[简答题]Which developed economies will gain most from the emerging economies’ new economic muscle Conventional wisdom has it that America’s economy is coping much better than Europe’s with competition from emerging economies, thanks to its flexible labor and product markets. According to this view, Europe is having a tough time dealing with globalization, burdened by high minimum wages, extensive job protection, high taxes and generous welfare benefits. But conventional wisdom may have got it wrong. Since 1997 employment in the euro area has grown slightly faster than in America. Over the past decade, European firms have been much more successful than America’s in holding down unit labor costs and thus remaining competitive. And since 2000 the euro area’s share of world export markets has risen slightly to 1770, whereas America’s share has slumped from 14% to 10X. Thus, by many measures of competitiveness, Europe appears to be coping better with the emerging economies than America.