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10 Reasons I'm Glad To Be Doing Business in America

by: Mark Sunshine October 13, 2008    

Mark Sunshine

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I am glad to be doing business in the U.S. and I think that the U.S. is going to emerge from the current crisis stronger and more dominant than ever before. David Leonhardt wrote today in the New York Times that the U.S. is “a power that may not stay so super”. I disagree.

A person would have to be living under a rock not to know that that the U.S. is going through a very rough economic patch. Unfortunately, it is almost certain to get a lot worse before it gets better. But I firmly believe that the U.S. is the most dynamic nation ever and will not only survive this crisis but actually be stronger and better as a result. Maybe my optimism is just wishful thinking, but below are ten reasons that I believe the U.S. will strengthen its economic position as the crisis resolves. While many countries have some of the qualities of the U.S., no country has all of our advantages. It is the unique combination of these qualities that makes the U.S. a special place to do business. So, here goes, my list of why the best is still in front of us.

  1. Respect for civil rights. Civil rights empower ordinary people to believe in themselves and their leaders and to take risk. The entrepreneurial culture of this country is predicated upon the ability of the “little guy” to challenge the status quo without worrying about personal safety or government interference.
  2. Class mobility and a culture based upon meritocracy. The U.S. has a dynamic class structure which isn’t based upon hereditary, wealth or power. The most vibrant people and companies in the U.S. were unknown 30 years ago and the next generation of leaders haven’t been discovered yet. The litmus test to be elected to the highest position in the U.S., President, is self reliance and accomplishment. Senators Obama and Biden and Governor Palin all come from modest backgrounds and have earned voter respect because of what they have done and not who their parents are. Senator McCain comes from a different background, but no one can suggest that he is the Republican nominee because he is “entitled” to be President. Senator McCain earned the respect of millions of voters through hard work and sacrifice. Patriarchal, hierarchical and status driven societies lack the dynamisms of the U.S.
  3. Respect for the rule of law and an independent judiciary. Respect for the law is engrained in U.S. culture. It is taken for granted that the court system is an impartial forum to decide differences. As a result, business disputes are settled in court and not in street fights or through other forms of extra-legal intimidation. “Who you know” is much less important than “how good your lawyer is” when businesses try to work out their differences. Bribery is not a socially acceptable business practice. The U.S. legal system provides a safe, secure and predictable business environment.
  4. The largest “common market” in the world that doesn’t have divisive parochial interests. The U.S. has the largest market with a single currency, central government and integrated legal system. Large homogenous domestic demand for goods and services is a competitive advantage for U.S. companies that cannot be matched by any other nation without resorting to protectionism to create artificial demand. Also, our national response to the credit crisis is a stark contrast to the parochial attitudes of EU leaders. Only the U.S. has the economic power and political will to support global companies when things go wrong.
  5. The only true “reserve currency” in the world. When there is a flight to quality, there is a flight to the dollar. No other currency comes close. And, as military, political and economic tensions rise in Europe, the Euro’s place among the world’s elite currencies is changing. Provincialism and regional violence such as the recent war in Georgia prevents the euro and the EC from ever really reaching their potential.
  6. Social and ethnic diversity supported by an aggressive immigration policy. The “melting pot” is real and is unique to the U.S. Our immigration policy ensures a dynamic and growing population that creates increasing demand for goods and services which in turn sustains long term economic growth. As an example, sooner or later the housing crisis will “fix” itself because a growing population creates new demand for housing that will absorb the oversupply.
  7. Free and open capital markets. New York remains the “financial capital of the world” and no other nation or market is really challenging its supremacy. During the last year the rest of the world has taken its cue from New York and the U.S. While the financial crisis started in the U.S., most domestic banks remain strong and well capitalized and stack up well compared to peers in other countries.
  8. Open education system and the best colleges and universities in the world. Throughout the world it is the goal of parents to get their children into a U.S. college or university. There are a handful of “world class” universities in other countries but almost all measure themselves against the benchmark of a U.S. education. Admission to U.S. higher education is merit based, widespread and available to adults of all ages. While the primary and secondary education system fails some children, on the whole it remains the best in the world and definitely most available to all economic classes.
  9. Hard working society. The U.S. isn’t a lazy society and Americans are hard working and conscientious people. We work more hours per year than almost every other country and are more productive while we are at work. Our living standards are not an accident. They are earned through long and productive hours on the job.
  10. Core belief in non-violent political dispute resolution. We take non-violent political resolution and succession for granted, but that isn’t the case in most of the world and wasn’t the case during very dark periods of our history. Our political safety is the product of the extraordinary bloodshed of the Civil War and since then our system of checks and balances has worked. The risk of widespread political violence is almost non-existent in the U.S. and doesn’t enter into business planning as a reality that needs to be considered. Political stability is a core strength of our nation and a competitive advantage.

