Isn't it true that the Western European economies are high-tax, high-regulation economies with high degrees of risk-aversion (both public and private) compared to America? Where does that stereotype fail?

From what I know, it's hard to fire underperformers in most of Western Europe. Many traditional industries are protected (like French book stores). Taxes are high. Anti-market sentiment is strong. It's not a place where I would want to start a company to do what has never been done before.

I'd like to be wrong. I hear Europe is a nice place to live, otherwise. But it is called the "old world" for a reason.