Long been the leader and the dominant force in technology, innovation, productivity, and profits, the rest of the world is catching up to America. Do we realize how fast?
Little did Britain realize in the year 1897, Queen Victoria's jubliee, that they would be superceded by their own former colony. A WashingtonPost article states that according to a recent book by Clyde Prestowitz "Three Billion New Capitalists," people from countries such as China, India, and the former Soviet Union, will inevitabley compete with Americans for the slice of the pie. This same article stated that a Goldman Saches study concluded that by 2045, China will be the largest economy in the world, replacing the United States.
Manufacturers across the U.S. have already turned to the cost advantages of doing business in China and Mexico. Jeffry Immelt, CEO of GE is quoted as saying, "It's unclear how many manufacturers will choose to keep their businesses in the United States." Intel's Andy Grove is more blunt. "America ... [is going] down the tubes," he says, "and the worst part is nobody knows it. They're all in denial, patting themselves on the back, as the Titanic heads for the iceberg full speed ahead."
Contributing to this trend is the erosion of science and technology in the U.S., particularly in education. The article goes on to state that there are some who see the decline of science and technology as part of a larger cultural decay. A country that once adhered to a Puritan ethic of delayed gratification has become one that revels in instant pleasures.
We're losing interest in the basics—math, manufacturing, hard work, savings—and becoming a postindustrial society that specializes in consumption and leisure. "More people will graduate in the United States in 2006 with sports-exercise degrees than electrical-engineering degrees," says Immelt. "So, if we want to be the massage capital of the world, we're well on our way."
Read the full Newsweek article here.
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