The US has lost its position as the world's primary engine of technology innovation, according to a report by the World Economic Forum.
The US is now ranked seventh in the body's league table measuring the impact of technology on the development of nations. China fell from 50th to 59th place out of 122 nations.
A deterioration of the political and regulatory environment in the US prompted the fall, the report said.
The top spot went for the first time to Denmark, followed by Sweden, Singapore, Finland, Switzerland, and the Netherlands.
My point. The political and regulatory environment suffocated Europe for decades. They have been dismantling the socialized system they created. The process is still going on.
The US government, on the other hand, is increasing the effort to protect and regulate our life.
The outcome is that business is slowly moving to Europe, away from the US. The strong Euro (ETF: FXE) and rising gold prices in US dollars (ETF: GLD) confirm the improving competitive position of Europe relative to the US.
More on https://www.peterdag.com.
George Dagnino, PhD
Editor, The Peter Dag Portfolio on https://www.peterdag.com/
Since 1977
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