那提西-全球-经济理论-胜者通吃-20180126-8页

FlashEconomics26January2018-85PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comThewinnertakesallInasituationwherethereareincreasingeconomiesofscaleorhighfixedcosts,thebiggestcompanieshavelowerpricesthantheothersandultimatelywinthewholemarket(thewinnertakesall).Companieswhichstartfromalargedomesticmarketarethereforemoreefficientinsubsequentlywinningglobalmarkets.ThetragedyoftheEuropeanUnionisitsinabilitytouseitsinternalmarkettoproducedominantcompaniesinthedigitalindustryandequipmentforrenewableenergies.TheexceptionsarethoseEuropeancompanieswhichbecameglobalisedataveryearlystagetoprofitdirectlyfromtheglobalmarket:intheaerospace,automotive,energy,chemicalandconstructionindustriesamongothers,butnotinnewtechnologies.DistributionofthisreportintheUnitedStates.Seeimportantdisclo