Rich America, Poor Europe
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Description
Book Introduction
As the world enters an era of low growth, why is the United States the only one racing ahead at full speed?
Europe, the world's best welfare state, why is it giving up its place even to Asia?
Chosun Ilbo Weekly Biz and domestic and international economic experts
Analyzed in 38 in-depth topics
Current political and economic situation in the United States and Europe
There is talk that Europe's position is not good.
From the end of World War II until the end of the 20th century, Europe, along with the United States, led the international order as one of the two major axes of Western society.
However, since the beginning of the 21st century, Europe's status as a global leader has gradually declined.
As the online and mobile industries emerge as the central axis of the economy, it is none other than the United States that is monopolizing them.
Europe is now struggling to keep up.
Needless to say, the capital market has become a David and Goliath gap.
The level of technology, capital, and human resources in the United States and Europe, the world's leading "one-top," appear to be worlds apart.
In today's business world, Europe is losing a significant portion of its leadership over other continents.
Meanwhile, Asian countries such as China, Japan, India, and Korea are rapidly rising.
It is a well-known fact that the United States is the world's most powerful nation in terms of economic and military power.
But what's even more surprising is that even after achieving such a massive economic scale, the United States has not fallen into stagnation like Japan.
What on earth is going on in this monstrous country?
It is worth noting that Europe has only recently fallen behind the United States by this large a margin.
Since 1980, the economic sizes of the United States and the EU have fluctuated.
In particular, when the U.S. economy faltered during the global financial crisis triggered by the subprime mortgage crisis, Europe temporarily gained the upper hand.
But around this time, a 'game changer' emerged that would turn the economic landscape upside down in the United States.
Apple, led by Steve Jobs, launched the world's first smartphone, the iPhone, in 2007.
The mobile ICT revolution that began in earnest at this time became a watershed moment that determined the fate of the United States and Europe.
The economic gap between the United States and Europe is expected to continue to widen in the future.
So who stole Europe's share? It was none other than the black-haired brains of Asia.
Europe, the world's best welfare state, why is it giving up its place even to Asia?
Chosun Ilbo Weekly Biz and domestic and international economic experts
Analyzed in 38 in-depth topics
Current political and economic situation in the United States and Europe
There is talk that Europe's position is not good.
From the end of World War II until the end of the 20th century, Europe, along with the United States, led the international order as one of the two major axes of Western society.
However, since the beginning of the 21st century, Europe's status as a global leader has gradually declined.
As the online and mobile industries emerge as the central axis of the economy, it is none other than the United States that is monopolizing them.
Europe is now struggling to keep up.
Needless to say, the capital market has become a David and Goliath gap.
The level of technology, capital, and human resources in the United States and Europe, the world's leading "one-top," appear to be worlds apart.
In today's business world, Europe is losing a significant portion of its leadership over other continents.
Meanwhile, Asian countries such as China, Japan, India, and Korea are rapidly rising.
It is a well-known fact that the United States is the world's most powerful nation in terms of economic and military power.
But what's even more surprising is that even after achieving such a massive economic scale, the United States has not fallen into stagnation like Japan.
What on earth is going on in this monstrous country?
It is worth noting that Europe has only recently fallen behind the United States by this large a margin.
Since 1980, the economic sizes of the United States and the EU have fluctuated.
In particular, when the U.S. economy faltered during the global financial crisis triggered by the subprime mortgage crisis, Europe temporarily gained the upper hand.
But around this time, a 'game changer' emerged that would turn the economic landscape upside down in the United States.
Apple, led by Steve Jobs, launched the world's first smartphone, the iPhone, in 2007.
The mobile ICT revolution that began in earnest at this time became a watershed moment that determined the fate of the United States and Europe.
The economic gap between the United States and Europe is expected to continue to widen in the future.
So who stole Europe's share? It was none other than the black-haired brains of Asia.
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index
Prologue: The Declining 'Museum Continent'
Part 1: Economic Power
1.
How America Became a 'Monster'
2.
The 9 continents of the United States that overwhelm the 5 major European countries
3.
The European economy has fallen to the level of a rural American town.
4.
Americans Buying Vacation Homes vs.
Europeans lining up at a food truck
5.
