Taps Coogan – January 3rd, 2022

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Imagine living in a world with rapid technological advances in nearly every domain from medicine and space exploration to information systems and communications. Imagine that such technology revolutions had spawned a new generation of rapidly growing companies that had become the largest companies in the world in just one or two decades and enabled massive increases in personal productivity.

Imagine being a large union of well capitalized countries in that world and failing to generate one such new large company in decades and seeing your GDP per capita drop 10% since 2008, a time during which GDP per capita has increased 15% in Switzerland, 30% in the US, roughly 50% in South Korea and Singapore, and doubled in Taiwan.

Eurozone GDP per Capita

Something is broken in the Eurozone and it probably has something to due with policy makers’ deep skepticism, if not outright resentment, of private economic initiative and free market forces. Of course there is virtually no chance of that changing, so one aught to expect this trend to remain in place.

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