> They've had left leaning governments for too long, and economic stagnation is the natural result of that. You can't regulate your way to prosperity.

Left-leaning political ideology implies regulation?

What about https://en.wikipedia.org/wiki/Anarcho-capitalism

A more convincing argument for me would detail the regulatory frameworks that lead to economic stagnation, not bucketing a whole continent in an attempt to correlate a glut of regulation with economic stagnation.