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by Telemakhos
462 days ago
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The data business in the US was not developed by “building institutions” through centralized government projects but by private enterprise. There is a fundamental difference in mindset regarding the relative importance of the public and private sectors between the two regions, and I suspect that difference underlies the stark difference between the US and EU in terms of tech companies. The US has Apple, Microsoft, Amazon, Meta, X, all of which innovate to offer products appealing enough that customers are willing to use or buy them in a free and consensual transaction (which does not require any impoverishment). If they fail at innovating to appeal to customers, they go bankrupt. EU institutions funded through taxpayer money have less incentive to produce goods and services that appeal to taxpayers. I’m not sure where “impoverishment” fits into this at all. |
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Lagging country that wants to increase pace, must find resources to invest. The easiest way to find these resources is to squeeze out parts of its population, to decrease consumption and rise investment. This was done historically in the Soviet Union, in Korea, in China. Europe is of course much more prosperous, but I don't think it can escape this logic. I'm not sure if either European politicians and populations are ready to implement such catch-up initiatives that would result in partial dismantling of the welfare state.