Google CEO Eric Schmidt says Europe's business culture fails to embrace the "crazy entrepreneur types" who built many of the world's biggest companies. America celebrates such people, Schmidt says, but Europe tends to be suspicious of genuine innovators -- and of the investors who want to underwrite their visionary undertakings. "Wealth is created by the private sector, not by the public sector," he says. "If you are going to have great companies you have to be willing to support and encourage the creation of real wealth-generating capitalists."

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