[berkes]

You narrow your question down too much. Because the answer is mostly "neither".

The actual question would be "would this answer be different if Europe did not have access to cheap labor that have come out of Asia, South Americas and Africa" or "To what extent is more time “enabled” by externalising many costs?". And consequentially "to what extent is America’s money enabled by having access to cheap labor, cheap manufacturing and externalising costs to Asian, South American and African markets".