Over the last couple of years going by the series of outsourcing events it seems European businesses to a large extent have cragfasted between unique USA and amazingly low cost Asia. I know few industry stalwarts who are not openly pessimistic about European businesses.
After all Europe, broadly is perceived by its old gigantic industrial set ups with old ideas. Europe is also been portrayed as a continent with laid back picturesque places, luxury goods, fine wine, fabulous food and so on. Be it microchips or microbes, it looks like old conservative Europe is lagging behind awesome America and low cost emerging Asia.
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