Originally Posted by Pollyanna
The US must be the freeest market in the world yet even with its incredible resources and developed economy it's doing worse on a range of metrics than a whole bunch of other countries with more regulated markets. The foreign debt is mind-blowing and that was always going to bite at some stage.
Pol, its the best system we have and its not perfect. Thats the duality of our times that we need to live with.
And you would be right to say the US is the proof of it. The US doomsday theorists seem to keep forgetting that in absolute terms on almost any parameter, the US still outdistances, W Europe, Japan,China etc by very long shots. The emerging markets rate of growths give us a indicator of things to come, and as Harry suggested a shift in world order, but it will be a long long time before the US relinquishes its status as the most successful nation state in history to China or anybody else.
Hers what Farid Zakaria says in his Book 'How America can survive The Rise of the Rest'
'Despite some eerie parallels between the position of the United States today and that of the British Empire a century ago, there are key differences. Britain's decline was driven by bad economics. The United States, in contrast, has the strength and dynamism to continue shaping the world -- but only if it can overcome its political dysfunction and reorient U.S. policy for a world defined by the rise of other powers.'