In many ways, European countries are coasting along on wealth exploitation resulting from centuries of colonialism. North America is similar but the US in particular is absolutely dominant at the modern knowledge economy. This is where Europe in general lags behind.

Europe’s glory days are behind it. The glory days of the US are ahead of it.

Europeans have a higher quality of life, for now. Wait until the bill for the welfare state comes due and we shall see how sustainable that model is without the ability to create wealth.