Why Germany, Europe's No. 1, Has Become a "Sick Child"
Part 2 Industry
6. The US, with its monopoly on ICT, is now racing faster than in the 20th century.
7.
Google's search market share is higher in Europe than in the US.
8.
Italy, once proud of its craftsmen, is overwhelmed by economies of scale.
9.
Name a European company you know
10.
Skype and DeepMind acquired by American companies
Part 3 Capital Markets
11.
Apple alone is crushing the German stock market.
12.
Why Buffett Invests 90% of His Estate in the US
13.
The powerful dollar hegemony that underpins the United States
14.
The US grows on stock markets, while Europe relies on loans.
Contribution: Reflections on the Economic Divide Between Europe and the United States / Wall Street Legend Ken Fisher, Chairman of Fisher Investments
Part 4: Economic Constitution
15.
The US lost 465 banks due to the global financial crisis.
16.
The 35-hour workweek is the worst legislation since World War II.
17.
Europe enjoys a month-long vacation, but who's working?
18.
France's caviar left, Britain's champagne left
19.
What's the difference between the US Democratic Party and European center-left parties?
20.
France has 5.67 million civil servants, and administrative procedures are taking a long time.
Interview: The Causes of Europe's Decline as Diagnosed by a Swedish Economist / Frederik Eriksson, Director of the European Centre for International Political Economy (ECIPE)
Part 5 Education
21.
Harvard University with an annual income of 7 trillion won VS.
European universities rely on public funds
22.
Europe's "free education" granaries are starting to run out of rice.
23.
The "aristocratic education" hidden behind European-style equal education
24.
European brains flock to Wall Street and Silicon Valley
〈Contribution〉 A Look at the Dual Faces of Proud European Students / Professor Jang Jin-wook of Korea University
Part 6: Geopolitics
25.
The British Empire in Bregret's Lament
26.
Why Britain Scored Its Own Goal with Brexit
27.
The United States, which is strengthening its national power through immigration, and Europe, which is divided by the influx of refugees.
28.
The burqa and hijab that divide France
29.
Europe, an "energy captive" of the energetic US and Russia
30.
The US will no longer tolerate Europe's "security free ride."
31.
Europe, fearful of China, is shrinking even before India.
Contribution: A 40-Year Veteran Diplomat's Reflections on the United States and Europe / Choi Jong-moon, Former Second Vice Minister of Foreign Affairs
Part 7 Quality of Life
32.
Europe is too old to keep up with the vibrant United States.
33.
The once-enviable European welfare system is becoming increasingly trivial.
34.
Europe's "high north, low south" becomes more evident as abnormal weather attacks.
35.
The United States suffers from extreme income disparity
36.
America's Two Dark Shadows: Gun Violence and Drug Addiction
36.
Americans' Short Lifespans: Are They Really Happy?
38.
The wave of American migration to Europe
Epilogue - The Mighty Power of America
Part 1: Economic Power
1.
How America Became a 'Monster'
2.
The 9 continents of the United States that overwhelm the 5 major European countries
3.
The European economy has fallen to the level of a rural American town.
4.
Americans Buying Vacation Homes vs.
Europeans lining up at a food truck
5.
Why Germany, Europe's No. 1, Has Become a "Sick Child"
Part 2 Industry
6. The US, with its monopoly on ICT, is now racing faster than in the 20th century.
7.
Google's search market share is higher in Europe than in the US.
8.
Italy, once proud of its craftsmen, is overwhelmed by economies of scale.
9.
Name a European company you know
10.
Skype and DeepMind acquired by American companies
Part 3 Capital Markets
11.
Apple alone is crushing the German stock market.
12.
Why Buffett Invests 90% of His Estate in the US
13.
The powerful dollar hegemony that underpins the United States
14.
The US grows on stock markets, while Europe relies on loans.
Contribution: Reflections on the Economic Divide Between Europe and the United States / Wall Street Legend Ken Fisher, Chairman of Fisher Investments
Part 4: Economic Constitution
15.
The US lost 465 banks due to the global financial crisis.
16.
The 35-hour workweek is the worst legislation since World War II.
17.
Europe enjoys a month-long vacation, but who's working?
18.
France's caviar left, Britain's champagne left
19.
What's the difference between the US Democratic Party and European center-left parties?
20.
France has 5.67 million civil servants, and administrative procedures are taking a long time.
