You make an excellent point here. Overall, the total amount charged to all people involved in a call (caller and receiver) is generally much higher in Europe, and the fact that the people paying have almost no leverage in Europe is surely a major contributor to this situation.
The contorted arguments in defense of this state of affairs remind me of a thread in rec.travel.europe a few years ago where a bunch of Europeans yelled themselves hoarse in defense of paying per minute for local calls. As far as I could tell, the fundamental argument was, "okay, fine, we give buckets more money to the phone company than they do for the same service, but we're used to it and they are stupid Americans, so our system is better."
Now someone figure out how Singapore manages to have caller-pays phones but still keeps termination charges about the same as those for landlines.
miguel