January 22, 2014
America Unleashed: Why We'll Be Number One Once More (Paul Salmon, 1/22/14, PBS : Business Desk)
Posted by Orrin Judd at January 22, 2014 6:15 PMHere with another dose of optimism is Milken Institute senior fellow and former Harvard Business Review editor Joel Kurtzman, who identifies four forces of economic change propelling the U.S. toward a brighter future. The following is adapted from his forthcoming book, "Unleashing the Second American Century."Joel Kurtzman: For some odd reason, Americans like to think of our nation -- which is by far the largest and most sophisticated economy in the world -- as the underdog. It wasn't that long ago -- at least it doesn't seem like it was that long ago to me -- that books were being published like, "Japan as Number One." And now it's China.Case in point: a chart in the Wall Street Journal about research and development in a number of countries was titled "China Catches Up," despite the fact that the amount China spent on R&D, according to the chart, was only about half of what the United States spends. Not only that, but if you think about it, whereas the U.S. spends big on R&D since we have a robust research infrastructure already in place, a lot of what China spends is to set up labs and train people, which we've already done. Now, I have nothing against China, in fact I admire it, but catch up to the United States? Not for a while. In my view, the United States is about to undergo a "growth spurt," just as China, and much of the emerging world, are slowing down.There are four forces that explain why the United States will be entering a period of very strong growth: our creativity is ahead of all other countries; there is a renewal of manufacturing; we have enormous newly accessible supplies of energy; and we are flush with investible capital.
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