Thus, except for the United States, countries accounting for a predominant share of the world GDP have a relatively small share of global land area. After the industrial revolution, the availability of “capital” or investible resources became the most dominant source of comparative advantage.
Why are we short of capital markets union, so that if I have a small enterprise in France, I can actually borrow the funding that is available in the Netherlands and we can have a consistent and deeper system of financing our enterprises. These are tools that we have to use to bring more harmony, more consistency between the markets.