> It is stunning that Europe has failed to participate in the tech boom of the last few decades.
In my view much lower level of financialization is a big culprit. The stock market is nowhere near what the US stock market is. This limits what kind of exits startups can have as well as how much they make out of it. So there is no perpetual engine of successful entrepreneurs financing the next generation. There is barely any investment capital available. Certainly not the kind that would allow years of un-profitability.
Another huge factor is language and cultural barriers. While the US states are very different, they are nothing compared to the difference between Spain, France, Italy, Germany and others.
Isn't it weird that Europe is being blamed for not being as successful due to not being financialized enough when it's being compared to USA, instead of reflecting upon the fact that it's the USA that's the outlier here and the state of Europe might be a somewhat direct consequence of United States financial hegemony?
In my view much lower level of financialization is a big culprit. The stock market is nowhere near what the US stock market is. This limits what kind of exits startups can have as well as how much they make out of it. So there is no perpetual engine of successful entrepreneurs financing the next generation. There is barely any investment capital available. Certainly not the kind that would allow years of un-profitability.
Another huge factor is language and cultural barriers. While the US states are very different, they are nothing compared to the difference between Spain, France, Italy, Germany and others.