(U-Wire) – If you have seen the news lately, you have heard a lot about the recent G20 summit in Pittsburgh. Why is this recent meeting of the G20 so important?
Historically, the G7 and G8, which are meetings between the seven and eight most powerful global economies’ leaders, have been the premier gatherings of economic powers that have had the most say regarding policies for managing the global economic arena.
However, the latest meeting of the G20 has revealed that the G20 will take their place as the major gathering of countries regarding global economic policies.
Globalization has finally hit us full-force. No longer will a select few Western economies dominate discussions on the global economy and how it is run. Rising economic powers, such as India and China, will be an integral part in the discussions on how the world will overcome the recession and how to make certain we do not fall prey to the same mistakes that led us into this situation.
As Thomas Friedman explains in his book, “The World is Flat,” we face a global economic playing field that is flattening at an alarming rate. Countries such as India can compete toe-to-toe with global powerhouses like the U.S. At last, international organizations are beginning to recognize this transition of power.
Since critics largely blame America’s economic policies for the global recession, other countries are calling for an end to global reliance on the dollar as the global currency and no longer see the U.S. as an economic leader on which to rely so heavily.
What this means for the U.S. is that it can no longer simply rely on its economic clout to keep it on top. It must become more innovative and creative than ever if it hopes to stay on top as the chief economic power in this world of globalization.
A ?re has been lit under us, and we must rise to the challenge. As we enter the workforce, we will compete not only against other Americans but also against individuals and companies abroad. We must be more efficient, work harder and continue our pioneering spirit that has taken our country so far in the past.
America has often persevered under duress, and there is no reason why we can’t come out of this situation stronger than ever before.
As one observes what Ford has done to turn around its company by rethinking it’s line of vehicles, it is easy to see how America can continue to compete in the world economy if we continue to evolve. Ford didn’t accept bailout money like many other auto companies. It just stuck to the spirit of innovation that made it great so many years ago.
If all companies can follow Ford’s example and Americans can continue to change with the economic tides, as I am confident we will, we can certainly reverse the descent of U.S. economic supremacy and ensure we remain an elite economic power.