Interview: The Causes of Europe's Decline as Diagnosed by a Swedish Economist / Frederik Eriksson, Director of the European Centre for International Political Economy (ECIPE)
Part 5 Education
21.
Harvard University with an annual income of 7 trillion won VS.
European universities rely on public funds
22.
Europe's "free education" granaries are starting to run out of rice.
23.
The "aristocratic education" hidden behind European-style equal education
24.
European brains flock to Wall Street and Silicon Valley
〈Contribution〉 A Look at the Dual Faces of Proud European Students / Professor Jang Jin-wook of Korea University
Part 6: Geopolitics
25.
The British Empire in Bregret's Lament
26.
Why Britain Scored Its Own Goal with Brexit
27.
The United States, which is strengthening its national power through immigration, and Europe, which is divided by the influx of refugees.
28.
The burqa and hijab that divide France
29.
Europe, an "energy captive" of the energetic US and Russia
30.
The US will no longer tolerate Europe's "security free ride."
31.
Europe, fearful of China, is shrinking even before India.
Contribution: A 40-Year Veteran Diplomat's Reflections on the United States and Europe / Choi Jong-moon, Former Second Vice Minister of Foreign Affairs
Part 7 Quality of Life
32.
Europe is too old to keep up with the vibrant United States.
33.
The once-enviable European welfare system is becoming increasingly trivial.
34.
Europe's "high north, low south" becomes more evident as abnormal weather attacks.
35.
The United States suffers from extreme income disparity
36.
America's Two Dark Shadows: Gun Violence and Drug Addiction
36.
Americans' Short Lifespans: Are They Really Happy?
38.
The wave of American migration to Europe
Epilogue - The Mighty Power of America
Detailed image
Into the book
It's worth noting that Europe's significant lag behind the United States is relatively recent. Since 1980, when data becomes available from the IMF, the economic sizes of the United States and the EU (including the United Kingdom) have fluctuated.
In particular, when the U.S. economy faltered during the global financial crisis triggered by the subprime mortgage crisis, Europe temporarily gained the upper hand.
In 2008, the GDP of the EU, including the UK, was $4.4818 trillion more than that of the United States.
But around this time, a game changer emerged in the United States.
Apple, led by Steve Jobs, launched the world's first smartphone, the iPhone, in 2007.
The mobile ICT revolution that began in earnest at this time became a watershed moment that determined the fate of the United States and Europe.
--- p.24
If there had been a country called California, it would have been a great power, surpassing its colonial mother country, Britain.
California ranks first among the 50 U.S. states in GDP ($3.5981 trillion).
This is larger than the UK's GDP ($3.0706 trillion).
This comparison of the GDP of American states and European countries is detailed in a 2023 report titled "If the EU were a State of the United States" by the European Centre for International Political Economy (ECIPE), a think tank in Brussels, Belgium.
--- p.32
The inflation shock is certainly greater in Europe.
The Wall Street Journal reported on the impact of inflation in Europe, saying, “In France, people are eating less foie gras and drinking less wine than they used to.”
In 2022, Germans consumed 52 kg of meat per person, the lowest level since the survey began in 1989.
In Brussels, Belgium, teachers and nurses are lining up to buy food at half price, even though it is close to expiring, as reported by major foreign media outlets such as the WSJ.
--- p.47
The United States has dominated online business and continues to do so, thanks to its education system that fosters creativity and talent, its massive capital market, its economic system that prioritizes investor protection, its overwhelmingly powerful reserve currency, the dollar, and its widely spoken language, English.
It will be difficult to reverse this situation even after several decades.
This is the main reason why America's status has actually risen in the 21st century.
--- p.63
So why is Europe so slow to change and so economically overwhelmed by the United States?
There are various causes.
First of all, because it is the continent with the most assets that have been sitting on for a long time, there is a lack of urgency to seek change.
Former Financial Services Commission Chairman and Korea Institute for Global Economic Studies President Jeon Kwang-woo recounted an anecdote in which, during a meeting with former U.S. Treasury Secretary Larry Summers, Summers referred to Europe as “a museum in a word.”
--- p.75
The U.S. economy, with its high employment flexibility, has a virtuous cycle that can turn even crises, such as large-scale layoffs at large corporations, into new opportunities.
