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To: yard_man who wrote (113975)	7/23/2001 12:56:39 PM
From: JHP	Respond to of 436258

>>In the end, it probably boils down to jobs, voters, and the social contracts that bind politicians to these key constituencies. Disparities in social contracts around the world underscore the inherent contractions of globalization. Europe’s public welfare state and Japan’s corporate welfare state both stand in sharp contrast to America’s far more tenuous social contract. Such disparate political values make it exceedingly difficult to merge the world economy into one big happy global village. German Chancellor Gerhard Schroeder said it all in Genoa: "We will not pass laws that create insecurity for employees. We don’t want an American-style labor market." <<from Stephen Roach Is this what leads to a stronger euro? regards john

To: yard_man who wrote (113975)	7/23/2001 12:56:39 PM
From: JHP	Respond to of 436258

>>In the end, it probably boils down to jobs, voters, and the social contracts that bind politicians to these key constituencies. Disparities in social contracts around the world underscore the inherent contractions of globalization. Europe’s public welfare state and Japan’s corporate welfare state both stand in sharp contrast to America’s far more tenuous social contract. Such disparate political values make it exceedingly difficult to merge the world economy into one big happy global village. German Chancellor Gerhard Schroeder said it all in Genoa: "We will not pass laws that create insecurity for employees. We don’t want an American-style labor market." <<from Stephen Roach Is this what leads to a stronger euro? regards john

To: yard_man who wrote (113975)	7/23/2001 12:56:39 PM
From: JHP	Read Replies (1) \| Respond to of 436258

>>In the end, it probably boils down to jobs, voters, and the social contracts that bind politicians to these key constituencies. Disparities in social contracts around the world underscore the inherent contractions of globalization. Europe’s public welfare state and Japan’s corporate welfare state both stand in sharp contrast to America’s far more tenuous social contract. Such disparate political values make it exceedingly difficult to merge the world economy into one big happy global village. German Chancellor Gerhard Schroeder said it all in Genoa: "We will not pass laws that create insecurity for employees. We don’t want an American-style labor market." <<from Stephen Roach Is this what leads to a stronger euro? regards john

To: yard_man who wrote (113975)	7/23/2001 12:56:39 PM
From: JHP	Read Replies (1) \| Respond to of 436258

>>In the end, it probably boils down to jobs, voters, and the social contracts that bind politicians to these key constituencies. Disparities in social contracts around the world underscore the inherent contractions of globalization. Europe’s public welfare state and Japan’s corporate welfare state both stand in sharp contrast to America’s far more tenuous social contract. Such disparate political values make it exceedingly difficult to merge the world economy into one big happy global village. German Chancellor Gerhard Schroeder said it all in Genoa: "We will not pass laws that create insecurity for employees. We don’t want an American-style labor market." <<from Stephen Roach Is this what leads to a stronger euro? regards john