[hurrrr]

I'm European. I think Europe’s main problem is that its leaders and citizens are more concerned with how to distribute wealth than with creating it. In many countries, much more importance is placed on pensions than on the education of the younger generations.

Krugman’s analysis may well be accurate, but the problem is that China is now beginning to assert itself in sectors where Europe used to be strong (manufacturing, automotive, etc.). If our software is American and our hardware is Chinese, who will pay for the pensions?

[hirako2000]

Standards are relative. Given most parts of the world have developed and as you mentioned China, Europe is now behind.