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It was less a story about European latecomers catching up to European leaders. Convergence did take place within Europe, but it was a modest affair in the aggregate since the spectacular catching-up successes on the continent were offset by some equally spectacular failures. This European experience deserves a closer look...
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This European experience deserves a closer look.
Given the great debate about Britain's loss of industrial leadership (Crafts, 1998), there is a tendency to seek evidence of convergence by looking at German or U.S. catching up on (and overtaking of) Britain. But that's the wrong place to look for general lessons, since it deals only with who was at the top among the rich countries...
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