“Wake up Europe, the digital age is bypassing you. You have no Google , Amazon, Meta, Apple. You arrogantly called SpaceX a fanciful dream and it wiped out the European Space Agency. You have no Nvidia and your response to AI has been to regulate before you have anything domestic to regulate. Your car industry is about to be wiped out by the Chinese. Your biggest economy shut down nuclear out of spite and with fraud. Your capital markets have no liquidity and your startups are drowning in bureaucracy. Your border is being attacked by Russia and your defence spending will have to triple just to be where it was with US subsidy given that part of the former Soviet Union and the Eastern bloc is now part of the EU. Your economy has slumped from the world’s largest to way behind the US. Your pensions are paid by three times less people and cost five times as much as people live longer. Your infrastructure is a model for the world but is configured for rail over self drive. Your electricity grid needs half a trillion of investment to cope with planned capacity and replacements, for the switch to renewables, within a decade. There are bright spots such as pharma and your healthcare system is a model for what civilisation looks like it. But to afford it, you need to completely transform from the industrial to digital age, to reform your institutions and rout the sclerotic bureaucratic system.”
America is still leading, it’s been 100 years and they still haven’t fallen back. Liberal capitalism is a gift from god.
Nurnurum on
And?
ICA_Basic_Vodka on
The EU rule:
If it moves, tax it.
If it keeps moving, regulate it.
If it stops moving, subsidize it.
→ We are basically making ourself irrelevant.
Kokoro_Bosoi on
As if economic growth is all that matters.
Truly a leech mentality.
Lyssor57 on
Thats probably due to lack of regulations and taxation.
pay money to improve weather!
GRAAF_VR on
EU does not have the luxury of having a massive source of cheap energy, and also had to recover from 2 major world wars, the cold war, the pillage of eastern/central EU by Russia, the interference of USA in the policy and strategic decisions…
Given all the this handicap we are doing great and also have a decent life style for all the citizens.
Bonus we are ahead in ecological and social matter
fireKido on
Looks to me this is entirely dependent on the start date you selected.. Japan outgrew the EU in the 70s and 80s, but ever since it grew quite a bit faster
efvie on
Should definitely do more austerity, bet that will fix it and it’s not at all the reason for those dips and slower recoveries in the 80’s and 2008 and covid
Noodles_Crusher on
Do you have the same graph net Italy?
da_bobo1 on
It’s because of them
FalsePositive6779 on
Seems like difference with global really set in when russia and china started stealing us/eu/japan knowledge via internet.
Or was it more due to globalisation? For which we are now thanked by those countries?
Anyway current geopolitical unrest makes me doubt that it was a good policy. Sharing wealth ok but empowering authoritarian countries not so.
kjmajo on
It’s almost as if there was a major crisis that interrupted the supply of energy to large parts of Europe, including it’s largest economy.
NoBowTie345 on
Another day, another misleading graph from an American or British econ paper.
[In the few years from 1970 to 1973 EU GDP grew by… 75%.](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=EU&name_desc=false&start=1970) Likely currency fluctuations (and by the way all of this is not real growth, it’s nominal growth in one particular curency). So the graph can look very different depending on the start year. And a graph that doesn’t account for population growth over 50 years, doesn’t tell you a lot about productivity growth and the success of the subjects’ economic policies.
The real truth is that EU GDP per capita has grown faster than the US –
The graph is taking the current EU member states, so it warps reality. In 1972, there was only 6 countries in the EU, now 27, but somehow we look at the data as if they were always part of it.
GDP of the six EU member states in 1972 : 742 billion $
GPD of the current 27 member states in 2022 : 16 640 billion $
US GDP in 1972 : 1 280 billion $
In 2022 : 25 440 billion $
You can’t just use data from ex-communist countries and lump it together with the western countries data before they even joined, that’s a bit absurd. The UK has been in the EU for more than 40 years, but using data like they do, they just don’t appear at all on the graph obviously.
Truth is, EU has grown a lot economically, in size and in population, and using the current members to project backward a warped view of history is at best misleading.
abyssmauler on
Yeah well global is kicking all are asses
Karmogeddon on
If you pop the bubble in US then it won’t be over 300.
Karlsefni1 on
It’s kind of disheartening to see so many excuses every time this topic is discussed. I’d much rather see Europe acknowledge this and act upon it, but to me it looks we are not at that stage yet.
Fervarus on
Italy has lower wages now than when they first joined the EU.
Durka1990 on
“EU current composition throughtout”. This means that it includes former communist states in central and eastern europe. The 80s and 90s were a very bad time for those coubtries. While european economic policies can be critiscised, this graph is deceitful.
aigars2 on
Split the EU further and I already know many won’t like this comment.
