ABSTRACT
The American economy is navigating the economic currents of the 1990s more successfully than its major competitors. It is now in its seventh year of noninflationary expansion; its unemployment level is low; its profits and stock market are booming; and its productivity growth, although modest, is higher than at any time since the early 1970s. In addition, the structure of the US economy seems to be rapidly shifting toward information technology and other ‘industries of the future’. Meanwhile, Europe and Japan are recovering slowly from prolonged recessions and show less evidence of developing new areas of innovation and growth.