In 2023, American big tech companies laid off a large number of employees.
While this was a bit of a shock to the job market, it was a great opportunity for companies hiring these workers to get their hands on top engineers.
John Deere, the world's largest agricultural machinery company, is a prime example of this.
Founded in 1837, John Deere is currently focusing on developing autonomous agricultural machinery.
Technical talent is crucial for this, and Big Tech layoffs have been instrumental in helping John Deere secure the software talent it needs.
The idea that high employment flexibility means easy layoffs can be seen as dangerous from a European perspective.
However, as seen in the John Deere case, there are advantages in efficiently allocating personnel and responding quickly to new industrial changes.
--- p.94
Warren Buffett, chairman of Berkshire Hathaway, was asked this question at the company's 2023 annual meeting.
“With China and the Middle East attempting to de-dollarize, could we face a situation where the dollar no longer serves as a reserve currency?” Buffett then responds with a sharp, unequivocal response.
“We (the dollar) are the reserve currency, and there is no possibility whatsoever that another currency will become the reserve currency.” Paul Krugman, a professor at City University of New York and winner of the Nobel Prize in Economics, also advised against the “dollar doomsday theory.”
--- p.114
Taking a long summer vacation in Europe definitely improves your quality of life.
The French say they work the remaining 11 months of the year to get one month of summer vacation.
They have long been the envy of people around the world.
But these days, things are a little different.
In the past, when Europe was prosperous and prosperous, it was a luxury that others did not have, but as the economic level began to decline relatively little by little, it is gradually becoming a burden.
Even in Europe, right-wingers are criticizing the idea that “too little is being done.”
--- p.151
In his book, From Here to Equality: Reparations for Black Americans in the 21st Century, American economist William Darity Jr. argued that Americans would need to invest $10 to $12 trillion to pay $200,000 to $250,000 in reparations to 40 million Black Americans to eliminate the wealth gap between whites and Blacks in the United States.
While these claims are unrealistic, they serve as a wake-up call to the need to somehow address the racial economic gap.
Reducing the extreme gap between rich and poor and the associated economic and social disparities between races has become a task for the ruling powers in the United States.
In particular, when the U.S. economy faltered during the global financial crisis triggered by the subprime mortgage crisis, Europe temporarily gained the upper hand.
In 2008, the GDP of the EU, including the UK, was $4.4818 trillion more than that of the United States.
But around this time, a game changer emerged in the United States.
Apple, led by Steve Jobs, launched the world's first smartphone, the iPhone, in 2007.
The mobile ICT revolution that began in earnest at this time became a watershed moment that determined the fate of the United States and Europe.
--- p.24
If there had been a country called California, it would have been a great power, surpassing its colonial mother country, Britain.
California ranks first among the 50 U.S. states in GDP ($3.5981 trillion).
This is larger than the UK's GDP ($3.0706 trillion).
This comparison of the GDP of American states and European countries is detailed in a 2023 report titled "If the EU were a State of the United States" by the European Centre for International Political Economy (ECIPE), a think tank in Brussels, Belgium.
--- p.32
The inflation shock is certainly greater in Europe.
The Wall Street Journal reported on the impact of inflation in Europe, saying, “In France, people are eating less foie gras and drinking less wine than they used to.”
In 2022, Germans consumed 52 kg of meat per person, the lowest level since the survey began in 1989.
In Brussels, Belgium, teachers and nurses are lining up to buy food at half price, even though it is close to expiring, as reported by major foreign media outlets such as the WSJ.
--- p.47
The United States has dominated online business and continues to do so, thanks to its education system that fosters creativity and talent, its massive capital market, its economic system that prioritizes investor protection, its overwhelmingly powerful reserve currency, the dollar, and its widely spoken language, English.
It will be difficult to reverse this situation even after several decades.
This is the main reason why America's status has actually risen in the 21st century.
--- p.63
So why is Europe so slow to change and so economically overwhelmed by the United States?
There are various causes.
First of all, because it is the continent with the most assets that have been sitting on for a long time, there is a lack of urgency to seek change.
Former Financial Services Commission Chairman and Korea Institute for Global Economic Studies President Jeon Kwang-woo recounted an anecdote in which, during a meeting with former U.S. Treasury Secretary Larry Summers, Summers referred to Europe as “a museum in a word.”
