Chapter

Do Economic Trends Unite or Divide the Two Sides of the Atlantic?

David P. Calleo

in Just Another Major Crisis?

Published in print August 2008 | ISBN: 9780199552030
Published online January 2009 | e-ISBN: 9780191720291 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199552030.003.0010
Do Economic Trends Unite or Divide the Two Sides of the Atlantic?

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In recent years it has often been affirmed that economic disputes have been driving the United States and the European Union apart. This chapter discusses this view and argues that, while many economic issues have certainly come up, they have generally been resolved relatively quickly and amicably. The most difficult and persistent disputes have concerned the management of the dollar and its exchange rate, related to America's twin budget deficits. These disputes are still very much with us today. We should never forget, however, that even the dollar disputes have been taking place within a rapidly growing Atlantic market and investment area. “Today, nearly two decades after the Soviet collapse, we sense a growing geopolitical alienation within the West, and hope to invoke our extensive economic ties to counter it.” In the end, however, the chapter concludes that the USA and Europe are bound to remain both rivals and partners.

Keywords: economic disputes; dollar; rivals; partners; United States; Europe

Chapter.  10692 words. 

Subjects: US Politics

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