I believe that the best days are ahead of the U.S. and that our children will know an even better life than ourselves. I know that it is tough to keep perspective when the stock market is in turmoil and we are worried about our jobs, but the big picture matters. While we are experiencing a crisis of confidence in the financial markets, we have no reason to doubt the extraordinary strengths that make the U.S. a unique place to live and work.

During these dark days we need to remind ourselves of our shared core beliefs and principals. I believe that when we remember who we are and what we stand for, confidence in the future of our nation will return. David Leonhardt is wrong, the U.S. is a power that will remain super.

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This article has 39 comments:

  •  
    Oct 13 11:23 AM
    I agree.
    Reply
  •  
    Oct 13 11:50 AM
    What an optimistic and at the same time realistic view. FANTASTIC and 100% backed by the facts!! Its good to be reminded, thank you Mark.
    Reply
  •  
    Oct 13 01:31 PM
    Nice to see some optimism amongst all the "sky is falling" blather on SA. You might be a bit overly-optimistic, though. I have no faith in our elected federal officials to do anything but attempt to buy our votes with our money. Both parties have been squandering our nation's wealth at record pace. I guess I've always expected this from the emotion-led, do-gooders on the left, which is why I'm even more disappointed in the Republicans.

    It's time for someone, anyone, to recognize the (im)moral aspect to deficit spending. We cannot fund a party-life today on the tab of future Americans. I'm disgusted by all the talk about helping our children through new wasteful program. The best thing we could do for our children is balance the budget and start on a LONG road toward reducing the national debt. Maybe this credit crisis will force it, but I'm NOT optimistic about it.
    Reply
  •  
    Oct 13 02:04 PM
    > 9. Hard working society. The U.S. isn’t a lazy society and Americans are hard working and conscientious people. We work more hours per year than almost every other country ...

    The official work week in the US is 40 hours per week. The official work week in Singapore is 44. A 2004 report by the OECD quoted in Wikipedia shows that Korea, Poland, Mexico, the Czech Republic, Japan and Greece have longer annual work hours. Canada, Spain, New Zealand, Slovakia and Hungary are pretty close.

    en.wikipedia.org/wiki/...

    > 6. Social and ethnic diversity supported by an aggressive immigration policy ... Our immigration policy ensures a dynamic and growing population that creates increasing demand for goods and services which in turn sustains long term economic growth...

    It's true the US has significant general immigration. However, comparing US immigration policies for skilled workers with bachelors degrees or higher to Canadian, EU, UK, Australian and New Zealand policies, US policies are overly restrictive.
    Reply
  •  
    Oct 13 02:04 PM
    I'm sorry but we have no handle on our national debt problem and I don't foresee any way of repaying it in the future without dramatically higher taxes. Eventually the rest of the world will stop supporting our spending spree and the fun will be over.
    Reply
  •  
    Oct 13 02:24 PM
    Moses - maybe that's what it'll take. Someone needs to take away the punch bowl from Washington.

    I read somewhere that democracies implode once people realize they can vote themselves benefits.

    Quick math - $10T in debt requires 100 years of surpluses of $100B per year. Yikes!