--- p.75
The U.S. economy, with its high employment flexibility, has a virtuous cycle that can turn even crises, such as large-scale layoffs at large corporations, into new opportunities.
In 2023, American big tech companies laid off a large number of employees.
While this was a bit of a shock to the job market, it was a great opportunity for companies hiring these workers to get their hands on top engineers.
John Deere, the world's largest agricultural machinery company, is a prime example of this.
Founded in 1837, John Deere is currently focusing on developing autonomous agricultural machinery.
Technical talent is crucial for this, and Big Tech layoffs have been instrumental in helping John Deere secure the software talent it needs.
The idea that high employment flexibility means easy layoffs can be seen as dangerous from a European perspective.
However, as seen in the John Deere case, there are advantages in efficiently allocating personnel and responding quickly to new industrial changes.
--- p.94
Warren Buffett, chairman of Berkshire Hathaway, was asked this question at the company's 2023 annual meeting.
“With China and the Middle East attempting to de-dollarize, could we face a situation where the dollar no longer serves as a reserve currency?” Buffett then responds with a sharp, unequivocal response.
“We (the dollar) are the reserve currency, and there is no possibility whatsoever that another currency will become the reserve currency.” Paul Krugman, a professor at City University of New York and winner of the Nobel Prize in Economics, also advised against the “dollar doomsday theory.”
--- p.114
Taking a long summer vacation in Europe definitely improves your quality of life.
The French say they work the remaining 11 months of the year to get one month of summer vacation.
They have long been the envy of people around the world.
But these days, things are a little different.
In the past, when Europe was prosperous and prosperous, it was a luxury that others did not have, but as the economic level began to decline relatively little by little, it is gradually becoming a burden.
Even in Europe, right-wingers are criticizing the idea that “too little is being done.”
--- p.151
In his book, From Here to Equality: Reparations for Black Americans in the 21st Century, American economist William Darity Jr. argued that Americans would need to invest $10 to $12 trillion to pay $200,000 to $250,000 in reparations to 40 million Black Americans to eliminate the wealth gap between whites and Blacks in the United States.
While these claims are unrealistic, they serve as a wake-up call to the need to somehow address the racial economic gap.
Reducing the extreme gap between rich and poor and the associated economic and social disparities between races has become a task for the ruling powers in the United States.
--- p.313
Publisher's Review
Analyzing the David-and-Goliath Gap Between the US and Europe
Chosun Ilbo Global Economy and Industry Section Weekly Biz Editor-in-Chief Jin-seok Son and Chosun Ilbo Global Management and Industry Section Weekly Biz Team Reporter Jun-ki Hong presented the results of a multi-faceted analysis of the US and Europe, drawing on their years of experience living and reporting in Europe and the US.
The book, "Rich America, Poor Europe," published by two journalists in collaboration, meticulously examines all areas that a nation must consider for its survival, from economic power and industry, capital markets and economic structure, education, geopolitical position, and quality of life.
The appeal of this book is that it brings all of this together in the context of the US, EU, and even Asia, and quantifies it as if looking through a microscope, allowing us to see the stark differences between the US and Europe at a glance.
In the first chapter, "Economics," we compare the GDP of the United States and the EU to understand the current state of the European economy, which is struggling with a gap greater than we imagined.
And to analyze why those who had firmly established their positions in the G7 are gradually losing their way and power, we turned our attention to the 'industrial sector' to examine the true nature of their suffering.
Just by looking at the differences between American and European companies, we can gain a multifaceted understanding of America's dominance and Europe's miserable plight.
In the 'Capital Market' section, we analyzed why people around the world are crazy about American companies and why even Warren Buffett is investing 90% of his fortune in the US market.
And it compares and analyzes the flexibility of the U.S. economy, which is actively circulating due to the power of the strong dollar, with the economic tendencies of Europeans, who rely on bank loans rather than stocks, and the national policies that support them.
In addition, he sharply criticizes the fiscal soundness that is bound to be toxic due to the working conditions in Europe, which have the world's lowest working hours, and the current leisure environment that is bound to be a hindrance.
‘Education’, which nurtures a country’s talents, is also an absolutely essential factor in national growth.
