Another component of the reason why there is no private investment in Europe is that it is not a good environment for investors. Taxes on profits, and in some countries on wealth, are simply too big an obstacle. Investment means the expectation of profit, and profit is seen in Europe as something undesirable and harmful, something to be suppressed, and the legislation in European countries is completely dedicated to this goal.

So we have come to the point where the state, or rather the supranational institution of the European Union, has become the largest investor. Politicians love it, bureaucrats love it for very clear reasons - they are the ones who choose the winners and losers. They are the ones who decide who to make rich. This, of course, also opens up space for numerous abuses and corruption that are an inevitable part of such a social organization where politicians and their bureaucrats choose the winners and losers in the market. Another inevitable consequence is inefficiency. Expecting that such an investment model will bear the desired fruit and produce something that will truly be able to compete on the global market is like planting a corn seed, concrete the ground in that spot, and then expecting a plant to sprout through the concrete.

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