Europe's Painful Farewell: An Essay On The Decline Of The Old World

From The Heritage Foundation and The Centre For Independent Studies:


Economic Growth

Europe’s Painful Farewell: An Essay on the Decline of the Old World

by Oliver Marc Hartwich

Centre for Independent Studies

January 13, 2011

Issue Analysis

A realistic assessment of Europe shows the continent to be in terminal decline and facing an uncertain and unpleasant future. Whether these problems will culminate in a big, existential crisis or repeat the Japanese experience of a few lost decades is hard to predict. Neither scenario is particularly appealing, though. Recent emigration levels from European countries show that the exodus from Europe has already begun. Between 1997 and 2006, nearly two million Britons left their country, and that was at a time when the British economy was still growing. In Germany, more than 160,000 people left the country in 2007, many of whom were highly qualified. A survey compiled for the Economics Ministry revealed that a large proportion of German migrants named high taxes and a complicated bureaucracy as important factors contributing to their decision—and this was before the economic crisis.



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