유럽이 쇠락하는 이유

[Quora 사이트의 Why is Europe broke? 이란 글에서 펌]

Lack of Innovation - In the top 10 companies in Europe, other than ASML, the rest of them are companies which make shoes or handbags and such. If TSMC or Apple were to disappear tomorrow, our entire way of life would be upended while the disappearance of Zara or Louis Vuitton would make absolutely no difference.

Preference for leisure - While it is true that Europe has better work-life balance than the US or China, the latter are more hardworking and more industrious.

Lacklustre economic growth - The Eurozone grew by 6% in the period from 2008 to 2023 while the US grew by 82%. In essence, the Eurozone never really recovered from the 2008 crisis.

Demographic crisis - These countries are getting old and people aren’t having babies. Second, unlike the US or Canada or even the UK, Europe isn’t really a “talent magnet”. Even those educated there move to places more favourable for the startup ecosystem.

Massive welfare states - Many Americans and Chinese and even Indians endlessly praise Europe’s welfare states. While it is true that all countries subsidize education, healthcare and pensions, the cost is often not talked about. Germany, the LARGEST Eurozone economy had its manufacturing sector underwritten by cheap Russian energy and in the wake of the 2022 Russo-Ukrainian war, this cost has gone up. Even the slightest policy hint that these welfare states would be modified sends shockwaves across the continent in the form of protests and riots, as we saw recently in France.

Europe is a continent quickly becoming obsolete and irrelevant in world affairs. It’s a nice place to visit once in a while, though