In Part I of this series, we learned from a report in the Wall Street Journal that the combined economies of the European Union have grown by only 6 percent over the past 15 years compared to 82 percent growth in the United States.
That is stunning evidence that big welfare states lead to economic stagnation.
For Part II, let’s look at a remarkable new study by the Brussels-based European Centre for International Political Economy.
We’ll start with this chart, which shows that the U.S. is much richer. But what’s especially noteworthy is that the gap between the U.S. and E.U. keeps widening even though convergence theory says poorer nations should grow faster than richer nations.
Given the E.U.’s dismal performance over the past 15 years, it seems like the “anti-convergence” is becoming even more pronounced.
Here is some of the analysis from the report, authored…
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Utopia, you are standing in it! 
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