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Yep, that is correct...although something of an inevitably given the different historical paths (and isn't true of all countries within Europe either). But what

Yep, that is correct...although something of an inevitably given the different historical paths (and isn't true of all countries within Europe either). But what I would add is that downward mobility is just as important as upward mobility: the US is, I think, unique in that rich people can move downwards which doesn't happen in other places. Btw, neither approach is more optimal than the other. There are trade-offs. What some countries in Europe get wrong is that they are trading off innovation which is going to become more important for growth going forward.

ChuckNorris89 6y ago
>the US is, I think, unique in that rich people can move downwards which doesn't happen in other places. Which IMHO is very healthy since it creates space for the younger players to move up vs having a reign of feudalistic families owning most vital sectors of the economy for decades or even hundreds of years.
- lazyasciiart 6y ago
  The entire concept of social mobility being easier in the US is false, and has been for decades. The idea that downward mobility is unique to the US is also distinctly false - not only does it exist in other countries, it is more common in many places than it is in the US. https://www.weforum.org/agenda/2020/01/these-are-the-10-countries-with-the-best-social-mobility/ https://www.weforum.org/agenda/2020/01/these-are-the-10-coun... https://www.inet.ox.ac.uk/files/Social_Mobility_Europe_final_April_2017.pdf https://www.inet.ox.ac.uk/files/Social_Mobility_Europe_final...