Another thought provoking piece from 2006 Nobel Laureate Edmund S. Phelps in the WSJ, arguing that differences in economic dynamism are not just instititutional, but to a large extent cultural:

The values that might impact dynamism are of special interest here. Relatively few in the Big Three report that they want jobs offering opportunities for achievement (42% in France and 54% in Italy, versus an average of 73% in Canada and the U.S.); chances for initiative in the job (38% in France and 47% in Italy, as against an average of 53% in Canada and the U.S.), and even interesting work (59% in France and Italy, versus an average of 71.5% in Canada and the U.K). Relatively few are keen on taking responsibility, or freedom (57% in Germany and 58% in France as against 61% in the U.S. and 65% in Canada), and relatively few are happy about taking orders (Italy 1.03, of a possible 3.0, and Germany 1.13, as against 1.34 in Canada and 1.47 in the U.S.).

Phelps should dig further and may care to bring in religion and history as Italy, France and to some extent Germany are all Catholic and all came late to empire building as opposed to the nations that rejected papal primacy and set out to conquer the world. Max Weber was one of the first sociologists to pioneer this theme. Of course, these factors have been overcome by time and dynamic capitalism as Phelps describes it has now made successful inroads in Catholic underperformers such as Ireland and for instance Poland.

The Dutch, together with the Brits and Nordic countries are very different from their big continental brothers, but I would still suspect that their entrepreneurialism comes in below the levels measured in North America. That however is probably more a function of institutions rather than values.