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The rise of China as other large emerging economies is re-drawing the global economic map.
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This competition between the states holds out the prospect of remaking the economic and political map of America, as new economic state powers pursuing pro-growth policies arise, replacing the over-the-hill, declining, economic state powers pursuing the blind alleys of sterile, defunct, redistribution policies of the past.
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Even if Cowen is wrong about the pitch of the technological plateau and the severity of income stagnation, he has nonetheless put radical innovation and economic growth back on the map.
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Unlike the USA, which has been a well-established federation on roughly the same geographic map over a century, EU is still a collection of states in an area where ethnic diversities, racial differences, ideology and economic antagonism have changed the map several times.
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Like the PC industry before it, the navigation business has seen economic value shift to the software, in this case the incredibly hard-to-replicate map databases.
FORBES: Magazine Article