Just some food for thought. The percentage of GDP generated by centrally managed government spending vs. free market participants [1]:
- US: 35%
- China: 33%
- EU avg: 50%
The disparity is again similar for interstate integration (in the US) and inter-province integration (in China) vs. inter-country integration (in the EU) being the outlier.
Europe needs deeper inter-country integration and more decentralization of capital to private market participants (less taxation).
Europe can play Soviet-protectionism and build the digital-equivalent of the Lada all it wants, but the above issues are the root cause of why Europe is lagging behind the other two in terms of growth and innovation.
You can't build a tech industry without venture capital and a big cohesive market to sell into, and you can't build a venture capital industry without deep pools of decentralized, risk-tolerant private capital.
First, you seems to conflate "free markets" (Whatever free means here?) with decentralized spending. How does that make sense?
And more importantly: If we can agree that a democracy ought to be an aspiration for a society, and a functioning democracy requires some minimum level of equality, how will you ensure that under your "free market"?
- US: 35%
- China: 33%
- EU avg: 50%
The disparity is again similar for interstate integration (in the US) and inter-province integration (in China) vs. inter-country integration (in the EU) being the outlier.
Europe needs deeper inter-country integration and more decentralization of capital to private market participants (less taxation).
Europe can play Soviet-protectionism and build the digital-equivalent of the Lada all it wants, but the above issues are the root cause of why Europe is lagging behind the other two in terms of growth and innovation.
You can't build a tech industry without venture capital and a big cohesive market to sell into, and you can't build a venture capital industry without deep pools of decentralized, risk-tolerant private capital.
[1] https://www.imf.org/external/datamapper/exp@FPP/USA/FRA/JPN/...