I'd say that the top engineering and design expertise is pretty much the same in the US, Japan, UK, Germany et Al. That being said, American companies do tend to occupy more than their share of the high end business. Why? Tax code differences and pro-business deregulation make it easier to start and operate smaller companies in the US.
FWIW, minimal (compared to Germany, for eg.) employee benefits and a business friendly legal code make it far easier to hire and fire workers here in the States. Venture capital, arguably, can also be raised more easily here and perhaps most importantly, there is little long-lasting stigma attached to business failures in America. This is prob. the most important factor as it encourages entrepeneurs to take risks. Failing once or twice doesn't preclude someone from trying to set up a third company and indeed, many people look at early business failures almost as a rite of passage to bigger and better things later on.
In Japan and Germany, at any rate, a business bankruptcy would make it extremely difficult to raise funds for a new company down the road.