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Europe: America's Crystal Ball?

Europe: America's Crystal Ball?

A new book warns that the United States is adopting a European economic culture.

Matthew Feeney | January 22, 2013

Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future, by Samuel Gregg, Encounter Books, 384 pages, $25.99

Since the financial crisis of 2008, a cross-Atlantic historical irony has been playing out. In the United States, the federal government’s response to the possibility of financial Armageddon was a massive bailout signed into law by a self-described conservative, who said at the time that he had "abandoned free-market principles to save the free-market system." In Europe, meanwhile, many governments have been at least ostensibly engaged in austerity.

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