2008-05-08

World Business

The more I read about how the European Union has reinvigorated its economy the more I wonder just how outdated Quebec's (and Canada's) business model really is. Here in Quebec, nationalization remains the name of the game.

In a larger context, what will the Americans do to reinvent its economy? Recall they were left for dead when the Japanese were expected to change the whole business and economic paradigm in the 1980s. And yet the United States reformed itself quickly to thwart that possibility.

The EU is the largest player in direct investment in the United States and with a few European companies in control of some of America's corporations, one has to wonder how long the U.S. wants to play this game.

On the flip side, it's a testament to American consumer and business culture that Europeans (with their new-found confidence) would still gravitate to America - the competition and innovation remains as vigorous as ever I imagine.

I don't want to overstate or over simplify the EU's second miracle (there indeed remains some serious structural issues) or America's apparent position of weakness, but there certainly is a trend there.

And where does Canada stand amidst this whole new world order? Is it passing us by?

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