Americans like to work hard whereas Europeans prefer a more leisurely life. That is the widely held perception of the continental divide in business culture. But it has not always been the case; 40 years ago, there was precious little difference between the two. In the 1980s Europeans began to take more annual leave but Americans did not. Over the year as a whole, Americans average 34 hours a week, six more than the French and eight more than the Germans.
In America, by contrast, champions of workers’ rights have recently focused on raising the minimum wage (so far to little avail at the federal level, though some states have enacted more generous wage floors). Wage gains have certainly skewed toward the better-off.
In the developed world most workers have more than enough to feed themselves and their families. But they still want "positional" goods—homes in a good location, holidays in sun-drenched resorts and possessions that demonstrate their social status. Prices of these goods will be pushed higher, driving status-seeking employees to work more hours to earn them.
