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These articles also gloss over the US market is 400m English speakers with one set of legislation, more or less. Europe is 20+ languages and 20+ sets of legisl
by DrBazza 2y ago
These articles also gloss over the US market is 400m English speakers with one set of legislation, more or less. Europe is 20+ languages and 20+ sets of legislation. That’s a colossal advantage. And any clicks and mortar business gets the benefit of absurdly cheap shipping costs compared to Europe.
- ifwinterco 2y agoThere are counterexamples in Asia though like South Korea, Taiwan etc. that have massively outperformed Europe over recent decades despite not having those advantages. Having said that, not sure the SK model is something to emulate given the social problems it seems to have caused
- treis 2y agoIn growth, yes but GDP per capita in South Korea is still 3/4s of France.
- echoangle 2y agoThat’s an important point, people always compare growth as if growing from the bottom is as hard as growing from (close to) the top. People love to do this with India and china.
- ifwinterco 2y agoThat's true - the counter-counterexample is Singapore where GDP/capita shot straight past western European countries and just kept going. They do have the significant advantage of being English speaking though
- echoangle 2y agoSingapore also has the advantage of being a significant financial hub. But that only works when being small, it doesn’t scale to something like the EU.
- timomaxgalvin 2y agoThis is false. The EU I more harmonised that the US in terms l trade rules.
- 0xBDB 2y agoBusiness law is a state issue in the U.S. The reason that the U.S. has one set of legislation (more or less) is that 50 states (well, 49) have voluntarily adopted the Uniform Commercial Code. There is absolutely nothing stopping Europe from doing the same or similar except lack of political will.
- pests 2y agoWhich state hasn't? I thought all states have adopted it with their own variations / changes.
- jasinjames 2y agoWikipedia [0] says Louisiana hasn't adopted all of the UCC articles. [0] https://en.wikipedia.org/wiki/Uniform_Commercial_Code https://en.wikipedia.org/wiki/Uniform_Commercial_Code
- 0xBDB 2y agoLouisiana. I guess it's difficult to reconcile parts of it with the Code Napoleon. All other states have English common law as the basis of their legal systems.
- zeroonetwothree 2y agoWe also have the “dormant commerce clause” as a key protection. Europe doesn’t have anything like that AFAIK
- dukeyukey 2y agoTurns out political will is a hell of a lot easier in a single country like the US, than 27 like the EU. Especially when the US has fucntionally one language, and the EU has who-knows how many.
- amadeuspagel 2y agoI like 'click and mortar business'. Much better then 'bits and atoms'.
- jamil7 2y agoIt’s mentioned in the article and the referenced document from Mario Draghi a few months ago on the plan for EU reforms.
- dartharva 2y agoIndia alone has 20+ languages within itself. It manages perfectly well as a unified economic entity.