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sample with
complete data
complete data promises of
globalization
sinking
21 2 23 91, 3
comparative
levels
price
rising foreign direct
investment inflows
21 2 23 91, 3
accelerating
economic growth
19 4 23 82, 6
sinking
unemployment
10 13 23 43, 5
sinking inequality 5 18 23 21, 7
Legend: based on Tausch, 2004 – 2005, calculated with World Bank, ILO, and UTIP data
The European Union at 50
We also can show that Europe’s crisis is not caused by what the neo-liberals term
a “lack of world economic openness” but rather, on the contrary, by the
enormous amount of passive globalization that Europe – together with Latin
America – experienced over recent years.
On all accounts, the EU-25 is the most important formalized regional bloc in the
world economy:
Table 10.3: The comparative shares of Europe, the US and Japan in world
economic activities
EU-25 USA
% of world population 7, 2 4, 6 2
% of world GDP 22 21 7
% of world trade 19, 5 17, 4 6, 7
% of world inward investments 25, 7 31, 3 1, 3
% of world outward investments 46, 1 24, 8 5, 3
economic openness (foreign trade with third countries as
% of GDP)
Entelequia. Revista Interdisciplinar · CAEI Arno Tausch / 177
Japan
14, 6 8, 8 9
Source: Eurostat Press Releases, Publications Office European Commission,
Economist Country Briefings
For years, Europe is engaged in the so-called Lisbon process (named after the
European Summit in 2000 at which these policy measures were discussed) to
catch up with the US and to become by 2010 the most advanced, technology and
science-based economy in the world. The failure to meet these Lisbon goals has
now been generally recognized. But the time-perspective tells us another and
very different story.