I know that if a corporation fails to innovate competition and free markets ensure other more innovative companies have the opportunity to come up and eat their lunch. That mechanism simply doesn't work with governments and regulation because they are absolute monopolies without competition.

I lived in the US and while Europe (where I live now) has pretty old towns and manicured lawns I know that nothing modern and innovative comes from here: iPhone, software, SpaceX, even Tesla. Largest European company is a luxury brand and the most powerful economy in the EU turned out to be an empty shell controlled by and built on on cheap Russian energy. California alone dwarfs the largest EU countries put together.