    Reply
  •  
    Oct 13 03:34 PM
    Awesome! I am not an American but I believe in your positive thoughts in this economy! I feel good after reading your article. Need more of such quality writings.
    Reply
  •  
    Oct 13 03:41 PM
    The political and business infrastructure of the USA sure isn't perfect, but it's one of the best. Like most immigrants who've worked their way up in Amerca, I do have concerns from time to time. But it's like a lover's quarrel -- I always seem to return with renewed enthusiasm.
    Reply
  •  
    Oct 13 05:04 PM
    why leave out the rest of the world? we are all earthlings. the whole planet will become stronger if we don't alow this economic stress cause a world war. as we have recently seen war can happen easily( georgia/russia)
    in the usa we will have to accept that just keeping up with mom and pop is alright for some. with globalization some of us simply will not find the opportunity to advance that standard of living. that sentiment will be what ultimately solves the current crisis what is in its final analysis a debt crisis.
    Reply
  •  
    Oct 13 07:52 PM
    great article!
    *i thought everyone one SA hated america* kidding.
    no really, we have free (sometimes) markets, stable political and fair legal systems; and while we're not perfect, we are the better and safer alternative.
    this is the reason that, during the past few weeks, investors have been running for US treasuries and demanding dollars. and this crisis has shown the world is not "decoupled" from us; to be a prosperous world, the world needs a prosperous USA
    Reply
  •  
    Oct 13 11:01 PM
    The author here...

    weiwentg, the point of the post isn't that other countries don't have some (if not most) of the attributes of the U.S. Only that no other country has all 10 of the attributes. And, it is the combination of all 10 that makes the U.S. special.

    I believe that other nations are great as well and have great workers and lots of attributes. My only point is that the "end isn't here" and the U.S. remains a very special place to live and work.

    Thanks for reading and commenting on the blog.
    Reply
  •  
    Oct 14 04:57 AM
    Rah rah rah sis boom bah! We're number one! We're number one! We're number one! We're number one! We're number one!
    Reply
  •  
    Oct 14 05:00 AM
    Patriotism is your conviction that this country is superior to all other countries because you were born in it.
    ~ George Bernard Shaw
    Reply
  •  
    Oct 14 05:00 AM
    The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them.
    ~ George Orwell
    Reply
  •  
    Oct 14 05:02 AM
    The bitter truth is that the Americanism of many Americans, who, sheathed in their false consciousness, believe they are exceptional and the envy of the world, is an illusion. An illusion! - Anon
    Reply
  •  
    Oct 14 05:03 AM
    Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
    ~ John Maynard Keynes
    Reply
  •  
    Oct 14 05:06 AM
    Rah rah rah sis boom bah! We're number one! We're number one! We're number one! We're number one! We're number one!
    Reply
  •  
    Oct 14 08:02 AM
    I totally agree with you, Mark. I do think this was a wake up call to the nation that the our right to the pursuit of happiness doesn't include an endless shopping spree with fee money.
    Reply
  •  
    Oct 14 08:40 AM
    It's not perfect, but it's still the best there is. Thank you Mark.
    Reply
  •  
    Oct 14 10:26 AM
    Nice piece. You make some great points. BUT-- you need to get politicians on-board, recognizing and nurturing these advantages to keep them current. I would argue the GOP has SUCKED with regards to education--No Child Left Behind and other programs aimed at "dumbing down" the schools. Quibble: class mobility, as measured, is actually LESS in the US than the EU. years of worker-hostile administration.

    The Future: the US needs to find some way to rein in China. Clearly, China (but not India) lacks good schools, civil rights, open markets, IP protection. We can use this against them (but not India).
    Reply
  •  
    Oct 14 10:41 AM
    Ameristan needs to reign in China?? Are you for real? Do you hear yourself?

    Ameristan has neither the right nor the means to reign in themselves much less China! China has saved Ameristan from itself for the time being.

    All China has to do is stop buying your increasingly worthless paper and Ameristan is finished. China is going to reach critical mass before Ameristan digs out of the rubble of its extremeist-capitalist cesspool. China will soon have enough internal purchasing power to be able to afford to blow off what Ameristan owes it and watch Ameristan implode.

    As many Ameristanians have asked themselves since 9-11: "why do they hate us so much?" perhaps your "US needs to find some way to rein in China" might be a clue.

    Who do you think you are!?!?!?!?!
    Reply
  •  
    Oct 14 10:50 AM
    "Who do you think you are!?!?!?!?!"

