By Fareed Zakaria
Two-thirds of Americans believe the country is on the wrong track, a poll number that has not shifted much in three years. The midterm election results were just another reflection of this pervasive discontent. And yet, looking at the rest of the world, what’s striking is how well the United States is doing relative to other major economies. Japan is back in a recession and Germany has barely avoided slipping into one, which would have been its third since 2008. President Obama says the United States has produced more jobs in its recovery than the rest of the industrialized worldput together.
Why is this? Many believe that the American economy has some inherent advantages over its major competitors — a more flexible structure, stronger entrepreneurial traditions and a more demographically vibrant society. Along comes a fascinating new book that says you ain’t seen nothing yet.