our taxes are much higher meaning people and companies have less disposable income - more money is in the public sector rather than the private sector. Structural is the way our society is set up, there are lots of public services so people rely on that more than on personal savings. We don't have as many venture capitalists as America, we don't have the same number of startups, the wealth in our nation is tied up in the hands of a few large corporations rather than spread out among many businesses.