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I agree that the problem is not entirely to be blamed on the respective governments. The lack of private investment is a fundamental part of the puzzle. I have been trying to figure out why private capital loves to take huge risks in the US but is so financially conservative in Europe and I am not yet satisfied with the answers I get.

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Well for one, Europe is conservative because it's more into protecting the wealth of the old gentry, the old families who used to run the continent, rather than disrupting it to build new wealth for others, therefore is a lot more risk adverse and instead just rentseeks and monetizes what they have like tourism and valuable real estate .

And secondly, the US can afford to outspend Europe at VC funding since it's not spending actual earned money from taxes, blood sweat and tears, but "monopoly money" they could keep printing for free as they own the credit card for the world reserve currency.

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