| Economic Growth Overseas Post Dot-Bomb by | | | | than 30% against the dollar in the last 2 |
| Erasmus | | | | years. |
| | | | |
| As the United States leisurely grows its | | | | But economic growth outside the United States |
| economy at rates below 3%, the rest of the | | | | has by no means been confined to Europe. One |
| world must drive the global engine of | | | | of the most important sources of world |
| prosperity. The Post Dot-Bomb period, during | | | | activity has been in China. China's economy |
| which the United States has grown its own | | | | grew at an annualized rate of more than 11% |
| markets uninterrupted by recession, has been | | | | in the first quarter of 2007. China's recent |
| characterized by much higher rates of growth | | | | commitment to recognize private property has |
| elsewhere. | | | | spawned a new generation of entrepreneurs. |
| | | | One real estate investor in China has built a |
| The expansion of the European Union to | | | | financial empire worth $9 billion in just |
| include Eastern Europe has driven growth in | | | | over a decade. |
| the "Old Europe" economies of Britain and | | | | |
| France with an influx of cheap labor while | | | | Ultimately, the sources of economic growth |
| "New Europe" has witnessed explosive growth. | | | | worldwide are as varied as the peoples that |
| Countries like the Czech Republic have | | | | experience it. The great unifying hope for |
| successfully leveraged their highly educated | | | | continued growth lies in the rapid adoption |
| populations into growth rates of median wages | | | | of technology across the developing world. |
| in excess of 40%. The Latvian economy in | | | | The United States' reliance on high |
| particular has witnessed wage growth in | | | | technology and research and development has |
| excess of 200% during this period. | | | | given the rest of the world a tremendous |
| | | | gift. Moving rapidly to install up-to-date |
| Export-oriented economies around the world | | | | technology, China and Eastern Europe have |
| have grown more strongly than the United | | | | been able to skip whole generations of |
| States as well. Germany, one of the world's | | | | technology. As Latin America and Africa work |
| great exporting powers, has turned its | | | | up from even further behind, they ought to |
| domination of niche manufacturing markets | | | | experience enhanced growth rates as well. |
| like sensors for satellites. Germany's | | | | Even in an environment of slow growth in the |
| success has manifested itself in global | | | | United States, global prospects for continued |
| capital markets. The Euro has recovered more | | | | economic growth are excellent. |