Why Europe Fell Behind the United States
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- Опубліковано 31 тра 2024
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Into Europe: This video analyzes the commonly repeated narrative that Europe is experiencing a decline, facing a crisis, and falling behind the United States and China economically. The GDP per capita graph compared to the United States since 1995 shows a noticeable divergence, but the reasons for this are not as straightforward as some suggest.
The video explores the different perspectives on Europe's economic decline and debunks some common myths, including an ageing population, the absence of tech giants, and supposed laziness among Europeans. It also examines what sets some European countries apart from others, and how they have managed to thrive despite the challenging economic climate.
The video presents an objective analysis of Europe's economic situation and raises the question of whether there are signs of hope for Europe's economy in the future.
00:00 The Myth of Europe's Economic Decline
00:55 1-Why GDP isn't everything
02:56 The Daily Upside - Sponsor
04:02 2-Europe's Productivity Problem
05:50 3-Europe's Failed Economic Transition
08:23 4-How Different Countries Have Done
09:51 5-The 4 Different Futures of Europe
© All Rights Reserved.
Contact information:
Email: Into.Europe@outlook.com
Twitter: / europeinto
Patreon: / intoeurope
Script (with most sources): docs.google.com/document/d/15...
Thumbnail Design by Tom Hurling (studiotomkin.com)
Sign up for the Daily Upside using this link: bit.ly/3U9sVT5
Interesting video
I think all European countries are going to need a higher fertility rate of let's say 2 children or 3 children per woman, more affordable housing, more high-income* economies in the Balkans/''Eastern'' Europe, more Mutual aid projects between European countries that benefits everyone (ideally), a further expansion of the EU to include Moldova, Ukraine, Albania, North Macedonia, Serbia plus Bosnia and Herzegovina and Montenegro, land value tax revenue to spend on public services/a citizen's dividend and more military spending like spending 2% or 3% of European countries' GDP on European militaries to catchup with the US potentially in the future.
the US is not homogenous that already disproves your video lazy European
dude why you taking france as snowflake,are you feeling alright? imagine you losing everything due to made up tax payments,you should inform yourself ,before insulting,and have a reason to insult as well
@@angelcabeza6464 irrelevant
"European countries can be categorized in these things, and then there's France."
I think this statement is timeless.
dont f with france ,you might get a burning dumpster thrown into the bank of france and black- rock corporation owned by the rotschilds
France is unique in many ways. They have big tech, utility and luxury companies which give a majority of tax to the government.
@Crista Ferrari-Girault Europe is in decay tho lol
I remember an anecdote about a meeting between the Prime Minister of France and the Prime Minister of Italy. At the end of their discussions, the Prime Minister of Italy whispered in the ear of his French counterpart " You know our wine is better than yours! ". To which the French prime minister looked at him for a time, and replied, "Maybe that's true, but our wine is more expensive!" And from that you see again that France is simultaneously both a southern and a northern country.
@Crista Ferrari-Girault What's your problem? Some repressed hate against France? Like many that follow that trend for... Reasons.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
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As a worker, I would rather live in the EU than US.
If I owned a business it would be a different story.
You get taxed to death as a worker in the EU
taxed but not gunned to death
@@alr6111 no
for now, but you won't in 50 years, and your kids won't
@@cannedfeeling0338 I’d rather run the risk of getting shot then have the government steal my money even more than it does in the usa
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What country isn’t facing hardship post Covid? U.S economy is doing the best out of all G7 nations. It’s the only country that has brought inflation down from 8% to now 3%.
You think countries in Asia, Africa are having it easy ?
@@KCKnowsBestit’s a bot bro
I think the US is equally facing challenges but you forget to mention the biggest advantage of the US over Europe is its energy independence and high agricultural output both of which are very crucial
That's why The USA can sustain themselves, Europe on the other hand not so much.
EU really needs renewables to become energy independent and to cut ties to the authoritarian oil and gas giants of Russia and the middle east
Not to mention the US is one federal state and the EU is not
@@HShango the US also just has a better geography then Europe has. The Mississippi basin is simply overpowered
@@karlfranzemperorofmandefil5547 Er, no? Large swaths of the Western US would be bone-dry without irrigation.
Hello! I heard that in 2022 Poland's economy surpassed Portugals. Being Portuguese living in Poland i find the comparison between Southern countries and Eastern fascinating. Future video perhaps? Eastern countries have only recently entered the EU while southern have been in for decades. Will the eastern economy surpass the south? Work ethics, politics, etc.
You forgot the billions poured to Poland by the EU
2021 Poland gdp per capita: 18k
2021 Portugal gdp per capita: 24.5k
Poland hasnt surpassed Portugal yet
@@mile_381 "2022 Poland's economy surpassed Portugals."
*posts 2021 gdp per capita*
Reading comprehension: D-
@@hshdudhshduduxubes1162 You forgot the billions poured to Portugal by the EU
@@2hotflavored666 Was Portugual destroyed by WW2 and then forced into a Communist economy? Yeah... Portugal is just lazy.
Salty europeans complaining that the US had a headstart to everything while they sip on wine and drink dutch coffee with french croasaints. China and India have pretty good tech sectors and they were super poor in the 90s
This is exactly what pissed me off; we are taxing all businesses to death while the rest of the super powers are investing heavily in the tech sector.
And then our buttocks are shaking whenever Russia flexes its muscles or the US presidents changes.
I'm grown up with horses, and something that I really don't get is that many economists don't see the value in ensuring the health and welfare of a workforce. Workers that are properly fed, get enough time to rest, and gets time to spend with family and friends will always be more sustainable and productive in the long run.
There isn't much incentive to work in Europe. You really don't get ahead by working there, so why work at all?
@@marcv2648 lol what? 😂
@@marcv2648 What do you know about leadership?,
@@maggiepie8810 Not sure how leadership figures into this. Government shouldn't be involved in the personal affairs of people and how they spend their time. Government's only role is to protect the nation from external threats, settle differences between citizens and uphold the basic rights of citizens. That's it. Once your government takes on the role of entitlements, your society is starting down the road of decline. There are no exceptions.
@@alessandrorocca5826 Where has Europe led the world since the inception of the welfare state? Pretty much nowhere. State funding of large industries to copy America. That's it.
The US has had the advantage of holding the world's reserve currency giving it free reign on its printing press without the economic pains that normally come with overspending. The US wasn't touched by ww2 either Europe had to be rebuilt while the US was building up its manufacturing base to fill the gap Europe couldn't anymore.
marshall plan
@@okm58 how does the marshal plan negate the facts laid out above? Holding huge amounts of foreign debt just added to the party and gave nations cause to back the petro dollar. I'm not knocking it I'm just calling it as it is. People should be aware, world reserve currency parties only tend to last 110 years at most
@@okm58 cooking stove.
.
.
.
You need context my man not just a single word to "make your point".
@@ricardosmythe2548 may I ask where you are getting the world reserve currencies only lasting 110 years? I haven’t heard this figure before, and am now curious.
rein, not reign. A currency is worth what it can buy. The USD is the world's strongest currency, because it is backed by the world's biggest, most diversified, most stable and most transparent economy. Give up on the myth of "printing money," a propaganda point for gold and bitcoin hustlers. Central banks are tasked with managing money supply to maintain a low but positive inflation rate: low, to encourage investment; positive, to discourage hoarding. MAGA went ape when it hit 9.1% in June, forgetting that the world is dealing with the pandemic and its aftershocks, the deepest crisis in living memory. Since then, the Fed has wrestled it down to 5% as of today, aiming for a target of 2%. "Blame Biden" is not a viable economic theory.
Inflation calmed down when the US went off the gold standard: tying a major economy to a volatile commodity is madness - just ask Venezuela.
The right mounts its favorite hobby-horse, "government overspending" and the supposedly crushing debt burden. The current level of the US national debt is a result of $6 trillion in deficits run up under Trump. Republican theory: throw a party on the national credit card when times are good, with no visible effect on an economy that was already doing fine, then blame the Democrats, who follow the advice of professional economists, not right-wing rabble-rousers, constantly having to clean up the mess. Biden has done a pretty good job of restoring the economy to health.
