jouls

The premise of the article is increasingly untrue. It describes the situation up until roughly ten years ago. Since then there has been an emphasis on easy jobs, privatization and "flexibility". Many people today have huge mortgages, a fairly weak social safety net and are hired as contractors.

It's unfortunately not that surprising though. The tech giants have operated in Europe largely without paying taxes. Avoiding corporate income taxes with help of Ireland, The Netherlands and US tax law. As well as avoiding VAT with special deals with Luxembourg. They have essentially operated with a large discount compared to local competitors. It's of course a lot harder to get investments in the shadow of such competition.

I don't think funding as such is the main problem in Europe though. We do have a few really rich tech people, as well as a lot of old wealth. What we don't have is the thousands of semi-rich people in the wake of the tech giants that can "repeat the cycle". Something especially needed since we haven't been spared the increase in housing costs.