10 Reasons I'm Glad To Be Doing Business in America 39 comments
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I am glad to be doing business in the U.S. and I think that the U.S. is going to emerge from the current crisis stronger and more dominant than ever before. David Leonhardt wrote today in the New York Times that the U.S. is “a power that may not stay so super”. I disagree.
A person would have to be living under a rock not to know that that the U.S. is going through a very rough economic patch. Unfortunately, it is almost certain to get a lot worse before it gets better. But I firmly believe that the U.S. is the most dynamic nation ever and will not only survive this crisis but actually be stronger and better as a result. Maybe my optimism is just wishful thinking, but below are ten reasons that I believe the U.S. will strengthen its economic position as the crisis resolves. While many countries have some of the qualities of the U.S., no country has all of our advantages. It is the unique combination of these qualities that makes the U.S. a special place to do business. So, here goes, my list of why the best is still in front of us.
- Respect for civil rights. Civil rights empower ordinary people to believe in themselves and their leaders and to take risk. The entrepreneurial culture of this country is predicated upon the ability of the “little guy” to challenge the status quo without worrying about personal safety or government interference.
- Class mobility and a culture based upon meritocracy. The U.S. has a dynamic class structure which isn’t based upon hereditary, wealth or power. The most vibrant people and companies in the U.S. were unknown 30 years ago and the next generation of leaders haven’t been discovered yet. The litmus test to be elected to the highest position in the U.S., President, is self reliance and accomplishment. Senators Obama and Biden and Governor Palin all come from modest backgrounds and have earned voter respect because of what they have done and not who their parents are. Senator McCain comes from a different background, but no one can suggest that he is the Republican nominee because he is “entitled” to be President. Senator McCain earned the respect of millions of voters through hard work and sacrifice. Patriarchal, hierarchical and status driven societies lack the dynamisms of the U.S.
- Respect for the rule of law and an independent judiciary. Respect for the law is engrained in U.S. culture. It is taken for granted that the court system is an impartial forum to decide differences. As a result, business disputes are settled in court and not in street fights or through other forms of extra-legal intimidation. “Who you know” is much less important than “how good your lawyer is” when businesses try to work out their differences. Bribery is not a socially acceptable business practice. The U.S. legal system provides a safe, secure and predictable business environment.
- The largest “common market” in the world that doesn’t have divisive parochial interests. The U.S. has the largest market with a single currency, central government and integrated legal system. Large homogenous domestic demand for goods and services is a competitive advantage for U.S. companies that cannot be matched by any other nation without resorting to protectionism to create artificial demand. Also, our national response to the credit crisis is a stark contrast to the parochial attitudes of EU leaders. Only the U.S. has the economic power and political will to support global companies when things go wrong.
- The only true “reserve currency” in the world. When there is a flight to quality, there is a flight to the dollar. No other currency comes close. And, as military, political and economic tensions rise in Europe, the Euro’s place among the world’s elite currencies is changing. Provincialism and regional violence such as the recent war in Georgia prevents the euro and the EC from ever really reaching their potential.
- Social and ethnic diversity supported by an aggressive immigration policy. The “melting pot” is real and is unique to the U.S. Our immigration policy ensures a dynamic and growing population that creates increasing demand for goods and services which in turn sustains long term economic growth. As an example, sooner or later the housing crisis will “fix” itself because a growing population creates new demand for housing that will absorb the oversupply.
- Free and open capital markets. New York remains the “financial capital of the world” and no other nation or market is really challenging its supremacy. During the last year the rest of the world has taken its cue from New York and the U.S. While the financial crisis started in the U.S., most domestic banks remain strong and well capitalized and stack up well compared to peers in other countries.
- Open education system and the best colleges and universities in the world. Throughout the world it is the goal of parents to get their children into a U.S. college or university. There are a handful of “world class” universities in other countries but almost all measure themselves against the benchmark of a U.S. education. Admission to U.S. higher education is merit based, widespread and available to adults of all ages. While the primary and secondary education system fails some children, on the whole it remains the best in the world and definitely most available to all economic classes.
- Hard working society. The U.S. isn’t a lazy society and Americans are hard working and conscientious people. We work more hours per year than almost every other country and are more productive while we are at work. Our living standards are not an accident. They are earned through long and productive hours on the job.
- Core belief in non-violent political dispute resolution. We take non-violent political resolution and succession for granted, but that isn’t the case in most of the world and wasn’t the case during very dark periods of our history. Our political safety is the product of the extraordinary bloodshed of the Civil War and since then our system of checks and balances has worked. The risk of widespread political violence is almost non-existent in the U.S. and doesn’t enter into business planning as a reality that needs to be considered. Political stability is a core strength of our nation and a competitive advantage.
I believe that the best days are ahead of the U.S. and that our children will know an even better life than ourselves. I know that it is tough to keep perspective when the stock market is in turmoil and we are worried about our jobs, but the big picture matters. While we are experiencing a crisis of confidence in the financial markets, we have no reason to doubt the extraordinary strengths that make the U.S. a unique place to live and work.