The best way to think of government borrowing is that it's like taking out a mortgage: you are not in trouble if you can keep up the payments, and what your children inherit is not a crushing burden but a valuable asset. The right has been wailing "debt, debt, the sky is falling" since forever, and the sky hasn't fallen yet. largely because America gets over its infatuation with idiots and gets back to boring, sensible governance.
Republican economics is all bullshit that hustlers, hucksters and the idle rich feed to gullible voters who never learn. The red states have the worst educational systems, the shortest life expectancies, the highest crime rates and the weakest economies in the US, yet they keep falling for the same bullshit over and over.
Everybody mindlessly points to GDP to measure different countries, but it is hugely flawed as a stat. It doesn't value the return on investment for economic activity. If a road to nowhere is built and then crumbles, the "value" of building that road is the same as for a road that ppl actually use, so both are added to GDP. This becomes a problem for measuring China's economy since they've built many "ghost cities" and other sham projects. Also, the value added to an economy from such things as better health care / less violence are not measured, which is a problem for the US, which although it is an insanely productive & hi-tech economy, has many places where the toll on people from such things is high.
One number can't measure everything.
GDP also includes debt....not many people realise this
I suggest life expectancy and % of people in poverty as complementary measures. US life expectancy has been falling for years. Also, who benefits from GDP growth? In the US all of the benefit goes to the top 1-10%, the rest get poorer.
@@xtc2v what type of debt are you referring too and in what sector?
@@williamthebonquerer9181 household consumption and public spending. Both figures will naturally include debt
What we need to measure is aggregate utility.
Us: I want to be successful
Western Europe: I want to enjoy life
being successful can also be how some people want to enjoy there life
@@northwestthrills3453there are also a lot of succesfull Europeens enjoying life. I have the idea that Americans think that Europeens overall lead a medocre life without any prosparity.
@@fbabarbe430 The important thing is people should be able to live the life they want to live and their country should be so prosperous, there shouldn't be any struggle for survival. Most relatives I have that are old, do not care about life happiness at all, they grew up hard and value hard work as a virtue. Which gives their lives meaning and importance. I know Italians that revel in their history and art, and gain meaning from learning and appreciating the arts. America is so prosperous you can live in a commune with a bunch of hippies, become a workaholic investment banker and live in a NYC apartment, become a fisherman. You can really do whatever you want, most countries in the world struggle just to have food for their kids and they have to hustle everyday just to survive, but never prosper.
So what you're saying is... Europe sadly has a demographics problem resulting in economic decline, but allows for a better life.
While USA is a richer country with rich CEOs and an extreme dog-eat-dog mentality.
In my opinion, the purpose of advancement is not big numbers and tall charts, but to provide a better life for humanity. Europe gets it.
There was a time when we were more progressive than Europe and then Ronald Reagan happened.
@@lucasgrey9794 America is far too progressive, that's why we are in decline as well.
@@marcv2648 We're not progressive at all. How can you look at our healthcare system and genocidal foreign policy and call us progressive?
The hard work of a previous generation can only get you so far not a single person alive was there for the founding of the top 10 European companies.
@@rudysmith1552 You have a lot of nerve directing blame for decline on the young generation when they have *zero* political power. The boomer generation are the ones that mucked things up irreparably.
The fact that 2 world wars were practically the main stage in europe and most of it was in ruins while the us profited the most during both its short of a miracle how well the eu has been doing.
Research about the Marshall plan...
But they stagnated well past ww2
@@LaVaZ000 Which gave huge industrial benefit to USA and basically opened the European market to all American companies.
@@LaVaZ000 yes they gave money, but far from enough to rebuild the continent, (and the east was more or less plundered by the soviets)
and a good chunk of the money was used to buy from the US anyway so the money came back.
the Marshall plan, was not as much an giveaway, as it was an investment, and it paid back manyfold
not saying that it didn't help europe it did, but it was not as simple as you implied
@@LaVaZ000 the Marshall plan’s benefits are greatly overstated by American sources. The correlation between the countries that got the most money and those that subsequently did the best is just not that strong, and even for beneficiary countries it basically represented a 0.5% bump in GDP growth over the course of three years. Most of the “rapid recovery” seen during the period was mostly just the result of investment being redirected towards productive industrial use rather than the war machine.
It was important, but more for political reasons than economic ones…
I was really surprised to hear you were French. With your 'European English (American) Accent' being so good, I thought you must've been Dutch. That is something I wonder about. Why do Europeans always seem to prefer to replicate American accents?
Well, American soft power in social and culture aspects (like Hollywood etc) gives American accents a fairly large reach.
Also the American accent is closer to the "natural" accent that English was spoken with for atleast ~500 years preceeding the 1800s when the "Brittish" accent became a popular thing that spread across UK Institutions. Neither the UK or USA dialects are perfectly consistent with older English dialects, but the USA Pronunciations and Vocabulary tend to be older and stay more consistent than the UK which regionalise and fracture more often.
The US is the largest English-speaking country, so your average English teacher is likely to be American
For me, its easier, specially when most videos are from americans and not british, so one is more likely to watch american content
@@dale6947 I don't think so. At least in my country American/British english teachers are really rare. Almost all english teachers are locals who have studied english language in university
I am from Croatia. We lost 1 million people in the last 30 years, about 20 percent of our population. And other countries down south are in an even worse shape. Europe, southern Europe at least, is dying, while gloating over every mass shooting in the US. As if that's gonna matter while we rot and decay.
Pa ne umire, eno u 🇨🇿,🇪🇪,🇱🇹,🇵🇱,🇸🇮 ljudi počeli i da se vraćaju a mladi i ne odlaze toliko kao pre 20-30 godina
@@mile_381 Postoje podaci, popis stanovništva, broj rođenih, broj umrlih. Jednostavna matematika.
How can rhe US have a population advantage ? The EU has close to 500 million people 25% more than the US
Was going to comment the same thing, keep in mind this is a EU biased video, and it (including the comments) pick and choose what they want to see (ex. Yes the US had higher pop growth but the EU has higher pop overall, which matters more) to overall downplay the situation and paint it in a better light
Related to what you said about lower working hours being a choice, I want to add something about the size of firms having two sides too. I spent a little over 8 years washing dishes in firms of different sizes and I was definitely more productive when working for big firms (due to better equipment, and larger and more efficient dishwashing machines, machines for cleaning the floor instead of a mop and bucket, etc). However, these were also by far the worst jobs I ever had in my life. A rather degrading uniform, literally being required to use a special staff entrance, working relationships based purely on hierarchy, a complete lack of recognition for hard work (or even the feeling that they know you exist). Don't get me wrong, there's an element of hierarchy in small firms too. Your boss is still your boss; but that's not the ONLY relationship you have with them. They notice when you work hard or help them out by working to cover someone, you use the same entrance they do, the "uniform" is basically the requirement to use your common sense and you mostly work with the same people every day, forming part of a team. We spend so much of our lives at work that I feel that there's something similar to be said here (regarding smaller firms) to what you said about the decision to work fewer hours. This kind of thing massively affects quality of life and the US has an even bigger mental health crisis than we do for a reason.
Quality of life in Europe is vastly better then the US in so many ways, I think "falling behind" is a win in disguise if the alternative is destroying your planet & society for profit. The real danger here is not being able to afford it in the future if we're not effective and strategic in increasing productivity
Special entrance I see Scullieries are still a thing
Going above and beyond is good sometimes but what u don't want is it gets normalised and end up employer pitting employeea against one another and ripping off staff (which is quite prevalent in Asia)
It's all about balance
@@vinniechan In Europe a work culture of employees backstabbing or ratting each other is a very, VERY big no no because of historical reasons.
Many European countries lived thru dictatorships in which people snitching on each other to the authorities was commonplace, whether it was under Nazism and fascism or under communism.
Especially in Germany nobody wants to be reminded of the days of the 3rd Reich or the DDR where so many people were informants for the Gestapo and Stasi.