He also did not omit an analysis of why the world's leading brains are flocking to the United States, where education costs hundreds of millions of dollars a year, rather than to Europe, where education is free.
It also delves into the question of whether European-style equal education is truly 'equal education.'
This is because those who lead France today are not ordinary people with ordinary education, but beneficiaries of special education.
It is ironic that these students also end up leaving France and going to study abroad in the United States.
A country's innate 'economic constitution' is also an indispensable factor in its survival and growth.
The United States' ability to turn the 2008 global crisis into another opportunity lies in its economic principles of survival of the fittest through strict adherence to market principles with minimal government intervention, as well as its dynamism in placing the right talent in the right position through flexible employment.
Europe's geopolitical position as a recipient of immigrants and refugees, coupled with the inevitable conflicts it experiences with local populations, are also seen as absolute obstacles to Europe's growth.
However, the author says that this is not his intention to elevate the United States to a position of superiority over Europe.
The United States also has a poor quality of life due to gun violence, drugs, and extreme income disparity.
This is the unfortunate side of the economic powerhouse.
Americans, who are racing along on the fast track, may not be very happy about their country's economic growth.
This is because they are so absorbed in being an economic power that they cannot look into the lives of their people.
For this reason, many Americans are heading to Europe.
Finally, the author poses a weighty question to them and to the Republic of Korea that watches over them.
'How will you live from now on?'
If you need an aesthetic eye to read the future economy,
Listen to their stories
Presenting a barometer that will accurately indicate the path the South Korean economy should take!
I only knew the United States as an economic powerhouse and Europe as a tourist powerhouse.
And I believed that these two top players, who had achieved greatness in their respective fields, would remain at the forefront of their respective fields forever.
But now, even Europe's position as a tourism powerhouse is under threat.
As the author says in the introduction to the book, I admire the beauty of the Eiffel Tower, the Seine River, and the quaint Haussmannian buildings of Paris, but I never once thought about the rats swarming in the sewers below.
Europe, with its energy supply hit by the Russo-Ukrainian War, soaring prices, extreme weather events that have sent temperatures exceeding 40 degrees Celsius, and a flood of refugees with nowhere to go due to its geopolitical location, threatening the safety of its urban centers, is no longer a popular tourist destination.
Currently, the gap between the United States and Europe is so large that it is difficult to even compare them.
The authors, Jin-seok Son, editor-in-chief of the Chosun Ilbo Global Economy and Industry Section Weekly Biz, and Jun-gi Hong, reporter for the Chosun Ilbo Global Management and Industry Section Weekly Biz Team, based on their experience working in the United States and Europe, began to record in depth what separated the fates of the United States and Europe, which had long been a duopoly.
To enrich the book with insights, perspectives, and experiences, we invited four renowned domestic and international experts to contribute their insights, perspectives, and experiences.
Ken Fisher, the legendary Wall Street investor and chairman of Fisher Investments; Frederik Eriksson, director of the European Centre for International Political Economy (ECIPE), a think tank in Brussels, Belgium; Jang Jin-wook, a professor at Korea University's School of Business who studied in the U.S. and taught in Europe; and Choi Jong-moon, former Vice Minister of Foreign Affairs who traveled the world as a career diplomat for 40 years, all sympathized with the purpose of the book and wrote articles themselves or participated in interviews with them.
The authors' perspective is not limited to a declining Europe.
The driving force behind America's unrivaled lead was also analyzed from various angles.
The United States possesses the power of a massive capital market, the destructive power of an economy of scale that dominates ICT, and the immense power of the dollar.
Moreover, the competitiveness of universities and the military is unrivaled.
I won't go into detail about the United States, as much is already known about it.
What the authors sought was Europe, not the United States.
The reason is that, from a journalistic perspective, I believe that for Korea, which has just barely reached the threshold of becoming a developed country, a negative lesson rather than a lesson learned is a more useful approach.
We also took into account the fact that while many Koreans have a lot of experience and understanding of the United States, they tend not to look as deeply into Europe as they might think.
The important thing is not 'how much' you grow, but 'how' you grow.
Many Koreans who have had extensive experience in Europe are involved in various artistic fields.
Those drawn to the values of equality and solidarity that Europeans promote seem oblivious to the fact that these values are sabotaging the energy needed to increase future productivity.
