Promoting dynamism and churn

James Pethokoukis writes at AEI,

Forbes annually ranks the world’s largest companies based on revenue, profit, assets, and market value. In its 2016 compilation, seven of the top 10 tech companies in the world were American. Europe has just just three companies in the top 20: Germany’s SAP, Sweden’s Ericsson, and Finland’s Nokia. And there’s a simply massive size difference between America’s top tech firms and Europe’s. For instance: Apple, Google, Microsoft, Facebook, and Amazon each have a market cap of over $350 billion each. Europe’s tech trio: about $50 billion a pop.

...That’s the real challenge for the next American president: Making sure policy is supportive of an ecology — taxes, trade, regulation, intellectual property — that promotes dynamism and churn. It must guarantee the U.S economy remains open to competition, whether from within or from abroad. That’s a big part of what this election should be about.

Read more here.