Americans were especially spoiled by never having to live under any dictatorship, let alone TWO dictatorships, which cannot be said for EU countries, many of which only getting democracy in the 1990s!
@@fungo6631 Peter Zeihan put it nicely
Geography takes care of most problems for the Americans
I think the arguement titled a bit one sides at times in Europe
It would do well just slightly titling to the other side
The mind set is too left leaning by global standards and no way it's sustainable
"As a Frenchmen i am hesitant to stroke the ego of the French further" as a Dutchmen i've never expected to hear that in my life! Great video btw liked and subbed looking forward to what else you got.
Me thinking he was actually Dutch for some reason, combined with this comment confused me immensely.
@@Andre-by4su i was thinking the same. At like 5:35 he even pronounces Groningen in a very Standard Dutch (ABN) way especially the notorious G that many speakers of English have a hard time with.
You went over and beyond with this video, especially with interviewing an MEP. Great content, and great to see how far your channel has come!
Szerintem is 🫸🫷
Say what you like about Europe but at least I can walk in to a shopping centre there without fear of being gunned down by a madman with an assault rifle.
😂thats extremely rare and you have a higher chance of dying by a lightning strike
Dude, you think a shooting happens everyday? I lived all my life in the US and there has been no threat or even a shooting in my life
@@mile_381 "From 2006 through 2021, 444 people in the United States died from lightning strikes."
" In 2019, the total number of gun-related deaths in the US was 33,599. In 2022, the number of deaths rose to 44,290 - a 31% increase. 647 during mass shootings"
yeh i would hate to be in the eu where there was alot of terrorist bombings and someone beheaded people in france so scary
Europe has been around for so long, I'm actually not surprised Europe economically is no longer powerful like that anymore. But I do not expect the decline to be drastic.
Take some time on your month and a half mandatory vacation to really think about statement😂
@@BOY_NAME_ Bullshit answer
Looking at its infrastructure both fysical as digital, you'll get a totally different view.
@@BOY_NAME_ L
@@BOY_NAME_ Gladly, keep working buddy.
I think the issue is partly cultural. Europeans, and european businesses in particular, are more risk averse than their US counterparts. Many would rather stagnate and survive than risk their company for a chance to out-compete their rivals. That means the enormous investments into productivity growth are less common in Europe than the US.
Also the fact that laws make it much harder to grow and expand businesses in Europe and also European governments are less willing to bail out bankrupt companies than the US
It's all due to over regulated economics with too many restrictions to the business, plus natural European laziness
@@MegaRitmosover regulated is not really the problem.
There's no good specific examples for not being able to expand in Europe due to regulations.
The problem really is that if you're a company in one country, you cannot expand naturally to the entire euro zone like in America, because of language.
There's also a missing a proper state R&D. The EU has no r&d goals. Menahwile the USA is spending big on military tech and space r&d which consequently becomes consumer technology.
They can then use patent laws to get a slice from copies.
In the tech space americans have one agglomeration zone, silicon valley. It's the perfect place because the industry is already there. You can look at your neighbors and it's highly competitive and serves a global market so it has incredible resources while also the need to innovate.
The EU also has a big problem with unequal opportunity. Newer regions are middle income countries and need industries to flourish. Even a domestic version of their service works. We know that circular economies actually works. The USA has as strong consumption market, meaning if global demand were to fall off, you'd still have a strong economy, because people are earning enough to consume.
I think that Europe needs to accelerate equalisation with a solidarity tax, and macrons strategy of European university.
Universities set up by he EU in newer countries with top priority and competitive curriculums.
This will spawn industries and draw existing ones to the site.
Solidarity tax would mean richer regions pay 5% more on any capital gains, meaning money made from investing in stocks, dividends or gained as interest from a bank, above 800 a year. Tbh increase it to 10% on capital gains above 20k.
And that money is purpose bound and goes directly to the newer members. Purpose bound also means though that it's tied to democratic endeavors and preferably, if multiple countries cooperate on a project they can get extra money from the 90 billion (until 2024) fund for innovation in Europe. The next fund for innovation will still largely hold the money from pre 2024, seems like they didn't use it much.
I don't like the fund because people are supposed to come in with proposals and a business plan. The EU needs to use it actively too and seek out investments
@@ayoCC mostly agree, but I was talking mostly about small and midsize business, not transnational corp giants, they're able to take care of themselves obviously
@@MegaRitmos mhm true true, small to middle class income companies.
from 1-50 employees.
Depends on the industry though, they're not really prone to innovate, unless it's a company like Biontech making RNA research and stuff.
They'll mostly make incremental improvements at best, or replicate improvements made in by other companies, and might be in danger of being outcompeted by a bigger player. Their advantages are being highly custom and communicative with the customers. They can provide tailor made solutions that a big multinational won't bother to do.
The only way to innovate those industries is do it like japan did with optics and force them to pay for their own research together, they get directly taxed to pay into improvements they want themselves.
They pay and come together and have to choose what their money goes to. Maybe it's some weird software, or some other solution. Not a solution for everything though and i doubt american middle class companies aren't seeing the same problems.
Usa: money, money, money
China: work, work, work
EU: where should i go on vacation 🤔
True
@@87leafar more like could i go to s vakation in 50 years?
I remember one occasion I was in Spain. My car broke and there was a plenty of services that only worked from 10 to 14. Biznis (stonks meme attached). And about that time they banned uber because taxists went protesting. Of course there is no fun in driving when you can't scam tourists, is there? And then they ask how are we in world have crisis and fall back from global economy.
Europe simply has different priorities compared to the US and China when its about economic growth.
Europe wants to work towards unified efforts that everyone benefits from instead of corporate lobbies deciding on how things should be prioritized to fill their own pockets over regulatory rights of the citizens.
Europe wants to maintain a living standard that is satisfying for its citizens.
Instead of Americans or the Chinese working all day and having barely any free time to collect themselves..
Europe also wants to compete among itself instead of the US and China, then it understands also that European products can be standardized a lot faster, what needs to happen is that European companies are being financially supported more to prevent US or Chinese tech giants from acquiring them, and create a healthy competitive market.
A thriving tech sector in Europe means more European centered standardization and therefore faster adoption of European technologies.
At least that's my opinion on this matter.
Regarding the recent American tech/green industry policy, French politicians stated that if they copied America they would be called Communist for how left wing the policy is.
If America is going that far left on investment even with private firms the EU and European nations need to agree to nationalising or greatly investing into the sector so the state has a role within it in Europe.
Spoken like a true European
Insightful
@@raquetdude Regarding the political spectrum in America, it literally infects European thinking into American mindset.
Somehow if some political outrage happens in the US then all of sudden its a European problem too.
We need to steer away from that nonsense.
And focus on our priorities instead of looking American problems as Europe is facing it own issues.
So it is true that American policies are seen way more backwards in Europe then Americans see it themselves.
If Europe wants to nationalize investments in tech sectors then it has to be set in regulatory agreement and countries agreeing to it, but that will not be easy either.
But it could definitely trigger a tech sector boom in Europe.
The French and German tech sectors are small and well behind that of the UK. Yes the UK is a basket case in many respects, I don't need to be reminded of that thanks in advance.
it would be cool to see a video about these tech start-ups and what aspects of the tech/electronics market europe is and is not competitive in overall
We in the Netherlands don't need to be competitive.
ASML for instance is a Dutch company that has an absolute monopoly in building the latest 5nm computer chip making equipment. Everyone other country is years behind. We dictate the terms for doing business and Biden knows it.
@@FrankHeuvelman The problem is that we can't be sure if ASML won't get surpassed by other company. Is it hard? Yes, but not impossible. We can't rely solely on ASML and a few others to carry us
@@FrankHeuvelman Popular last words: "We don't need to be competitive". That's how companies like IBM, Kodak, Siemens, Nokia fell behind from their leading positions.
ASML might be a market defining monopolist. But Philips was that, too many decades ago. Look at Philips now...
Defending first place or becoming first place. For both cases, you need innovation... for the last even disruptive innovation.
Regarding the recent American policy on tech /green investment, French politicians said that if they did what the USA did they would be labelled as Communist.
The free market is dead and the EU is just now waking up to it on an intentional level, get ready for the state to start playing a bigger role as it now is in America.
@@FrankHeuvelman netherlands is doing well. None of this video really applies to Netherlands-low gov debt and massive trade surplus from export of high quality goods. Even my cousin, who is Italian, moved to Netherlands for work.
Congratulations to the presenter on excellent research and presentation. I was a "practical linguist," specifically an ESL/EFL teacher. I taught English language and presentation skills. As a result of my profession, I automatically try to detect the nationality and accent of anyone to whom I am listening. Like the presenter, I have what is sometimes referred to a floating or midlantic accent. Overall a great channel and I'm happy to have found and subscribed to it.
He's excellent 👌
The presenter’s accent was characteristically French. It did not sound mid Atlantic at all.
@@LordAus123 My observation was general, not specific, and there is no single agreement on what midlantic means. Someone whose French mixes Quebecois and Parisian elements could be so designated. The Yankee New England accent can sound like a mix of American and British English, but is not "midlantic" because it consists of five to seven related dialect native to the New England population.
Quality of life is better in the United States, more space between houses, bigger houses, and most of all more land.
lmao you never lived in Europe to spout so much bs
• Europeans got exposed by Four Corners Facts for having nearly a billion people living in slums in the UA-cam video.
The SLUMS of EUROPE: The hidden side of Europe!
• Europe is a third world shit hole of a continent with its slums the U.N. determined nearly 1 billion people are living in slums.
• The current population of Europe is 742,070,174 as of Saturday, October 28, 2023, based on the latest United Nations estimates.
Source: worldometers
• Europeans are impoverished living in slums.😂🤣😂
In shitty car centric suburbs, there are lot of things better in the us, but that aint it chief
I think the work you do is so incredibly important, that's the kind of transparency, which creates empathy, we (as European) need and you help with that
Lies again? Soundtrack HZ
Its not true at all america is facing many more problems then the eu
This video is completely b.s. Without context you can do everything with (false) statistics...
Interesting to see the differences in productivity and growth between countries, I never knew there was such a stark difference between the regions. Very nice video!
As always, an interesting discussion. I think the key difficulty is differentiating between voluntarily low work hours and involuntary factors. For example, in the US there are far fewer days of vacation and paid holidays. On the other hand, unemployment is much higher in the EU. For adults it’s around 6.5% versus 3.5%, and for youth it’s 15% versus 9%. Much of this is structural, owing to less flexible labor markets and business regulations. Without question, US workers face the risk of more pain from economic cycles and life’s misfortunes, but this is also a policy decision to foster a more dynamic economy that has led to higher incomes.
Your comparison stats are correct for unemployment at face value but note that the US definition of unemployment is more restrictive than the EU's, contributing to a lower headline rate (I read it would be 1-2% higher following the EU definition). Also note that the overall EMPLOYMENT rate (% of adults in work) is higher in Europe than the US as there are more American disconnected from the labour force
@@cyphonephor1909 US unemployment rate is currently 3.8%. Which is much lower than most of Europe. Our labour market is healthier and hotter than Europe because our population is younger and growing much faster compared to Europe’s older, soon to be declining population. The US added 300,000 jobs in September and 150,000 jobs in October
Don’t know what statistics you’re reading but if it helps you cope then by all means, keep coping. US economic growth and productivity growth has far outpaced Western Europe for the last 15 years. That is a fact. US GDP Per Capita of $81,000 in 2023 is 70% higher than the UK and France and 50% higher than Germany’s. And that gap is only growing
The US economy grows at 2% to 3% while Western Europe’s grows at 1% to 1.5%. If that persists for another 10 years, the gap between the US and Western Europe will be the same as the gap between Western Europe and Russia.
And it’s not that Americans work too hard, it’s that Europeans that don’t work hard enough. East Asian economic giants like Japan, China, South Korea and Taiwan all work even harder than Americans. They work longer hours than us and have less vacation time or holidays. Americans have to work as hard as we do to keep up with East Asia. Europe is just lazy and will continue to decline in productivity if it continues to be lazy.
In China they have a 9:9:6 policy. That means you work from 9am to 9pm, 6 days a week. That’s what we’re competing against in the US . If we don’t work hard, we will be surpassed
@@tylerclayton6081 This claim that somehow working more hours makes your workforce more productive and therefore generate greater economic growth is pure nonsense. If that were the case, everybody would make more money by just working harder.
@@tylerclayton6081 I have not fact checked what I am about to write, but I think Americans work more hours than the Japanese.
France is the best EU member country in my opinion. Better demographics, food surplus, energy surplus, and colonial empire ties. They also in my opinion are one of the top five best militaries in the world. when you think of nations that have food, energy, good demographics and security. France to my understanding conducted the Mali campaign demonstration of force projection, what other militaries can do that? Poland also has great economic growth potential.
Their noecolonialism makes it harder for the EU to engage with african nations. Besides they to have problems, like their pensions and not so good manufacturing sector. Moreover they often times disrupt the EU, like blocking the pipelines from Iberia to Germany through France
Thank you for the clear (and not doom-scenario-esque) explenation! If I could recommend one thing, it would be to add sources in the description. Seeing as you literally went to Brussel to talk with an official I have no doubt this video isn't thoroughly researched, but it would be nice to be able to find the sources you used if some of us wanted to dive into the concept a bit deeper :)
Hey! I added the script with (most of) the sources in the description. So feel free to check it out! I am still very far from academic standards with my note-taking/research process.
Cheers,
Hugo
@@IntoEurope Thank you a lot!
@@IntoEurope hey Hugo, I've just spent the last month streamlining the researching - note taking - writing procces because I'm about to start my literature review for my master. I think it might be interesting for you. My goal is to be able to capture the important parts of what I read, be able to find them later and to reference them in the final work with the minimum amount of hassle.
The core is using zotero and obsidian together. Zotero is a reference manager where you can read pdf's and take notes. Via a plugin this syncs to obsidian where you can write and reference.
This procces has a lot less friction than the conventional academic LaTeX + a bib file method.
So when you're researching, I can really recommend research rabbit for finding studies and exploring related studies in an area.
I hope that that is any kind of helpful to you!
This video is insanely good researched. Well done and please make more off this viedeos.
No, it's entirely one-sided. It has weak excuses for all underperformance. He even invokes austerity. If austerity is ever a problem, it simply means that government handouts are far too large a portion of your economy, and there is very little incentive to produce. Austerity can not exist where the population is not dependent upon the state for redistribution of resources.
This doesn't make much sense.
Imagine Mexico and Cuba joining the US and Texas and California leaving... what would GDP do?
Relatively poor, though high populated, countries entered the EU and relatively rich UK left.
And though they are doing well, each extension after the original six members meant a drop in GDP, because Benelux, Germany, France and Italy were, and still are, the rich core of the EU.
And you can say, Sweden, Danmark and Finland joined the EU, all rich countries, but together they have less than half the population of relative poor Romania.
When the EU could have seen the same average growth in GDP like the USA in spite of accepting many former east block countries, it would have been a 'Wirtschaftswunder' of unknown and unprecedented proportions.
Restructuring and rebuilding the eastern economies takes time and needs to be gradual, east Germany still leaps behind west Germany after reunification. It is impossible, and unwanted, to reset hundreds of million people to west European standards, it is a process that will take time and we do grant them time to adapt.
About 500 000 medical bankruptcies occur in the US each year, and there is no mandated paid maternity leave. I pay about six percent of my gross income, which is median, as a health tax for very good healthcare with neither copays nor deductibles in my central European home. I was born in the US, and I am glad I immigrated to my ancestral homelands for these and many other reasons. This includes great walkabolity and public transportation. I will never get a car again, and I love that. The opening graphic is beyond preposterous. The US hero and the EU zero? For the one percent the US works, but they are no heroes,.For most people, no. The US is failing them.
That must be why far more Europeans migrate to the US than vice versa. Because the US is failing them.
