The illusion of a "new economy", freed from the
constraints preventing trees from growing up to the sky
and technical innovations from spreading with the speed
of light, has vanished. But the loss of this illusion must
not be allowed to obscure the reality. Only 15 years ago,
the American economy, threatened with financial
suffocation, seemed condemned to no more than mediocre
growth. Today, of all the developed economies, it is the
one with the highest growth potential and the most solid
financial system. This transformation is the fruit neither
of a technological miracle nor of doctrinaire liberalism. It
is the result of a steady flow of investment that has
gradually enabled the American economy to return to the
path of technical progress. It is also the result of the
financial makeover that is now providing the economy
with powerful mechanisms enabling it to stabilise its rate
of growth. And, finally, it is the result of increasingly
resolute and judicious policies enabling the economy to
remain close to full employment. It is the major features
of this new American economy we intend to describe
here : Europe could perhaps learn some lessons from it.
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