During these dark days we need to remind ourselves of our shared core beliefs and principals. I believe that when we remember who we are and what we stand for, confidence in the future of our nation will return. David Leonhardt is wrong, the U.S. is a power that will remain super.
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This article has 39 comments:
It's time for someone, anyone, to recognize the (im)moral aspect to deficit spending. We cannot fund a party-life today on the tab of future Americans. I'm disgusted by all the talk about helping our children through new wasteful program. The best thing we could do for our children is balance the budget and start on a LONG road toward reducing the national debt. Maybe this credit crisis will force it, but I'm NOT optimistic about it.
The official work week in the US is 40 hours per week. The official work week in Singapore is 44. A 2004 report by the OECD quoted in Wikipedia shows that Korea, Poland, Mexico, the Czech Republic, Japan and Greece have longer annual work hours. Canada, Spain, New Zealand, Slovakia and Hungary are pretty close.
en.wikipedia.org/wiki/...
> 6. Social and ethnic diversity supported by an aggressive immigration policy ... Our immigration policy ensures a dynamic and growing population that creates increasing demand for goods and services which in turn sustains long term economic growth...
It's true the US has significant general immigration. However, comparing US immigration policies for skilled workers with bachelors degrees or higher to Canadian, EU, UK, Australian and New Zealand policies, US policies are overly restrictive.
I read somewhere that democracies implode once people realize they can vote themselves benefits.
Quick math - $10T in debt requires 100 years of surpluses of $100B per year. Yikes!
in the usa we will have to accept that just keeping up with mom and pop is alright for some. with globalization some of us simply will not find the opportunity to advance that standard of living. that sentiment will be what ultimately solves the current crisis what is in its final analysis a debt crisis.
*i thought everyone one SA hated america* kidding.
no really, we have free (sometimes) markets, stable political and fair legal systems; and while we're not perfect, we are the better and safer alternative.
this is the reason that, during the past few weeks, investors have been running for US treasuries and demanding dollars. and this crisis has shown the world is not "decoupled" from us; to be a prosperous world, the world needs a prosperous USA
weiwentg, the point of the post isn't that other countries don't have some (if not most) of the attributes of the U.S. Only that no other country has all 10 of the attributes. And, it is the combination of all 10 that makes the U.S. special.
I believe that other nations are great as well and have great workers and lots of attributes. My only point is that the "end isn't here" and the U.S. remains a very special place to live and work.
Thanks for reading and commenting on the blog.
~ George Bernard Shaw
~ George Orwell
~ John Maynard Keynes
The Future: the US needs to find some way to rein in China. Clearly, China (but not India) lacks good schools, civil rights, open markets, IP protection. We can use this against them (but not India).
Ameristan has neither the right nor the means to reign in themselves much less China! China has saved Ameristan from itself for the time being.
All China has to do is stop buying your increasingly worthless paper and Ameristan is finished. China is going to reach critical mass before Ameristan digs out of the rubble of its extremeist-capitalist cesspool. China will soon have enough internal purchasing power to be able to afford to blow off what Ameristan owes it and watch Ameristan implode.
As many Ameristanians have asked themselves since 9-11: "why do they hate us so much?" perhaps your "US needs to find some way to rein in China" might be a clue.
Who do you think you are!?!?!?!?!
I'm not a troll, with a chip on his shoulder, like you are.
Typically American't!
The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them. ~ George Orwell
“From birth I have been immersed, enculterated, inculcated, and surrounded by the myriad toxic components of the ‘American Dream’ or ‘Americanism.’ There are some admirable aspects to ‘America’ but by and large we live in a spiritual/psychologica... sewer.” [There are] two dozen aspects of Americanism, which I repeat here: narcissism, greed, hyper-individualism, consumerism, capitalism, corporatism, faux democracy, media whoredom, asphyxiation of the Left, Christian fundamentalism, Mammon worship, moral retardation, militarism, imperialism, celebrity worship, wars on drugs and terrorism, prison industrial complex, mean-spiritedness, self-absorption, American exceptionalism, bullying, anti-intellectualism and the abandonment of many uninsured and homeless in the wealthiest nation on earth." - Anon
Yes, I do hate Amerika! I love the original idea of America. Sadly, that ideal and that place no longer exist. Patriot, Patriot 2, Military Commissions Act '06, Presidential Directive 51, et al, ad nauseam .... Extremeist-capitalist tinkle-down economics that have stolen lives of billions of people around the world.....
Indeed, rightfully so!
Sect. 1042 of the 2007 National Defense Authorization Act (NDAA), "Use of the Armed Forces in Major Public Emergencies," gives the executive the power to invoke martial law. For the first time in more than a century, the president is now authorized to use the military in response to "a natural disaster, a disease outbreak, a terrorist attack or any other condition in which the President determines that domestic violence has occurred to the extent that state officials cannot maintain public order."
The Military Commissions Act of 2006, rammed through Congress just before the 2006 midterm elections, allows for the indefinite imprisonment of anyone who donates money to a charity that turns up on a list of "terrorist" organizations, or who speaks out against the government's policies. The law calls for secret trials for citizens and noncitizens alike.