Well, post-2010 the US did relatively well, East Asia did very well, while Europe has seen something like Japan - stagnation. Clearly the demographic side is improtant. Maybe in the future we'll talk of a high income trap at around 2/3rd of the US GDP per capita (like we talk of a middle income trap at about 1/5th)
HIgh income trap- a failure to move from high tech manufacturing to new technology based economy, like the Middle income trap's failure to advance past simple manufacturing?
Interesting theory, but we'd probably need more data to see it though.
@@nomobobby its mainly correlated to demographics
US and China have the highest GDPs with the most competitive tech and electronics giants, Europe on other hands has the best quality of life: the life expectancy, the human development index, the happiness index, the democracy index, the consumer rights, the data privacy protection, the freedom of movement, the free healthcare and education, workers rights... You have to choose between capitalism and socialism, private companies vs citizens...
"You have to choose between capitalism and socialism" no, you don't. Europe is capitalist.
It is indeed capitalist but moderatly compared to USA
@@aym9246 US employs a perverted version of capitalism. It's almost corporatism.
@@aym9246 it is just as capitalist just with more social programs
@@aym9246 US has similar living standards as the EU, similar life expectancy, similar happiness index, similar democracy index, similar consumer rights, better freedom of movements, similar workers rights. It's behind in data privacy(kinda), free healthcare and education though.
So the US is similar or ahead in most respects while still maintaining higher growth and maintaining its global share of GDP to boot. The US is the middle ground between China and the EU, and is why its arguably doing better than both.
Ireland has "powered forward"? It's a small country that doesn't do much of anything other than host a post office box headquarters for global corporations to avoid paying taxes.
The U.S. also has trillions of dollars more debt than the EU does. Are you really more wealthy if that wealth is borrowed
from future generations?
most of their debt is owed to americans so you cant compare those 2 😂The US is always paying off it's debt and always taking on more. That's normal.
What you said, in the beginning, matters a lot! We did trade GDP for quality of life and that's important. Europe is not in economic decline it is growing at a steady pace for a long time with some ups and downs. What we lack in Economic Richness we make for in Wellbeing. I think that's a major important point that we should not shrug off to the side.
Yea, this feels a little bit like a (probably unintentional) promotional video for US-style hypercapitalism. Referring to their companies as "better managed", because they're riding on short term benefits rather than long term sustainability, which makes them more "productive" for the moment, is certainly not how I would describe it.
Very true. The EU Served as a modell for all regions on the planet. Steady growth and cooperation aswell as a priority of quality of life is a model everyone deserves
You mean we Americans are fat and stressed. Agree with both but we have fun too and are very productive.
But it is still true that the EU fell behind in technological advancements that determine the future economy. How the EUs plan for renewable energy and sustainability has stagnated due to lack of funds and investments and short term profit driven plans being the only projects that are currently in development. This shows an EU unable to find out what its future plans are and how to apply them them to more than just a regional level. An EU that mostly just reacts to crises by applying patches in hope of it holding together with lots of uncertainty for what will be next
europe has some of the highest youth unemployment about 20%
As an American, I’m really surprised. We’re constantly hearing how Europe is better in every conceivable way.
Economically Europe is far behind the USA. The continent is reliant on legacy brands. There are very few start ups and large tech companies as Europe is not entrepreneurial and penalises success
@@Chris-pq3wp interesting. Hopefully EU and US can learn from each other on what to do and what not to do.
I wouldn't read into this analysis too much. HDI/life expectancy is lower in USA than Europe.
GDP means very little.
@@jameshenry6855 when you say Europe do you mean France or Albania? And when you say the USA do you mean Maine or Louisiana?
@@williamthebonquerer9181 You compare the average. And the comparison is between the US and the EU. Not Europe vs North America
Germany is a high austerity country, and they refuse to spend in education.
It's one of the issues that is never discussed in any political talk show, because every party will lose in it.
Essentially they gave up on educating people. Every company is only willing to higher people who have 5 years of experience (who is giving it to them?) and if they educate it comes with a horrific wage that is not enough to pay the ever increasing rent.
So instead they try to brain drain the needed workforce from elsewhere, there is even a university in Tuzla, Bosnia i Herzegovina, which educates doctors specifically for Germany. But it's only partly successful, because there are way more attractive countries than Germany.
USA is just a bigger country in every aspect. Bigger influence in geopolitics, bigger land, bigger production plants, bigger population, also just as many territories as the UK even though we have a little more. They got a good geography to bring that output of production. Europe is still dependent on resources outsourced in Asia and even Africa.
Also European countries have more relaxed labor laws which means less productivity in the workplace. USA is a work horse and embodied hustle culture there’s workers out there that doesn’t mind working 85 hour weeks while European countries are capped at 36-40 hours.
Nonsense! EU has a way, _way_ bigger population than the US. Where did you get the idea it's the other way around? From an American school?
BTW, Europe's (not EU's) land mass is larger. Now, it does contain "useless" places like European Russia, but there's a lot of similarly useless areas in the US.
Very informative and little to disagree with. Might have been helpful to talk about why Silicon Valley was such a success for example; access to investment, Universities and last but not least entrepreneurs are less risk averse. It's cultural thing.
It's a perfect convergence of government (JPL, Livermore), academia (not just the average unis which are plenty but top-notched edu powerhouses and global R&D leaders like Stanford, Berkeley, Caltech, etc.), venture capitalists who "adventurous" and--something you neglect to mention--diverse talents (remember, more than 40% of all start-ups are foreign-born entrepreneurs including Sergey Brin, Elon Musk, . It's like a United Nations for nerds all over the world clamoring to get a piece of the digital pie. European software developers who manage to find their way to the Bay mentioned that SV is like a tech haven where they can think, innovate, "move fast and break things" like like Zuckerberg and Musk (and the late Steve Jobs) without having some European bureaucrats constantly breathing down your shoulders. Having spent my childhood in Paris and Lyon, I can tell you that the French as a culture and people--which I LOVE--would never fully embraced such diversity regardless of what their PC media and officials pontificate.
It's the addiction to soccer holding you all back.
There is no such thing as soccer
@Mo_392 yes dear
it's called football
This is not my subject so I am grateful to you for this comprehensible and well-explained video. Well done!
Great content, I have been looking for content on this topic for so long. I would like to watch more videos on Europe’s economy with data and objective forecasts
The country abbreviations used in the graph are a bit confusing. LI and LA could both be either Latvia or Lithuania, while LI could also be read as Liechtenstein, and LA as Los Angeles. And Poland is PL, not PO.. :)
The population of about half of the CE (Central European) countries actually stagnated or slightly grew. There is no dramatic population decline across the entire region.
Those are the internationally recognised abbreviations though. You'll see them on car license plates for example. You learn them eventually
CH always gets me as an American because I forget that it's 'Confederation Helvetica' or something similar, for Switzerland. I'm always like "Wait, did Czechia switch to CH or something when they changed their name?"
@@troglodytesrus yeah, you do learn them eventually. Latvia is LV, Lithuania is LT, Poland is PL, Portugal is P..quite some errors there.
LA is Louisiana buddy. Learn that. Yes, it's official.
As a Canadian who has spoken to many Europeans and Americans, it is clear that Europe does not have that "work work work" mentality that Americans have. The US is constantly pushing productivity whilst Europe prioritizes more rest, vacations, and taking breaks. Which is actually a good thing.
until you can't have that rest anymore with an average age of 45 and 1.4 births per woman
Until you have to pay the bills?!
What you mean being productive? How terrible lol
Thats true, i don't work for 4 months now, have my own credit free flat how many americans can have that luxury ? GDP is a complete bullshit it shows howe much money 1 percent o people have in a country, ok they have a lot that makes your life better ?? Know a girl who lived there from birth 25 years and came back to europe , dosen't even have thoughts of coming back to usa. Best criteria is having highest percentage of people in jail in the world is enought.
@@manlyadventures There's a difference between working when necessary and overworking.
Great video! Thanks
Joined. I learned more today in economics by reading the comments than in years of videos and newspaper articles. Congratulations and thank you!
Great video.
The problem of brain drain doesn't apply to every eastern and central European country. In Estonia more Estonians are coming back to the country then leaving.
