Is America losing its luster?
It is difficult to come across anybody globally who has not been influenced by the United States of America’s (USA) culture, education, technology, language, politics, businesses and food.
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Growing up, my life has been made by the U.S., though I live in Accra. The inspiration you get by watching Hollywood movies and series is just profound. Even watching CNN on a daily basis propels you to be innovative.
On a recent visit to the U.S. and China, I observed some telling signs of a rising China and probably a declining U.S. In the 19th and 20th centuries, the U.S. surpassed Great Britain to become the world’s premier economy.
This was mainly due to the innovation the U.S. brought to the table, especially in the areas of aeronautics, education, culture, politics, automobiles, communication and many others. America became the dreamland for many across the globe.
It was a place of promise and possibilities; a place where people take risk and sound arguments can win the debate. The promise of America made people lose their lives and leave families behind in search of a gold mine.
Today, America is still the world leader and still the best place to do business. America’s leadership in the world is not only needed but the basis and the aspiration all endeavour to achieve and surpass.
So many people and countries are dependent on America that their fall will be a global security threat. With the number of industrialised nations increasing and the attendant keen competition, the U.S. is falling behind in so many areas.
Chief among them are in pre-university education, infrastructure, its competitiveness (falling behind Switzerland and Singapore in the World Economic Forum 2014-2015 report on global competitiveness) and its nagging political gridlock.
This has left new spaces which are being field by countries such as the United Arab Emirates, Hong Kong, Singapore, Finland, Japan and others. China has now become a global force which is expected to outrun the U.S within the decade.
According to the World Bank, in 2000 the Gross Domestic Product (GDP) of the U.S. was US$10.28 trillion, while that of China was US$1.198 trillion. In 2013, that of the U.S. stood at US$16.77 trillion, while that of China: US$9.240 trillion.
The U.S. economy has grown within 13 years by 67 per cent while, that of China by 671 per cent within the same period. In the area of research and development, China which invested less than US$100 million dollars in 2000 is poised to overtake the U.S and Europe by 2020 with investments reaching about US$500 million, according to the Organisation for Economic Co-operation and Development (OECD).
The Chinese have done this by copying and improving on every knowledge they acquire, just as the U.S copied from Britain and other parts of the world. It used to be the situation that we never respected products from China, but today it is changing.
The Chinese are learning fast, enrolling over 20 million people into college and producing over 200,000 engineers annually. They have taken on mega projects and venturing into new frontiers. By their sheer numbers; 1.3 billion as of 2013, China is destined to become the premier economy in the not too distant future.
A China leading the world economically makes me cringe. Are they ready, do they have the required values, are they open enough and are they tolerant? It must, however, be said that China’s conservativeness may help a world where disruptive ideas like Artificial Intelligence (A.I) and same sex unions may ultimately lead to our demise.
Can China lead a world in chaos, will she be willing to invest in areas where she might not gain and will she be reasonable enough to accommodate all views? These are the issues which make a world led by China unpredictable.
At some point, power ought to shift and this may be China’s time. However, I shudder to think if they are ready. The U.S and its allies, the Europeans, are better placed to integrate their economies and get the numbers to change the course of the world.
We need bold ideas, innovations, arguments and thinking to change the course of the world. The less emphasis on true values as nations develop is becoming a plague to their development.
If only the U.S. could reinvent itself, define the new frontiers of development and capitalism, integrate world institutions to involve other countries, promote aggressively its true values, fix its infrastructure deficit to run ahead of emerging economies, resolve its nasty politics and become a beacon of hope for the world.
A thriving US is a dream all should share. She (U.S.) will need to play under new rules, be firm on rogue nations, redefine what success is under capitalism, embrace emerging markets into global institutions and invest in innovation.
• Yaw Asamoah work’s at Creative Trends, the organisers of the African SME Summit. Let’s continue the discussion at African SME Summit on Facebook. Email - [email protected].