The US suffers from de-industrialization as a result of the free trade agreements. That is 100% the cause of the excessive poverty we have vis-a-vis Europe. What's odd is this belief that consumer protection laws are somehow what is keeping Europe from having the same problems. And I don't really see Europe as being on a different development path. Rather, the EU managed to buy time with Eastern Europe coming into the fold creating a source of cheap labor nearby that delayed the migration of industry to China and the resulting mass de-industrialization and growing pockets of poverty that result. But the rot is already there with the industrial decline of Southern Europe and firms migrating production out of Europe, just at a slower rate. You can view Europe as lagging the U.S. in this area also.