Europe's New Pecking Order?

Last Week The Economist had a very provocative cover whichI think is worth putting on this blog :

Of course, The Economist has normally always been a pro-free market, pro-globalisation and free-immgration magazine, hence the shock. But this cover, as often with the Brits, should be taken with humo(u)r and a grain of salt (even hough lately, they have indeed been a bit self-critical of their philosophy).

This cover acknowledges some modest philosophical change, but in their editorial, they still claim that with respect to models, Anglo-Saxon capitalism remains the best one.

The strengths that have made parts of continental Europe relatively resilient in recession could quickly emerge as weaknesses in a recovery. For there is a price to pay for more security and greater job protection : a slowness to adjust and innovate that means, in the long run, less growth …

The United States and Britain could rebound from recession faster than most of continental Europe.