I think there’s a financial angle to this too, America’s system encouraged entrepreneurship a lot more than other countries. Niall Ferguson put it best when he

I think there’s a financial angle to this too, America’s system encouraged entrepreneurship a lot more than other countries. Niall Ferguson put it best when he said: > The ability to walk away from unsustainable debts and start all over again is one of the distinctive quirks of American capitalism. Since 1898, it has been every American’s right to file for Chapter VII (liquidation) or XIII (voluntary personal reorganization). Rich and poor alike, people in the United States appear to regard bankruptcy as an ‘unalienable right’ almost on a par with ‘life, liberty and the pursuit of happiness’. Ascent of money, p61 Giving people a second chance created a better environment for risk takers, using trial and error until they perfect their business model.