Whose big business? (Europe fact of the day)

In 2000 nearly a third of the combined value of the world’s 1,000 biggest listed firms was in Europe, and a quarter of their profits. In just 20 years those figures have fallen by almost half. Europe is a place for companies such as Amazon and TikTok to find customers, not a base for local firms to conquer the world…

Of the world’s 142 listed firms worth over $100bn, 43 were set up from scratch in the past half-century, 27 in America and ten in China. Only one was in Europe: sap, a German software group founded in 1972. Half of Europe’s richest ten billionaires inherited fortunes spawned long ago; in America nine of the top ten are wealthy solely because of companies they founded.

Here is more from The Economist.  This is all the more reason for the United States to boost allowed emigration from the European Union.  It is also an object lesson in which are the true barriers to trade, often including language, culture, and national borders, even in the presence of (nearly) free trade.

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