The United States of Entrepreneurs - America still leads the world

Article does a great job summing up some of the reasons why the entrepreneurial culture in the US is unmatched. If you doubt it, spend some time in other first world nations. You don't really realize it until you live outside the US.

The point about bankruptcy is a very good one that often goes unnoticed. Failure is just not that big of a deal in the US. In many states, you get to keep your house. Chapter 11 is a fascinating system. Both consumer and business bankruptcy have been tightened under Republican power at the behest of creditors, however.

FOR all its current economic woes, America remains a beacon of entrepreneurialism. Between 1996 and 2004 it created an average of 550,000 small businesses every month. Many of those small businesses rapidly grow big. The world's largest company, Wal-Mart, was founded in 1962 and did not go public until a decade later; multi-million dollar companies such as Google and Facebook barely existed a decade ago.