Trade, Employment and Transatlantic Policy Aspects
A special chapter is devoted to transatlantic policy aspects and trade and employment issues. US protectionism vis-à-vis the EU is analyzed. The discussion from the literature is presented, and new findings on the size of the effective transatlantic per capita income gap are highlighted—here, effective refers to income net of health-care expenditures and takes into account lifetime income and hence differences in lifetime expectancy plus differences in paid vacations. The transatlantic differences in this perspective are very low, less than 5% and not the traditional 30% often claimed in standard analyses. The implication is that the US could learn from Germany and France, for example, as well as from Switzerland. Differences in US and European populism are emphasized, while the interaction of trade and foreign direct investment is analyzed.
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