22 Comments
“Wake up Europe, the digital age is bypassing you. You have no Google , Amazon, Meta, Apple. You arrogantly called SpaceX a fanciful dream and it wiped out the European Space Agency. You have no Nvidia and your response to AI has been to regulate before you have anything domestic to regulate. Your car industry is about to be wiped out by the Chinese. Your biggest economy shut down nuclear out of spite and with fraud. Your capital markets have no liquidity and your startups are drowning in bureaucracy. Your border is being attacked by Russia and your defence spending will have to triple just to be where it was with US subsidy given that part of the former Soviet Union and the Eastern bloc is now part of the EU. Your economy has slumped from the world’s largest to way behind the US. Your pensions are paid by three times less people and cost five times as much as people live longer. Your infrastructure is a model for the world but is configured for rail over self drive. Your electricity grid needs half a trillion of investment to cope with planned capacity and replacements, for the switch to renewables, within a decade. There are bright spots such as pharma and your healthcare system is a model for what civilisation looks like it. But to afford it, you need to completely transform from the industrial to digital age, to reform your institutions and rout the sclerotic bureaucratic system.”
[https://twitter.com/daveg/status/1784835703743881256](https://twitter.com/daveg/status/1784835703743881256)
America is still leading, it’s been 100 years and they still haven’t fallen back. Liberal capitalism is a gift from god.
And?
The EU rule:
If it moves, tax it.
If it keeps moving, regulate it.
If it stops moving, subsidize it.
→ We are basically making ourself irrelevant.
As if economic growth is all that matters.
Truly a leech mentality.
Thats probably due to lack of regulations and taxation.
pay money to improve weather!
EU does not have the luxury of having a massive source of cheap energy, and also had to recover from 2 major world wars, the cold war, the pillage of eastern/central EU by Russia, the interference of USA in the policy and strategic decisions…
Given all the this handicap we are doing great and also have a decent life style for all the citizens.
Bonus we are ahead in ecological and social matter
Looks to me this is entirely dependent on the start date you selected.. Japan outgrew the EU in the 70s and 80s, but ever since it grew quite a bit faster
Should definitely do more austerity, bet that will fix it and it’s not at all the reason for those dips and slower recoveries in the 80’s and 2008 and covid
Do you have the same graph net Italy?
It’s because of them
Seems like difference with global really set in when russia and china started stealing us/eu/japan knowledge via internet.
Or was it more due to globalisation? For which we are now thanked by those countries?
Anyway current geopolitical unrest makes me doubt that it was a good policy. Sharing wealth ok but empowering authoritarian countries not so.
It’s almost as if there was a major crisis that interrupted the supply of energy to large parts of Europe, including it’s largest economy.
Another day, another misleading graph from an American or British econ paper.
[In the few years from 1970 to 1973 EU GDP grew by… 75%.](https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=EU&name_desc=false&start=1970) Likely currency fluctuations (and by the way all of this is not real growth, it’s nominal growth in one particular curency). So the graph can look very different depending on the start year. And a graph that doesn’t account for population growth over 50 years, doesn’t tell you a lot about productivity growth and the success of the subjects’ economic policies.
The real truth is that EU GDP per capita has grown faster than the US –
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?end=2022&locations=EU-US&name_desc=false&start=1970
EU went from around 33% of US GDP per capita to 50%.
And that’s indirectly supported by [the fact that European migration to the US has greatly slowed down.](https://www.migrationpolicy.org/sites/default/files/source_charts/spt-2024-europeans-fig2.png)
The graph is taking the current EU member states, so it warps reality. In 1972, there was only 6 countries in the EU, now 27, but somehow we look at the data as if they were always part of it.
GDP of the six EU member states in 1972 : 742 billion $
GPD of the current 27 member states in 2022 : 16 640 billion $
US GDP in 1972 : 1 280 billion $
In 2022 : 25 440 billion $
You can’t just use data from ex-communist countries and lump it together with the western countries data before they even joined, that’s a bit absurd. The UK has been in the EU for more than 40 years, but using data like they do, they just don’t appear at all on the graph obviously.
Truth is, EU has grown a lot economically, in size and in population, and using the current members to project backward a warped view of history is at best misleading.
Yeah well global is kicking all are asses
If you pop the bubble in US then it won’t be over 300.
It’s kind of disheartening to see so many excuses every time this topic is discussed. I’d much rather see Europe acknowledge this and act upon it, but to me it looks we are not at that stage yet.
Italy has lower wages now than when they first joined the EU.
“EU current composition throughtout”. This means that it includes former communist states in central and eastern europe. The 80s and 90s were a very bad time for those coubtries. While european economic policies can be critiscised, this graph is deceitful.
Split the EU further and I already know many won’t like this comment.
You can see the difference from 2000 onwards tho