The short version is, I think one of the main things that separates, say, the U.S. from the E.U. is the ability to shift vast quantities of money around the cou

The short version is, I think one of the main things that separates, say, the U.S. from the E.U. is the ability to shift vast quantities of money around the country in the guise of federal programs. It's spectacularly inefficient, but it also helps to set a floor on how bad any one area can get. If that's good or bad largely depends on your personal politics.