(MONEY Magazine) – I've been spending a lot of time in Europe lately, writing about some of the same investing and personal-finance subjects I cover at money. And I've been shocked by the lousy deal small investors get outside the U.S.

The troubles begin with high fees. Mutual funds based in Europe can nick you for up to 3% a year, for example, while the most efficient funds in the U.S. carry annual expenses of less than 1%.

The real problems in Europe, however, have to do with attitude. Europeans may think about money just as much as Americans do (if not more), but they consider talking about money crass--maybe even a little disgusting. And they think the whole idea of taking control of your own financial life is, well, pushy.

Ordinary individual investors aren't expected to make a fuss but instead to defer to experts and professionals. And that creates a whole series of problems. Accounting rules, for instance, give European companies a lot of leeway to manage earnings. Government regulations lean toward business as well. In some countries, companies don't have to disclose how much top executives earn or which shareholders own stakes of 5% or more.

Behind all of this lies the stark fact that the European political system doesn't really support democratic capitalism. Instead of trying to create a level playing field that protects small shareholders and offers fair pricing, European capitalism is organized to benefit a wealthy elite. Many Swiss companies, for instance, refuse to split their stock because they don't want to encourage small investors to buy their shares. A single share of Nestle currently trades in Switzerland at nearly $1,860.

European economies won't be able to operate this way for very much longer, though. Their existing retirement systems are in even worse trouble than Social Security is here. As a result, they're creating various forms of self-directed, tax-deferred accounts comparable to IRAs and 401(k)s. Such accounts are most common in the U.K. and are starting to appear elsewhere.

None of this is reason to burst into a chorus of "I'm a Yankee Doodle Dandy." After all, European workers get four to six weeks' paid vacation each year, as well as universal health care. And Berkshire Hathaway doesn't split its shares either.

But ours is a society in which anyone can get rich. Or at least get in-depth financial information on the telephone. So get out there and make money--if not for yourself, for your country.

--Michael Sivy