Yeah because of a small government and minuscule taxation. Most European countries will not make the same pragmatic decisions that Estonia has. You can’t just pick out one of the best governments in Europe
@@benchoflemons398 there are also Lithuania, Slovenia and Czechia. Most eastern and central european have problems with brain drain, but it's unfair to say that every nation is.
@@catlover12045 Lithuania, Slovenia and Czechia do not compare to Estonia. Estonia is not only good compared to most of Europe (not hard to do) but compared to most of the world. It could be the cold Singapore in 20 yrs, these other countries will not.
@@benchoflemons398 yes they do. They all also don't have problems with braindrain anymore.
Estonia has a small government and low tax mind set which is the counter the very progressive narrative that's being peddled by the European mainstream
As a Frenchman, I feel that ambition is not sufficiently rewarded here. Incentives do not encourage risk-taking and hard work and ultimately do not lead to innovation as in the US.
A FR**SH PERSON!!!!🇩🇪
if you are skilled it is best to escape France, or any of the other high tax western EU countries. You can try eastern europe, where taxes are low and your efforts are rewarded - or move to the US.
I don't accept the argument that because the USA has a faster growing population compared to the EU, it helps to explains why their GDP is growing faster than the EU'S. The fact is, the EU has always had a much larger population than the USA ... and still does.
EU: 448 million.
USA: 332 million.
A difference of 116 million people in favor of the EU. If anything, the population figures should put the USA at a clear disadvantage versus the EU when it comes to economic output.
Our US population is growing only because of illegal immigration, or, more accurately, illegal "migrant" invasion! We don't NEED anymore people here in the United States! Employers, because of inflation, simply need to pay more to the American citizens who are, obviously, already here. It's all about cheap labor, and destroying 'White' society is why Biden, the Democrats, the 'WOKE' factions, the feminists, and others are allowing the unprecedented (cultural) invasion of these United States!
I also think the GDP graph is slightly exaggerated as the data is specified as using the current USD FX rate. Most economists agree that it's very difficult to predict long-term exchange rates and if you look at, say, the UK ion the mid 2000s, on current FX rates it has performed poorly against the US but if you take the spot rate up to 2008, at some stages GBP@USD was over $2 to £1, so at the time the performance was much more on parity / superior.
It’s not always about GDP. Us Americans can be miserable.
But it doesn’t matter if the long-term prospects of Europe are completely erased
Romans were probably miserable as they conquered the Mediterranean, while other societies were happier. Also, Americans aren't exactly miserable when compared to Europeans anyway.
@@stephenjenkins7971 Debatable
@@stephenjenkins7971
I still believe the average European has a better life than the average American.
The USA is a paradise for rich people, but for middle and lower class it's pretty bad compared to Europe.
Americans tend to exaggerate how bad things are in the Us
Great concise work
Keep up the good work!
Because the US has the world's reserve currency, therefore it can borrow vast sums of money without suffering the same financial consequences as European nations that have done the same (Italy, Greece), or tried to do the same (UK under Liz Truss) to power it's economic miracle, as there will always be demand for dollars. What the US intends to do as the developing world, China, Russia and the Gulf states start decoupling from the dollar, the US hasn't yet addressed or seemingly even taken seriously.
Great video. A couple of additional things to consider: it would be extremely difficult for the EU to go toe-to-toe with the US in a creative economy strategy for a number of additional reasons.
One big one is the different approaches to bankruptcy. The US bankruptcy code is an underappreciated super-weapon in an innovation economy. US businesses and creators can take more chances and actually more easily find funding given the way the US economy allows the cabining of risk via its extremely liberal bankruptcy system. The US economy, even before the current tech wave was all about creative destruction.
Second is the nature of US antitrust laws. In the EU, the philosophy is that competition is best served by protecting small firms from big ones. This can result in anti-consumer outcomes and can protect weaker firms that probably should be allowed to die. In the US, competition law is focused on consumers. The system tolerates larger and more dominant firms so long as the existence of those firms benefits consumers. Europe cannot birth a Meta or an Alphabet or an Amazon because it would strangle them in their cribs.
Third is labor laws. Entrenched interests naturally restrain innovation that would make them obsolete. If there had been a strong ferrier's union when the car was invented, they would have lobbied for laws to keep people on horses. This is understandable. People who have developed skills over years are going to resist changes that make their skills obsolete. Unions can give those people much more impact and the EU has far stronger unions that the US.
Fourth is fundamental tax policy. The US allows those who create to keep much more of the fruits of their labor. One can make a terrific case that the EU way is fairer and that Jeff Bezos could lose 80% of his wealth and not really notice, but that does not change the fact that the US attracts capital in part because of its tax structure and that imbalance is not going to change anytime soon.
Fifth is relative economic independence. The US has the world's least involved economy - meaning it relies less on external trade, imports and exports, than any other economy. This insulates it from shocks better than economies that are not as self contained. If China completely disappeared from international trade tomorrow it would be inconvenient for the US, but not a disaster in the long run. It would certainly impact the US less than the EU. The US just is not as reliant on international markets.
The net result of all of these, assuming that do not change, is that the US is likely to continue outpacing Europe in growth for the foreseeable future.
In the USA the top 10% own 69% of all the wealth. The bottom 50% own 2.5% of all the wealth.
38.2 % of the disposable income in the EU Member States was attributed to the 20 % of the population with the highest income, while the 20 % with the lowest income received a 7.9 %
So would you rather live in a society where even the bottom 20% have more 3x more disposable income that the bottom 50% or do you truly think that you'll be part of the top 10%?
And by the way that bottom 20% in the EU still have access to affordable healthcare, education, guaranteed paid vacation days, and paid maternity leave, in short a better quality of life.
In short, he looks at it with a very narrow focus.and is extremely biased driven by political ideology.
E.G. there are lots of ways to determine productivity. One method is looking at the GDP and divide it by the hours worked to determine how much GDP is earned per work hour.
Now the country with the highest GDP per capita has a clear advantage. But does that actually say anything about true productivity?
In 2015 the USA was in 5th place behind countries such as Luxembourg, Ireland, Norway and Belgium. This while in those countries you'll be hard pressed to find people working more than 38 hours a week, this while working 50+ hours in the USA is not unheard of. All those European countries having +20 mandatory paid vacation days for everyone while in the USA 2 weeks is considered generous and by the way optional.
But yes, the USA has a big GDP and most Americans work long hours. But study after study have proven that working long hours doesn't only not increase productivity but actually decreases it. So you rather have Bob work 60 hours, of which 25 are spend in zombie mode or have him work with focus for 35 hours?
Him being French or not is neither here nor there seeing that he makes a big deal about the debt of countries in the EU while just sweeping the MASSIVE debt of the USA under the carpet. I mean the USA at the moment has a debt of 31 Trillion USD (yeah, Trillion with a T) with a population of 331 million this in comparision with the EU countries (population of 448 million) has a combined debt that is easily 6 Trillion less than that of the USA.
The question shouldn't be why the EU is behind the USA but more importantly, considering all the historical advantages such as not having to rebuild commerce, infrastructure and replacing a big chunk of it's population, why isn't the USA much further ahead?
This has been an amazing video, and has been great for my optimism!
“Lazy Europeans” lol you have not met the lazy Canadians
America is just better overall
@@Jk-qx7gmdemographics. Also europes economy is straight up shrinking. It was about equal to the US in 2008, now it’s about 10 trillion behind
Yes, there are many areas in which we Europeans lag behind the US. Here are some:
School shootings
Other mass shootings
Children getting shot by police for walking down the street
Teen suicides
Adults getting individually shot by anybody for any reason
People dying from curable illnesses because they can't get healthcare
Medical bankruptcies
Fatal drug overdoses
80-year-old women working in fast food restaurants
79-year-old men working in a car lot and getting beaten up by police for no reason
Homelessness
I don't know if any of these are related to GDP. That is your area of expertise, not mine.
so extremely rare cases vs low european wages and productivity
@@oluwaseyijohnson3162
"extremely rare cases" 😂😂😂
"low European wages" while American minimum wage is 7$/hour 😂
Great Video!! :D thanks for your work!
