(p. A23) Growth and dynamism: In 1960 the E.U. 28 — the 27 countries currently in the European Union, plus Britain — accounted for 36.3 percent of global gross domestic product. By 2020 it had fallen to 22.4 percent. By the end of the century it is projected to fall to just under 10 percent. By contrast, the United States has maintained a roughly consistent share — around a quarter — of global G.D.P. since the Kennedy administration.
Think of any leading-edge industry — artificial intelligence, microchips, software, robotics, genomics — and ask yourself (with a few honorable exceptions), where’s the European Microsoft, Nvidia or OpenAI?
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How much state protection, in social welfare and economic regulation, are Europe’s aging voters willing to forgo for the sake of creating a more dynamic economy for a dwindling number of young people?
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(Note: the online version of the commentary has the date June 4, 2024, and has the same title as the print version.)