Part 10/12:
An insightful reader contribution sheds light on Europe's sluggish economic growth. Based on personal experience, a European entrepreneur recounted how bureaucratic delays and a risk-averse mentality thwart innovation. Despite resources and potential, European countries often reject new business ideas—requiring endless permits, court battles, and regulatory hurdles—drastically hampering entrepreneurship.
He argues that Europe possesses the "shovels"—resources, infrastructure, human capital—but lacks the entrepreneurial "know-how" or the mentality to "dig for gold." This cultural barrier prevents efficient resource utilization and stifles economic progress. The contrast with the U.S., with its more permissive and entrepreneurial environment, helps explain the persistent economic divergence.