003 | e-ISBN: 9780191595868 | DOI: http://dx.doi.org/10.1093/0199258171.003.0003
 Europe at the Crossroads: The Challenge from Innovation‐Based Growth

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Europe's performance relative to the USA and countries in Asia is a topic that greatly preoccupies policy makers who are concerned that the European Union (EU) is losing ground compared with other, more dynamic parts of the world. This chapter points to disconcerting trends in EU performance: productivity growth has slowed down relative to competitors; export competitiveness has deteriorated in all areas except agriculture and raw materials; losses have been manifest in the technologically most sophisticated industries, particularly in ICT (information and communication technology), which requires innovation‐based growth; and a failure to create employment on a scale at all comparable with that of the USA or Japan, with obvious repercussions for unemployment. While until recently there was a tendency towards convergence in productivity and income between European regions, there are now signs of a reversal of this trend. These issues are discussed including the possible role of European economic integration in lack of market competitiveness.

Keywords: Asia; competitiveness; economic growth; economic integration; employment; Europe; European Union; exports; ICT; income; information and communication technology; innovation; Japan; market competition; productivity; unemployment; USA

Chapter.  6345 words. 

Subjects: Economic Development and Growth

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