Part 2/14:
The current state of Europe can be traced back to its response to the 2008 global financial crisis. Unlike the US and China, which pursued aggressive stimulus measures to revive their economies, Europe, led by Germany, opted for austerity policies. This choice, rooted in a desire to balance budgets, resulted in prolonged stagnation rather than recovery. Over time, this approach eroded Europe's share of global GDP from 20% in 2000 to just 14% in 2023. While America's and China's economies grew and innovated, Europe was busy cutting costs, leaving it behind in the race for future growth.