[smsm42]

If Europe were capable of doing this, Europe would not need to do this. They'd already have active and vibrant tech scene compared to US one - EU is bigger than US by population, and certainly not less smart - in fact, a lot of people live in EU and work for US tech companies. So why US has "big tech" and Europe does not? They decided their political model must work differently, even at the cost of not having big tech. So now they don't have big tech. And no amount of committee meetings is going to change that, even if all governments would want it really, really hard.

[dns_snek]

> So why US has "big tech" and Europe does not?

Because having "big tech" is a sign that the government has completely failed to enforce anti-trust laws and allowed dangerous concentration of power to occur. It's a symptom of a disease not some desirable goal.

The EU doesn't need or want "big tech", it just needs "tech". It needs generous public funding for infrastructure, open source, and it should aim to build upon open standards whenever possible.

We don't need domestic monopolies that are just going to fuck us in the same way that US corporations fuck Americans while we all pretend to enjoy it for the sake of looking superior to the other camp.

[smsm42]

> The EU doesn't need or want "big tech", it just needs "tech".

Why doesn't it already have "tech" and has to resort to governmental action to procure one? I mean, it is obviously very easy to acquire just "tech" without government completely failing to enforce laws and population being fucked by corporations, and it is a testament to how dumb Americans really are that they failed to do that. But Europeans are not dumb, so why they didn't do it by now? Why we are discussing the matter now instead of just pointing to clearly superior open-standard non-fucking European "just tech" as a superior alternative to American "big tech"?

[sunshine-o]

Let's not forget Big tech is also fueled by the rest of the world and Europe.

If you walk into a bank in Europe and have some money to invest they will sell you mostly debt and the "Magnificent Seven" or a funds with those stocks inside.

The EU is ridiculous when it says it want to built an alternative because it's entire financial/banking system end up fueling the saving of its citizen into those companies.

This is also why we end up in that absurd situation where the Mag 7 make up 1/3 of the S&P 500 market cap.

If the EU is serious about offering an alternative (which I doubt) it needs to offer a sustainable path for its people to invest in it. Not do another fake program where insiders will grab some public money and get nowhere (it has been tried for 25 years).

[smsm42]

> If the EU is serious about offering an alternative (which I doubt) it needs to offer a sustainable path for its people to invest in it.

Did US government do something like that? If US has some attractive investments and EU does not, why don't they? I mean, EU citizens would probably like to invest in EU companies, much better than in US companies, they are not some self-haters to refuse a good investment just because it's in EU, right? So why don't they invest there? Why do they invest in US instead and there is a need in a special action - not taken prior to now - to enable them to invest in the EU?

[sarchertech]

It’s not really comparable though. The EU isn’t a unified single language market, and its GDP and per capita GDP are much smaller.

[smsm42]

Language is not a huge deal - if the French and the Spanish and the Dutch can use Facebook, they could use Eurobook if that existed, as well. The problem of course would be, if they made a committee to build Eurobook, they'd spend 5 years in meetings to ensure every country and every language is absolutely equally represented and then would build something that no speaker of any language would use.

As for GDP, EU overall GDP is only slightly less than US GDP, so it could very well sustain the industry of comparable size. Per capita GDP is indeed lower, but I'm not sure how that precludes creation of something like Eurobook.

[sarchertech]

EU GDP is about 2/3 US GDP. That’s a very significant difference. Per capita income is probably less important than average and median disposable income, which is much higher in the US and has an obvious impact on B2C companies.

FB was incubated in a single unified market before it really spread to the EU. It’s harder for companies to take off and reach tech giant reach with the much smaller individual markets in the EU.

It’s much harder to build a product that appeals to everyone from the Irish to the Bulgarians, and to advertise to them than it is to do the same for everyone in the US. And it’s not just the tech companies, the individual content creators on the platform have the same comparative problems.

[com]

There were Eurobooks and they were pretty well bought out by Facebook. Hyves and so on. The online CV networks were bought by LinkedIn.