And the US has the greatest economy in the world as a result. No losing millions to corrupt licensing and permitting schemes, council / tribunal approvals, certifications and mandatory examinations, etc.

As a Europoor it's sad seeing my young nephew growing up, and realising he will have far better opportunities in the US or China than here, where everything is blocked, taxed and regulated to maintain the status quo.

I am not sure where you got this dichotomy, but the appropriation process in the USA certainly has its own corruption issues, strong industrial lobbies are IMO a form of legal corruption (including campaign donations), and the current administration is in a class of its own wrt corruption and wasteful spending.

The USA certainly have the "best" (according to some metrics) economy in the world, but the reasons are complex, diverse, and mainly historical.

I will concede that some areas see fewer regulations, leading to a leaner permitting process (though it has consequences on road safety, environment pollution and gun safety, for instance).

However, it is hard to predict the future, and I am unsure if your last point will stand the test of time. For instance, if/when the AI bubble pop, the USA job market will probably suffer more than others. It is tempting to always see greener grass elsewhere, but Europe isn't in such a bad position compared to the USA.

> realising he will have far better opportunities in the US or China than here, where everything is blocked, taxed and regulated to maintain the status quo.

Those two countries have far worse inequality than most countries in Europe. So yes, he might have better opportunities in US and China, but that's because he was born in Europe and will be in a better position to choose his future than if he had been born in a country where the inequality level meant he could not access the opportunities available in that country. You need to think about why those countries have better opportunities in the first place. They paid a price for that.