Wed 8 December 2010, Financial Times

How west can reverse a decade of decline

By Gordon Brown
F or two centuries Europe and America dominated global output, manufactured and exported the majority of the world’s goods and invested and consumed far more than the rest of the world combined. Now in 2010 the US and the European Union are being out-produced, out-manufactured, out-traded and out-invested by the rest of the world – but not out-consumed. All the individual dramas of the last three years – the subprime mortgage disaster, Lehman’s collapse, Greek deficits, and Irish bankruptcies – can highlight, but should not obscure, these global economic shifts that now threaten the west. The danger for America and Europe is years of low growth and high unemployment.

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