Should American Leadership Be Followed?

America is like Germany and other developed economies in having a substantial financial sector of its economy with specialized firms such as investment banks, mutual funds, brokerage houses, accountancy firms, and so forth.

In other ways, the American economy is unusual, including three ways which are very important to our economic success:

  1. It has an unusually large and important entrepreneurial sector built largely around technology;

  2. It has institutions specialized to facilitate innovation, especially venture capital companies; and

  3. It gives a great deal of responsibility to individuals to manage their own savings and pension assets.

It's significant that each of these three elements is emulated in Europe ...

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