I would also want to point out that productivity in Northern Europe including France and Germany are roughly the same as the US and barely lost any ground. The eurozone crisis mainly hit southern Europe, Brexit blew the Uk apart (although they had a productivity problem before) and Eastern Europe is catching up, but from a much lower level. So it is a mixed. The US is currently above the potential GDP growth through a decade of massive deficit spending.
@Jeffrey Dick it’s not that easy. It easier to finance deficits when you borrow in in your own currency. Most of the developed world does that. It is even easier when you have a widely used reserve currency. The US roughly makes up 55% of holdings while the euro makes up 25%. So theoretically the US can borrow more. But that is not necessarily just an advantage. You still must balance money in and outflows and the US was barely keeping up that balance and even if you just borrow in your own country, that still means you still have to balance that eventually by either taxation, inflation or simply stealing from the capital owners.
So far investors money has kept flowing in without too much dividends flowing out. So far investors bought bonds and the new investors covered the interest on existing debt. At some point the debt buildup has at least to slow down significantly.
@Jeffrey Dick borrowing is not a bad thing. But there is a borrowing too much.
On your description of the functioning of the fed I disagree. That is legally correct but economically irrelevant. And it is not unique. The Swiss Central Bank is not owned by the government and you can even buy shares. The German government does not borrow either and it does not issue the bonds. It’s done through and agency. It’s economic effect is similar.
I think most economist agree that the US overdid the deficit spending during Covid. Which was hard to estimate. So that’s not a blame. But you can see that growth was above potential growth, inflation spiked and the savings rate turned negative after an unusually high savings rate during covid.
If you now have a prolonged downturn and higher interest that could serious eventually. Not in terms of a collapse those fears are IMO overblown but in the form of a prolonged reduction in potential growth.
you are wrong about productivity. Didn't you listen? When you work 10 hours less a week, it kills productivity in anyone's economy
@Jeffrey Dick fed is a central bank as well as other central banks that are not controlled by their government and are independent like the judiciary but chairman employed by the government. fed name is not the central bank because americans hate that name. It's not a central bank in name, but it's exactly the same role as other central banks and how it works.
@@DavidZinselmeier productivity in economics is defined as output per unit time. Therefore it is not affected by how long you work for.
We need to overcome our history and embrace a true European unity.
Good job/ Please keep them coming.
Thank you for providing this summary.
Nice video. Although I don't agree that the UK is now on par with southern Europe. It's s bit of a stretch. Figures are grim but it's not yet that bad.
GDP is a can of worms... it actually represents the cost of produced goods, which is equated to value under a value theory that considers all costs justified. So if a country overspends on military, education and healthcare (sound familiar?), this shows up as higher GDP. Purchasing power can then be compared and adjusted again, but this is a very contentious process with no single right answer...
That's why I think GDP isn't everything. We shouldn't measure all growth by that
Wow for once i am proud to be American, (Bangladeshi-American.) i thought Europe had everything better from lifestyle to elegance etc etc but it seems we Americans are richer with better opportunities and future prospects. Also not to mention, Europe has an energy crisis due to the Ukraine war, the pipeline to German cut out gas and now America is selling expensive gas to Europe making us richer and Europe poorer. Lets goooo USA
Great video!
Hogwash. Norway, Germany, Switzerland, Denmark... they have notably higher life standard than the USA. Not to mention better worker rights, better healthcare, better transportation... And the four I mentioned are countries I am 100% certain have a higher life standard than the USA. France, Belgium and Holland are likely having better life quality.
they have a combined population of 150 million to the US's 330 million
@@franknwogu4911 It's not a matter of population count, it's a matter of wealth distribution. The US is literally making most of its money to feed the bloated ego of the BIg Swinging Dicks on Wall Street. After reading "Liar's poker" by Michael Lewis, I've gotten yet another confirmation that the US citizens COULD live much better but they don't, because they are wage slaves to a bunch of frauds who make billions out of selling people lies and sea foam.
and that's why they pay 30-40% more tax
@@mile_381 And yet they don't work 80-100 hours a week to barely make do. They live in better accommodation, drive newer vehicles, can afford vacations abroad every year... DESPITE those taxes. They don't waste those taxes on starting wars across the globe, they spend them on infrastructure, education and healthcare.
@@RoadKamelot2nd lol idk why you think going abroad every year is something to be smug about the US is almost as big as the EU why tf would you go to another county when those immigrants of those countries bring their culture to the US and idk where you get that people in the us dont have new cars, people in the US have bigger houses than in EU and more cars per person.
It's important for europe to strive for independence in high technology areas, especially considering that they may not have achieved the same level of independence as china did in the 80's in areas such as military, space(their own international station), technology (internet), manufacturing, and economy. It would be great if europe can work towards reaching a level of competitiveness with both china and the usa in this domain.
China is not independent LMAO, it needs western technology so that the dirty red communist bandits have what to steal. If the tap gets turned off, China won't have what to steal...except Russian tech...that is already relabelled Chinese tech.
Now subtract Cheap Russian gas and ads the cost of costly LNG to it..
Not a hater, just pointing out the facts here, hopefully Europe turns energy independent using green tech implementations..
every technology china uses is foreign, mostly from the US, so china is very dependent especially on the US. which is why china is so scared of US sanctions.
European Space Agency pays into the international space station, has it's own independent launch capabilities, it's own satellite networks etc
If you add up the military spending of the EU & UK, it's more than China spends in USD terms.
But our militaries are much better.
For example planes are only allowed to take off from any of China's aircraft carriers if there is an alternate landing site available. China can't yet do night landings or bad weather landings on a carrier, making them effectively useless.
UK, France, Spain and Italy can all design, build and operate their own carriers and have a century of experience with them.
@@user-ji3zl4vd9b Qatar, Azerbaijan and Algeria also exist.
Russia isn't the only one producing gas.
Nice work
GDP per capita is not what matters to citizens. Purchasing Power is what determines how rich you are. What can you buy with what you earn?
Nice video and very well prepared! I would be interested on hearing more about the EU closing the tech gap with the US
Too late, unfortunately. The gap will only expand
Great video!! A bit off topic- how did you learn such amazing English? As a Frenchman it seems impossible for me to loose the accent 😅
he is Dutch...it helps haha
@@Mindforprogress Didn’t he say he was French as well? 11:20
Much appreciated
Imagine having a bureaucrat sitting in Brussels for more than 20 years who probably hasn't had a real job in her life, planning Europe's future economy. 🤣😂
In Europe we tend to put more emphasis on the person rather than the economy. We have all kinds of welfare nets - free/affordable education, free/affordable healthcare, more liberal policies on migrants, prisoners, we work less so that we can spend more time with friends and family or just have more time for us. We are less stressed in our working space and in school and for all those reasons and more we are also heapier. But we have one fundamental problem. All that emphasis on the person put us in position where we are simply not as innovative. We put money in free healtcare, the Americans put money into the healthcare indusrty. Machines, medicine, breakthroughs it almost always comes from there. In other words we build hospitals and equip them with American machines. We take money from billionaires and companies and make our own lives better while the Americans invest in R&D. America spent over $700 billion USD in R&D last year. We spent around half that at roughly 330 billion Euros or around 350 billion USD. And the EU has around 100 million people more so divided per person it is even worse. I remember when there was talk about the newest fastest supercomputer in the EU. The Lumi powered by AMD CPU and AMD GPU. Ofc AMD is American company and even the company that made it is American. I hear a lot about our education system and how it is superior to the American education system. Yet the last time I checked America dominates every list of top universities. The last time i checked their companies and engineers dominates most hardware field and almost all software fields. Our computers run on American GPUs and CPUs as well as on American software. Our phones run on American hardware and software. Almost every social media we know and love -instagram, FB, Snap, Discord and yes YT etc are all American. Even in the cases where we are "the best" like in auto we are getting dominated lately not just by the Americans but also by the Chinese. Mercedes announced that their autonomous technology is now on level 3 on something like that maybe 4 and what was "their" technology? Powered by Nvidia but hey at least they support Apple carplay and android auto... oh wait.