Against this backdrop, there are surprisingly few Koreans who have examined the European economy and industry from a market-friendly perspective and objectively weighed its pros and cons.
The section in the book that discusses editor-in-chief Son Jin-seok's experiences in Europe is based on his time as a correspondent from late 2017 to late 2021.
Reporter Hong also vividly shared his experiences while working as a short-term correspondent in the United States.
The authors did not write this book to praise America and denigrate Europe.
In that respect, it also sufficiently addresses the ills of American society, which is overflowing with drugs and gun accidents.
Even as the United States solidifies its position as the world's number one country, some question whether Americans are truly happy.
The path Korea must take cannot be unilaterally the same as that taken by any particular country, but the author hopes that this book will serve as a small compass as we navigate our way toward a future shrouded in fog.
Future growth will require directional growth that seeks out 'how' rather than exponential growth that focuses on 'how much'.
The journey of finding a path that is right for us, neither the American nor the European path, is what this book presents and its core.
There is no previous work in Korean that extensively analyzes cause and effect on this topic.
This is the charm of this book, and why it is a must-read for anyone who wants to develop an aesthetic eye for reading the economy of the future.
Chosun Ilbo Global Economy and Industry Section Weekly Biz Editor-in-Chief Jin-seok Son and Chosun Ilbo Global Management and Industry Section Weekly Biz Team Reporter Jun-ki Hong presented the results of a multi-faceted analysis of the US and Europe, drawing on their years of experience living and reporting in Europe and the US.
The book, "Rich America, Poor Europe," published by two journalists in collaboration, meticulously examines all areas that a nation must consider for its survival, from economic power and industry, capital markets and economic structure, education, geopolitical position, and quality of life.
The appeal of this book is that it brings all of this together in the context of the US, EU, and even Asia, and quantifies it as if looking through a microscope, allowing us to see the stark differences between the US and Europe at a glance.
In the first chapter, "Economics," we compare the GDP of the United States and the EU to understand the current state of the European economy, which is struggling with a gap greater than we imagined.
And to analyze why those who had firmly established their positions in the G7 are gradually losing their way and power, we turned our attention to the 'industrial sector' to examine the true nature of their suffering.
Just by looking at the differences between American and European companies, we can gain a multifaceted understanding of America's dominance and Europe's miserable plight.
In the 'Capital Market' section, we analyzed why people around the world are crazy about American companies and why even Warren Buffett is investing 90% of his fortune in the US market.
And it compares and analyzes the flexibility of the U.S. economy, which is actively circulating due to the power of the strong dollar, with the economic tendencies of Europeans, who rely on bank loans rather than stocks, and the national policies that support them.
In addition, he sharply criticizes the fiscal soundness that is bound to be toxic due to the working conditions in Europe, which have the world's lowest working hours, and the current leisure environment that is bound to be a hindrance.
‘Education’, which nurtures a country’s talents, is also an absolutely essential factor in national growth.
He also did not omit an analysis of why the world's leading brains are flocking to the United States, where education costs hundreds of millions of dollars a year, rather than to Europe, where education is free.
It also delves into the question of whether European-style equal education is truly 'equal education.'
This is because those who lead France today are not ordinary people with ordinary education, but beneficiaries of special education.
It is ironic that these students also end up leaving France and going to study abroad in the United States.
A country's innate 'economic constitution' is also an indispensable factor in its survival and growth.
The United States' ability to turn the 2008 global crisis into another opportunity lies in its economic principles of survival of the fittest through strict adherence to market principles with minimal government intervention, as well as its dynamism in placing the right talent in the right position through flexible employment.
Europe's geopolitical position as a recipient of immigrants and refugees, coupled with the inevitable conflicts it experiences with local populations, are also seen as absolute obstacles to Europe's growth.
However, the author says that this is not his intention to elevate the United States to a position of superiority over Europe.
The United States also has a poor quality of life due to gun violence, drugs, and extreme income disparity.
This is the unfortunate side of the economic powerhouse.
Americans, who are racing along on the fast track, may not be very happy about their country's economic growth.
This is because they are so absorbed in being an economic power that they cannot look into the lives of their people.
For this reason, many Americans are heading to Europe.
Finally, the author poses a weighty question to them and to the Republic of Korea that watches over them.
'How will you live from now on?'
