American exceptionalism.

The article looks at economic conditions in the developed countries, focusing on the contrast between the performance of the U.S. economy versus those of Europe and Japan. It notes that many European economies have come to resemble Japan's in areas including slow growth rates, low inflation, and low bond yields. The author assesses whether the U.S. will be able to maintain its relatively high growth rate and related indicators, such as higher stock price-earnings ratios.