In conclusion while our systems are put in place so our lives can be better in cases like the pandemic and the war in Ukraine we saw how greately dependent we are on foreing countries. It is all good when we can spend money on foreign innovation and products but what happens if they stop innovating or if they are unable to produce the products we need. Oh and the case with Russia - a nation that is actively against the peace and stability in Europe is our main energy partner of which not just our gas prices depend but also our electricity bills and our industries. We need to become more independent. We need to bring innovation back to Europe!
It is the result, not the intention that matters. Welfare, to a degree, is countering the market force that works improves every player.
American grind, European welfare
You gave a horrible horrible analysis and is so factually inaccurate too. The US is in decline, Europe should NOT try to copy the US
@@americanteen97 Yeah surely buddy they are in a decline. Keep on dreaming
@@americanteen97 Who funds NATO?
0:00: 📉 Europe's economic decline and the myths surrounding it.
3:04: 📰 The Daily Upside is a free business newsletter that provides concise and insightful articles to help readers stay informed about global economic trends.
6:16: 🌍 The transition of Europe was affected by the nature of its labor markets, including high youth unemployment and an older population, leading to slower adoption of new ideas compared to the US. The lack of economic competition in Europe and continued market fragmentation further hindered its ability to compete globally.
9:05: 🌍 Europe's productivity and growth have varied across different regions, with some countries underperforming and others catching up economically.
11:39: 🌍 Europe is investing billions in its economy to recover from the pandemic and catch up with Northern Europe, with encouraging developments during COVID.
Recap by Tammy AI
Europe is nothing but a puppet state to the US. Don't ever get it confused
Americas coping mechanism for having low HDI is corporate-esque UA-cam videos with twice as large a budget for graphics compared to research.
Euro cope for getting paid 20k is their precious hdi which france has the same of idaho lol face reality
Good and insightful video.
Thanks
I'm thankfull you mentioned the subsidy tatic, we can't just keep subsidizing literally every single sector that we want to atract. Specially with the net-zero industry act, we should be more focused on developing future technologies, then trying to atract technologies other countries dominate the entire suply chain (like China on solar pannels)
I mean the US is doing just that with the Inflation reduction and Chips act, and it's working out for them nicely.
@@matejzganec6183 Except those 2 are coming at the cost of a gigantic deficit, wich they can afford because dollar is the worlds reserve currency. Also, their lower energy prices + much more companies in the field also help
@@joaquimbarbosa896 at some point we have to make it more attractive for the companies here. EU/EEA enterprises are literally shifting their businesses overseas because of this approach and lack of incentives. We still have a lot of highly educated young people from EU and abroad that flock to us for our cheaper education. Need to oncentivise them to stay and not just educate so that the US can reap the rewards. The cheap energy and dollar as a reserve currency isn't something that is new. It's not something that can be a barrier to our industrial policy. Energy too would have been a hell of a lot cheaper had we started the transion on time and not allowed lobbyists in the 00s/10s to derail it in favor of natural gas.
@@matejzganec6183 They often receive a lot of incentives, what they complain about is how hard it is to employ and fire people, how much paper work there is, the high energy prices, stricter regulations etc. Thats literally the reason they need financial assistence to invest in the EU.
And in energy a good first step would be not closing NPP's unnecessarely.
We have potencial, but hose things hold us back and we often just make tings even worse
-Interviews a politician
-Totally ignores US fragmentation
-Blames "austerity" implying countries were actually austere. (Frugal countries are the best performers btw)
- Argues that pension spending will improve the economy
1- Has a PhD in economics and wrote the EU strategy
2- Is nothing compared to the EU
3-Frugal countries didnt do austerity, they didnt slash budgets like the South
4-I say the exact opposite
Great video mate👍
❤ Form 🇹🇷
@@onurturhal6814 from
Hi there, love your videos! In general your accent and pronunciation is really on point. I think for Maria Joao you missed it. The J is not pronounced in a Spanish way (assuming you're Dutch; similar to the Dutch ch), but more like the French J like in "je suis".
Language barriers preventing ease of crossborder employment, is definitely the biggest barrier to competition with the usa. That's why northern european countries appear to have such an advantage, it's their command of the english language.
That is why the EU is advocating to standardize English among EU countries.
@jko jko most jobs where? "northern languages"??
@@thundurr In northern countries I guess.
@@thundurr I don’t think you read all the comments lol
Good video. Predictions about the future of Europe are nearly impossible at the moment; the war in Ukraine can go terribly out of control, China and North Korea are making trouble in the far East, climate change starts causing real problems for Southeren Europe, the recent trouble with a few collapsing banks might be a sign that a major financial crisis is near, the energy market is very instable and things are not made any better by a policy that blindly chases any opportunity to go all electric - but that is a topic for an entirely different discussion ;).
Many countries in Europe are consistently enjoying the best quality of life in the world.
What it needs to solve is it’s low birth rate of native population . You can’t continuously bring immigrants from other parts of the world to stall demographic issue .
Other thing is that Europe is really weak militarily, and other two of its world competitors - USA and China - have strong military .
skilled workers in usa make 3-5 times more money than skilled workers in europe
@@mile_381 can you back up that claim ?
I agree that skilled workers generally make more in US than EU but your claim of 3-5 times is not correct. Besides , most high paying skilled jobs in US are located to just four cities- San Francisco , New York , Los Angeles and Seattle . And cost of living there is very high .
Also , in USA people work more overtime, and generally get lesser benefits, shorter vacation , much shorter parental leave .
@@mile_381 Nowhere near that much. 1.5 times, I'd believe.
@@danielkelly2210 senior software engineers in richest european countries make 60k$, in usa 200k+, accountants make like 50-60k max in rich european countries while in usa they make 2-3 times more than that
@@mile_381
And unskilled workers in the USA are basically slaves. But well that's an American tradition.
*Not to mention US is very close with both its northern & southern neighbors - they have huge trade agreements with each other. Canada also has a stable, advanced economy & Mexico is rapidly growing despite all of their other... problems*
This seems like a well-balanced report that was thought out carefully. Thank you!
2 Big things to be said here.
1.
Europe has not really Fallen behind.
Right now. The Living Standard and Economic Power of Europe is actually pretty much on Par with the US.
Yes. On GDP alone the EU is Inferior to the USA or China. (well. Assuming China is telling the Truth. Which I really doubt)
But looking at the Industry and other Economic Factors. As well as Living Standards and the Question of wether You can actually do something with your Economy. Europe is Immensely Powerful. And not behind China or the USA in any notable way.
This is why the EU is by now Setting Standards World Wide. Simply because its Economy is so Big that other Countries will abide by EU Rules simply due to its Economic Power.
The US has no Such Power. Because while it has a Giant Economy. This Economy stems from a Protective Stance. Which means in terms of actually being Influental. The US isnt a Big Player.
Other Countries dont care if your Economy is Big. If others are not going to be allowed to Competetively Sell inside it.
2.
There is also actually more Factors to the GDP or Raw Economic Power here which actually Place the EU as a Future Powerhouse for the future.
The EU has effectively just recently started Seriously Working together. And even now this Coordination is just not on Par with Single Big Nation States like the USA or China.
With the EU becoming more United the EU will also Pick up Speed.
And thats not all. The EU with this Coordination and Expansion also has currently a Unique Situation. Because it has Very Strongly Developed Areas which are effectively on Levels that are on Par or even Beyond the USA when seen Relative to their Size.
And Areas that are still pretty underdeveloped and holding Immense Future Growth Potential. This Unique Position actually sets the EU onto a Path that will result in very Strong Sustained Growth in the Longterm as the EU Develops these Areas with the Economic Power from its already Developed Areas.
In Total. The EU is a Fairly Good Bet for the Future.
it may not have the Reckless Shortterm Speed of China and the US. Which often comes at the Expense of its own People.
But in the Long Run. The EU actually has a far Bigger Potential than the USA.
for bigger potential eu needs to fix demography. Immigration isn't a solution. Because migrants don't realy like to work.
Europes GDP graph just entered a phase that should become global standard in order to sustain our planet...