WHO HAS THE SMARTER ECONOMIC MODEL?
America or Europe? Well, my answer is: Neither. American capitalism, with its labor market flexibility, its embrace of free markets and competition, its entrepreneurial dynamism, has proven the more efficient engine of growth and opportunity in recent years. I applaud the US's welfare reform, and even if we're harsh about letting people in, we embrace them once they're here to a degree that Europeans don't. But I prefer the EU's urban model, with higher concentration and more public transit: among other things, that's why Americans are so fond of studying abroad and living in Europe when they get the chance. Why can't we create cities like that here? Yes, there's no substitute for one or two thousand years of architectural heritage, but we could invest more in beautifying our city centers, and in public transit rather than highways. Both the collectivism of the Europeans and the individualism of Americans are sometimes economically inefficient.

If only we could mingle the two. Hong Kong does, maybe, and it's an absolutely fantastic city!