Industry or Services: The European Specialization Dilemma
Since 2000; international trade has been characterized by a strong demand for primary products; an acceleration of exports from large emerging countries and a rise in trade in services under the leadership of developed countries. How did European specialization evolve in such environment? Europe turns out to have strengthened its tertiary specialization while keeping a strong industrial positioning; in this respect; it stands between the United States and Japan. Further analysis of European countries’ comparative advantages shows a great diversity and significant recomposition over the past decade. While most; countries within the European Union maintain a solid industrial specialization and/or have reinforced their specialization in new services; the comparative advantages of some member States are still concentrated in traditional services with a weak growth potential.
Volume (Year): (2011)
Issue (Month): 317 ()
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