Indeed!
As to the stated objective of "more dominant than ever before", people like you need to be hanged by their penises.
3. Bribery is, however, accepted in government. It's called lobbying, and with our current system you can't win an election without lobbyist money.
8. Primary schools are now segregated into underfunded "daycare" public schools for the poor (with teachers earning $25k a year) and high-performing private schools for the children of the wealthy. Whether or not your parents have money determines your quality of education. Pell grants have been all but eliminated, and the rising cost of college makes it unaffordable for the poor. Perhaps the child who could have grown up to be the scientist who cured cancer never will because of money. Our society's spending priorities seem to be bank bailouts, political pork, and oil wars, not investing in the future. Furthermore, a large religious-political demographic in this country is actually opposed to education and science (consider evolution). On standardized tests, our students have a mediocre performance compared to many other countries.
10. Ever been to the ghetto? The capacity for physical violence is the only source of respect there. As hip hop culture becomes the dominant theme in the US, expect this theme to continue.
All of these problems COULD be fixed if we had the will. In fact, we'd better fix them soon, or the American standard of living will soon be a quaint memory. The 10 themes articulated in this article are how the US rose to prominence. I'm not sure we've been doing that lately. Many other areas, such as China, Vietnam, South Korea, and Europe, are increasingly copying this model for national improvement, even as we abandon it.
This is a great start but your at least 90 reasons short of coming close to a complete article.
Here's a few more to help you out..
Most advanced Healthcare system.
Abundant and well utilized resources
Easy and open transportation
I esp. like # 6 & 8
I conservitivly estimate the rest of the world is between 20-50 years behind the US and I a dare say the dollar is vastly undervalued.
Furthest left Pres and Congress ever?? Please! Ameristan has only one party. That is the business party. Democrat or Republican labels are there for people to think there is a difference. A Pepsi or Coke metric.
Pathological? Perhaps. Certainly. Ameristan has taught me to be. Learned my lessons well. Yes, Ameristan is hated by normal people everywhere despite what your corporate press spoon feeds you to the contrary. After all, Ameristan is the biggest terrorist nation on the planet.
Money where my mouth is! You bet. Best thing I ever did.
Anybody with half a brain and a high school education from anyplace other than the USA, could produce an article rebutting any or all of the points you have made here.
Having said that One thing I can confirm to is that it is faltering in its values set by forefathers. You have talked about great academic achievements of US, but having closely worked in academia and wall street I am extremely worried about the future of young america. Their maths and science skills suck so bad that even third world countries beat them by miles (I have extensive experience of teaching across the continent). I really dont know if this going to lead to the end of meritocracy as one needs highly motivated citizens to stem the trend of feudal mindset.
about this good old USA. Never seen so much hate from both political parties concerning the candidates. The cultures are changing for sure.
Then again, Canada is not necessarily abroad. I've encountered much of the same red neck attitude as in the states in Canada too. I have serious questions about political correctness being law as well.
Having lived outside of Ameristan for 16 years I never intend to return. I had to go to Phoenix for a funeral in July. I remain deeply shocked by the things I saw and heard coming from American'ts! I realized before I got out of the airport how awful things have become in Ameristan. More shocking was how proud American'ts are of living so poorly! Astounding!
Thankfully Ameristan is on a well lubricated slope into oblivion. As many as half of all American'ts will be dead this time next year from various causes. Its a shame so many more people around the world will have to die to rid the planet of the Ameristan pestilence. Good luck.
Jump, because you do not deserve any bailout, especially with what remains of the taxpayers' money.
Jump, it is only right, as you have looted and plundered the land of your birth without any regard of the consequences for your friends and neighbors or the future of our children.
Jump, you rotten bastards in your three-piece suits, your wingtip shoes, your Rolex watches and your damned suspenders, you who threw good hard-working men with dirt under their fingernails out of work.
Jump, you stinking rats who lied to the American worker, who bribed and corrupted the representatives of the people to send Americas good paying jobs to sweatshops in Mexico, China, to India, leaving in their wake minimum wage jobs while you stuffed your pockets at the expense of your fellow Americans.
Jump, you bastards, who called it business when it was really treason when you sold out your Nation for profit.
Jump, you miserable scum, as you have destroyed the American family, forcing mothers to leave their children with strangers to make ends meet.
Jump, for having sold your fellow human beings into financial slavery, chained to a lifetime of debt without end.
Jump, for making Americas currency all but worthless.
Jump, for throwing families off their farms, for taking away peoples homes, for the stagnating wages.
Jump, you bastards for influencing the foreign policy of America to make war in order for your corporations and banks to seize and control the resources of other nations.
Jump, for you have the blood of the innocent on your hands, murdered in the name of corporate greed.
Jump, you bastards, for helping to give us Bush and Cheney who would turn America into a corporate controlled fascist state.
Jump, you capitalist exploiters of humanity, at least give us, your victims, the satisfaction of seeing you jump, along with all the other Wall St practitioners of soulless greed and exploitation.
Jump!