As usual the article is almost exclusively concerned with market capitalization as an indicator of economic success. Countries like Germany are dominated by small and middle-class, family owned business. 'Big corporate' is indeed more successful in the US or China but it's just one model to manage an economy and I don't think it's that great. One of the most important points is also buried at the end of the article
>"These internal barriers mean Europe has many smaller firms operating at national, not continental, scale. Each country tends to have its own banks, utilities, airlines and supermarkets. (Europe has over 100 mobile operators, compared with a handful in America or China.) These lack the economies of scale and opportunities to grow quickly enjoyed by firms plying the American or Chinese markets."
Europe has no homogeneous consumer market for tech giants like the US or China which can propel tech firms to gigantic size. And honestly I consider this a feature instead of a bug. It seems like profits aside the major other thing they seem to promote is damaging competition, democracy and pushing surveillance. If it was up to me Europe should use the decline of business giants to double down on the idea of the 'Europe of regions'. Small, diverse and robust business that does well on international markets, pays attention to its stakeholders rather than just shareholders, and does not just pursue growth blindly.
>"These internal barriers mean Europe has many smaller firms operating at national, not continental, scale. Each country tends to have its own banks, utilities, airlines and supermarkets. (Europe has over 100 mobile operators, compared with a handful in America or China.) These lack the economies of scale and opportunities to grow quickly enjoyed by firms plying the American or Chinese markets."
Europe has no homogeneous consumer market for tech giants like the US or China which can propel tech firms to gigantic size. And honestly I consider this a feature instead of a bug. It seems like profits aside the major other thing they seem to promote is damaging competition, democracy and pushing surveillance. If it was up to me Europe should use the decline of business giants to double down on the idea of the 'Europe of regions'. Small, diverse and robust business that does well on international markets, pays attention to its stakeholders rather than just shareholders, and does not just pursue growth blindly.