Courtesy Reuters

Global Productivity's Long Decline

SLOW GROWTH of the world economy and rising unemployment in the industrialized world-along with the end of the Cold War, which once bound together the capitalist countries of North America, Europe and Asia-have given new life to nationalism, regionalism and protectionism in various quarters of the globe. Combating the persistence of slow growth must be a priority for the new American president and other leaders of the developed nations.

As he ponders remedies, President Clinton starts from a shaky base. The U.S. economy he inherits experienced the slowest growth of the postwar period-an average of 1.2

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