@GabeLakmann Because Europeans started out with more wealth to burn, whereas poorer countries didn't, so socialism fails faster.

The early period of socialism when you're spending other people's money is the "fun" part, and the more money you have to work with, the longer it lasts.

Eventually, you run out of wealth, then you run out of lenders, then you begin printing your way to hyperinflation, then you collapse.

It's happening right now.