> These internal barriers mean Europe has many smaller firms operating at national, not continental, scale. Each country tends to have its own banks, utilities,

> These internal barriers mean Europe has many smaller firms operating at national, not continental, scale. Each country tends to have its own banks, utilities, airlines and supermarkets. (Europe has over 100 mobile operators, compared with a handful in America or China.) These lack the economies of scale and opportunities to grow quickly enjoyed by firms plying the American or Chinese markets. This is a huge advantage for US(and China). A company started in either has immediate access to a massive population with relatively common culture, language, laws, and infrastructure. A company can smoothly scale its reach to 100’s of millions. The EU, although it has a bigger population than the US, is divided into multiple much smaller countries, many times with their own language, culture, laws, and infrastructure.