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This is a favorite fantasy of what would today be called the "America First" movement. In reality, the EU is world's largest economy, with about 20% of world G
by matt4077 9y ago
This is a favorite fantasy of what would today be called the "America First" movement.
In reality, the EU is world's largest economy, with about 20% of world GDP. It is also under the "rule of law", even more than the US by some measures.
In such a society with a long history of democracy and judicial independence, it is almost by definition impossible for a company to be ruined by government action unless it commits universally-recognised crimes (fraud, corruption etc.) or its business by nature entails equally recognized negative external effect (tobacco, environmental damage,...).
Because of the undertone possibly hinting at nationalistic motives (i. e. Europe harming a foreign competitor for its own business' benefit), I'll also point out that fines by the EU have historically tracked almost perfectly with the relative size of world regions' activity in the EU. In other words: European companies make up, say, 60% of the European market, and are also hit with 60% of the total fines.
The only divergence from this correlation has actually been a slightly lower number and amount of fines against US companies, and slightly higher enforcement actions against Asian companies. I believe this is most likely caused by the US' own national enforcement (and, as a result, corporate governance) being in better shape than Asia's.
- kazen44 9y ago> Because of the undertone possibly hinting at nationalistic motives (i. e. Europe harming a foreign competitor for its own business' benefit), to add to this, most of the european fines don't make the news because they either consist of a "mundane" market (like a major steel fabrication plant in italy) or are simply for smaller companies which won't make international news anyways.