Just because you dislike capitalism here, doesn’t mean you necessarily dislike capitalism everywhere. Have a problem with the American way of doing things? Well, there are other options. Elizabeth Warren, for instance, favors an “accountable capitalism” based on the German model of corporate governance and trade policy. Critics of Big Tech point to the more aggressive EU on issues such as competition and privacy. And, of course, Scandinavia remains the go-to example for politicians arguing for more expansive social welfare policy.
But Europe’s various flavors of capitalism have an unpleasant aftertaste in at least one major way. As a new McKinsey Global Institute analysis finds, “Europe is falling behind in growing sectors as well as in areas of innovation such as genomics, quantum computing, and artificial intelligence, where it is being outpaced by the United States and China.”More