World Competitiveness
Many people argue about how strong or weak the U.S. economy is… and how we rank relative to other countries. While many factors might be considered, IMD Business School of Lausanne, Switzerland, does an annual assessment of 55 countries and uses these criteria in the following categories:
- Economic performance
- Government efficiency
- Business efficiency
- Infrastructure
Their comprehensive annual report once again places the U.S. at the top of the pack again … Singapore is second and Hong Kong is third … where it’s been for the past 15 years.
Prior to that, Japan was ranked highest. The report shows similarities between the current U.S. situation and Japan’s at the time they began to fall from the top… which might serve as a lesson to our country. If we can address the economic challenges we face, perhaps we can maintain our position… if not, then we will suffer the consequences and decline in standing.
They also point out some differences, most notably:
The Japanese never practiced “creative destruction.” The US, because of its openness, resilience and entrepreneurship, always seems to find the means to reinvent itself in ways that Japan (and much of Europe) often lacks.
THIS is what really sets our country apart from others… and it runs deeper than economics. I believe it reflects the character of our citizens, the importance of individual rights in our representative republic, and the significance of our free enterprise system. To underscore these, it would be to our advantage to limit the size and scope of government to only activities addressed in our Constitution, giving us greater flexibility to “do what comes naturally”, and to minimize taxes as well as the impact of the tax collection mechanisms, which would markedly stimulate business activity.
