"Western Europe GDP per capita - not taking into account the new accession counties - was lower in 2001 relative to that of the US than any time since the 1960's"

In this quote, John Hutton discusses a comparative analysis of Western Europe's GDP per capita in relation to the United States over a historical timeframe. To comprehend the ramifications, it's crucial to unpack a few crucial elements: GDP per capita, the geopolitical landscape throughout the pointed out periods, and the economic dynamics in between Western Europe and the United States.

** GDP per Capita Context: **.
Gross Domestic Product (GDP) per capita is an important economic metric that divides a country's economic output by its population, providing an average financial performance per individual. It's typically used to compare living requirements across countries, indicating the wealth generated per individual.

** Historical Economic Perspective: **.
By stating that Western Europe's GDP per capita in 2001 was lower in relation to the United States than at any time given that the 1960s, Hutton accentuates a relative financial decrease. Post-World War II, Europe experienced considerable economic healing and development, partially assisted by US efforts like the Marshall Plan. Throughout the 1960s, Western Europe was capturing up economically.

** Western Europe vs. US Economic Dynamics: **.
The reference to new accession countries highlights that the computation excludes Eastern European nations that joined the EU in 2004, suggesting a narrower focus on enduring Western European economies. By 2001, in spite of development, Western Europe faced certain financial development challenges. The US kept robust economic policies, technological developments, and performance, offering it a considerable edge in GDP per capita development.

The quote assesses the more comprehensive economic trend where Western Europe's growth might have stagnated or not kept pace with the United States due to structural obstacles, labor market rigidness, or less aggressive adoption of technological innovations compared to the US. It serves as a point of reflection on the economic methods of Western Europe in keeping competitiveness and growth in a rapidly globalizing world.

In summary, Hutton's quote points to the necessity for Western Europe to analyze its economic policies and techniques to enhance its GDP per capita relative to the US, striving to attain development that matches or goes beyond the levels seen in the years after World War II.