If you need an aesthetic eye to read the future economy,
Listen to their stories
Presenting a barometer that will accurately indicate the path the South Korean economy should take!
I only knew the United States as an economic powerhouse and Europe as a tourist powerhouse.
And I believed that these two top players, who had achieved greatness in their respective fields, would remain at the forefront of their respective fields forever.
But now, even Europe's position as a tourism powerhouse is under threat.
As the author says in the introduction to the book, I admire the beauty of the Eiffel Tower, the Seine River, and the quaint Haussmannian buildings of Paris, but I never once thought about the rats swarming in the sewers below.
Europe, with its energy supply hit by the Russo-Ukrainian War, soaring prices, extreme weather events that have sent temperatures exceeding 40 degrees Celsius, and a flood of refugees with nowhere to go due to its geopolitical location, threatening the safety of its urban centers, is no longer a popular tourist destination.
Currently, the gap between the United States and Europe is so large that it is difficult to even compare them.
The authors, Jin-seok Son, editor-in-chief of the Chosun Ilbo Global Economy and Industry Section Weekly Biz, and Jun-gi Hong, reporter for the Chosun Ilbo Global Management and Industry Section Weekly Biz Team, based on their experience working in the United States and Europe, began to record in depth what separated the fates of the United States and Europe, which had long been a duopoly.
To enrich the book with insights, perspectives, and experiences, we invited four renowned domestic and international experts to contribute their insights, perspectives, and experiences.
Ken Fisher, the legendary Wall Street investor and chairman of Fisher Investments; Frederik Eriksson, director of the European Centre for International Political Economy (ECIPE), a think tank in Brussels, Belgium; Jang Jin-wook, a professor at Korea University's School of Business who studied in the U.S. and taught in Europe; and Choi Jong-moon, former Vice Minister of Foreign Affairs who traveled the world as a career diplomat for 40 years, all sympathized with the purpose of the book and wrote articles themselves or participated in interviews with them.
The authors' perspective is not limited to a declining Europe.
The driving force behind America's unrivaled lead was also analyzed from various angles.
The United States possesses the power of a massive capital market, the destructive power of an economy of scale that dominates ICT, and the immense power of the dollar.
Moreover, the competitiveness of universities and the military is unrivaled.
I won't go into detail about the United States, as much is already known about it.
What the authors sought was Europe, not the United States.
The reason is that, from a journalistic perspective, I believe that for Korea, which has just barely reached the threshold of becoming a developed country, a negative lesson rather than a lesson learned is a more useful approach.
We also took into account the fact that while many Koreans have a lot of experience and understanding of the United States, they tend not to look as deeply into Europe as they might think.
The important thing is not 'how much' you grow, but 'how' you grow.
Many Koreans who have had extensive experience in Europe are involved in various artistic fields.
Those drawn to the values of equality and solidarity that Europeans promote seem oblivious to the fact that these values are sabotaging the energy needed to increase future productivity.
Against this backdrop, there are surprisingly few Koreans who have examined the European economy and industry from a market-friendly perspective and objectively weighed its pros and cons.
The section in the book that discusses editor-in-chief Son Jin-seok's experiences in Europe is based on his time as a correspondent from late 2017 to late 2021.
Reporter Hong also vividly shared his experiences while working as a short-term correspondent in the United States.
The authors did not write this book to praise America and denigrate Europe.
In that respect, it also sufficiently addresses the ills of American society, which is overflowing with drugs and gun accidents.
Even as the United States solidifies its position as the world's number one country, some question whether Americans are truly happy.
The path Korea must take cannot be unilaterally the same as that taken by any particular country, but the author hopes that this book will serve as a small compass as we navigate our way toward a future shrouded in fog.
Future growth will require directional growth that seeks out 'how' rather than exponential growth that focuses on 'how much'.
The journey of finding a path that is right for us, neither the American nor the European path, is what this book presents and its core.
There is no previous work in Korean that extensively analyzes cause and effect on this topic.
This is the charm of this book, and why it is a must-read for anyone who wants to develop an aesthetic eye for reading the economy of the future.
GOODS SPECIFICS
- Publication date: December 29, 2023
- Page count, weight, size: 344 pages | 552g | 145*215*29mm
- ISBN13: 9791168320789
- ISBN10: 116832078X
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