Winning the Race Among Nations for Economic Superiority
American politics is under siege. Why? Economic insecurity. But, the middle class is growing in many other developed parts of the world. How is that possible? As the author explains, based on his extensive international business experience, the rest of the world is much more strategic and long-term orientated. This book explains how the US can compete and win in the globalized world. More
The American political system has been thrown into chaos. Who would have predicted the success that Donald Trump and Bernie Sanders are having? But look under the surface, and the answer is obvious.
Americans are deeply worried their economic future. They worry that other countries, like Germany, Japan, China, and South Korea are gaining, or have passed us, while the American middle class falls farther behind. Why are those countries winning? Why are we losing?
It’s well known that head coaches of sports teams always have strategies when they compete against other teams. So, given that sports and economics are similar to one another, if we indeed are in a global economic competition, what’s our strategy to win?
Amazingly, we don’t seem to have one.
However, as the author points out in Winning the Race Among Nations for Economic Superiority, other countries seem to have well-developed long-term strategies – and that’s what’s behind their success.
During our lifetime, the retail world has evolved from generalists like Sears and Montgomery Wards to specialists like Best Buy, Toys R Us, and Bed Bath and Beyond. It’s also happening at a global economic level.
Welcome to the world of global specialization. Today, countries and regions of the world are focusing and dominating in certain industry sectors like never before. For Japan, it’s the auto industry; Asia the electronics industry; in Germany, it’s machine tools and industrial machinery. Even tiny countries, like Singapore and Finland, have targeted certain industries with definitive strategies. What’s important to note is that these are the countries with expanding middle classes.
To achieve this level of success, these countries have focused on ‘retainable’ industries with dense business ecosystems with manufacturing at its foundation. They use a combination of industry, academia, and government and a long-term strategy to eliminate their competitors.
As former Intel CEO Andy Grove once said, “It feels like Intel is competing against their entire country”. That’s why traditional American solutions to create the ‘ideal’ economic climate, like fewer regulations and lower taxes, will never be enough in this new era to compete against countries with such a focused, long-term strategy.
In ‘Winning the Race among Nations for Economic Superiority’, the author uses the deep knowledge that he gained in working in over 25 countries, to articulate what the next political and economic era will need to be, if the US wants to reverse the decline of the middle class.
Available ebook formats: