Postwar: A History of Europe Since 1945

by Tony Judt

the European Union was now large enough to bring effective pressure on the US Congress and on individual American manufacturers to conform to its norms and regulations or else risk being squeezed out of its markets: a development that caught many US Congressmen and businesses by surprise. Not only was Europe no longer in America’s shadow, but the relation was if anything reversed. European direct investment in the US in the year 2000 had reached $900 billion (against less than $650 billion of American direct investment in Europe); nearly 70 percent of all foreign investment in the US was from Europe; and European multi-nationals now owned a large number of iconic American products, including Brooks Brothers, Random House, Kent cigarettes, Pennzoil, Bird’s Eye and the Los Angeles Dodgers baseball team.