these shortcomings, U.S. industries will continue to manufacture 'shoddy" products that cannot compete abroad.
The Europeans must contend with unemployment rates in the dou- ble digits (versus 6.8 percent in the United States). High wages and benefits-six-week vacations are the legal norm in Belgium-have made workers more expensive than machinery. As a result, European economies have generated no new jobs (on balance) since 1970.
Meanwhile, Japan has saturated its export markets. (Exports...