Last month, Mario Draghi published report The future of European competitiveness, compiling concerns and strategies for solutions. Select stark highl

A review of European dynamism - Sitesh Shrivastava

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2024-11-18 10:00:05

Last month, Mario Draghi published report The future of European competitiveness, compiling concerns and strategies for solutions. Select stark highlights that stand out:

In the last 50 years, no company with market cap of $100B+ was started in Europe, while all 6, $1T+ companies in the US were founded within this period.

For the past 50 years, there has been a general trend of broad technological stagnation across the Western world, but the US was able to make immense progress in the narrow realm of digital technologies on the back of Bits despite missing out on Atoms (although that too is catching up with Tesla, SpaceX, etc).

But across the EU, 0 → 1 type vertical innovation has disappeared in contrast to 1 → N type horizontal globalization across the board in science, technology, and business.

Most analyses exclusively focus on the structural EU regulatory+policy+capital environment to explain this - which is true to an extent. A deeper undercurrent can be felt in culture such that spending time anywhere in EU, it’s hard to sense dynamism.