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This updated version of The Fading Miracle provides a lucid account of economic policy in West Germany from the late 1940s up to the present, including the new challenges presented by the unification of the two German states in 1990.

This work focuses on the challenges the American economy has faced during the post-World War II era, and on the twenty-first-century challenges of Japan, Germany, and the entire European Union. The author challenges the view that the US economy has experienced a post-war decline, and illustrates how the economy will experience growth and change.