I can't help but think there is an alternative to this dichotomy. If, for example, US were to institute a high-percentage income tax bracket for the wealthy (maybe 65% over $1m) and used that to pay for national healthcare, would that really impact start-up culture? Maybe it affects some business at large, but it means the average joe can get laid off and not stress about hospital bills, while still encouraging a "risk-hungry sector".
Tl;Dr: Europe could have trillion dollar companies and still lean heavily towards labor, just like we could
Tl;Dr: Europe could have trillion dollar companies and still lean heavily towards labor, just like we could