    I'm not a troll, with a chip on his shoulder, like you are.
    Reply
  •  
    Oct 14 11:10 AM
    OK, let me get this straight. You advocate using Ameristan "power" to reign in China....and I have a chip on my shoulder?

    Typically American't!

    The nationalist not only does not disapprove of atrocities committed by his own side, but he has a remarkable capacity for not even hearing about them. ~ George Orwell
    Reply
  •  
    Oct 14 11:16 AM
    OK, let me get this straight. You advocate letting a brutal authoritarian govt. like China become increasingly powerful? You must really hate America. Sure, we've don lots of bad things. But at least we HAVE a Constitution. A NOTION of decency.
    Reply
  •  
    Oct 14 11:27 AM
    The bitter truth is that the Americanism of many Americans, who, sheathed in their false consciousness, believe they are exceptional and the envy of the world, is an illusion. An illusion! - Anon

    “From birth I have been immersed, enculterated, inculcated, and surrounded by the myriad toxic components of the ‘American Dream’ or ‘Americanism.’ There are some admirable aspects to ‘America’ but by and large we live in a spiritual/psychologica... sewer.” [There are] two dozen aspects of Americanism, which I repeat here: narcissism, greed, hyper-individualism, consumerism, capitalism, corporatism, faux democracy, media whoredom, asphyxiation of the Left, Christian fundamentalism, Mammon worship, moral retardation, militarism, imperialism, celebrity worship, wars on drugs and terrorism, prison industrial complex, mean-spiritedness, self-absorption, American exceptionalism, bullying, anti-intellectualism and the abandonment of many uninsured and homeless in the wealthiest nation on earth." - Anon


    Yes, I do hate Amerika! I love the original idea of America. Sadly, that ideal and that place no longer exist. Patriot, Patriot 2, Military Commissions Act '06, Presidential Directive 51, et al, ad nauseam .... Extremeist-capitalist tinkle-down economics that have stolen lives of billions of people around the world.....

    Indeed, rightfully so!
    Reply
  •  
    Oct 14 12:01 PM
    Here are just to examples to disprove your "notion"! Seems as though Ameristan has a firm grip on totalitarianism:

    Sect. 1042 of the 2007 National Defense Authorization Act (NDAA), "Use of the Armed Forces in Major Public Emergencies," gives the executive the power to invoke martial law. For the first time in more than a century, the president is now authorized to use the military in response to "a natural disaster, a disease outbreak, a terrorist attack or any other condition in which the President determines that domestic violence has occurred to the extent that state officials cannot maintain public order."

    The Military Commissions Act of 2006, rammed through Congress just before the 2006 midterm elections, allows for the indefinite imprisonment of anyone who donates money to a charity that turns up on a list of "terrorist" organizations, or who speaks out against the government's policies. The law calls for secret trials for citizens and noncitizens alike.

    Indeed!
    Reply
  •  
    Oct 14 12:11 PM
    10 items of mindless slogans. Name a single one I can trade on.

    As to the stated objective of "more dominant than ever before", people like you need to be hanged by their penises.
    Reply
  •  
    Oct 14 12:17 PM
    1. Guantanomo. Suspension of Habeus Corpus. Extraordinary rendition (aka torture).

    3. Bribery is, however, accepted in government. It's called lobbying, and with our current system you can't win an election without lobbyist money.

    8. Primary schools are now segregated into underfunded "daycare" public schools for the poor (with teachers earning $25k a year) and high-performing private schools for the children of the wealthy. Whether or not your parents have money determines your quality of education. Pell grants have been all but eliminated, and the rising cost of college makes it unaffordable for the poor. Perhaps the child who could have grown up to be the scientist who cured cancer never will because of money. Our society's spending priorities seem to be bank bailouts, political pork, and oil wars, not investing in the future. Furthermore, a large religious-political demographic in this country is actually opposed to education and science (consider evolution). On standardized tests, our students have a mediocre performance compared to many other countries.

    10. Ever been to the ghetto? The capacity for physical violence is the only source of respect there. As hip hop culture becomes the dominant theme in the US, expect this theme to continue.

    All of these problems COULD be fixed if we had the will. In fact, we'd better fix them soon, or the American standard of living will soon be a quaint memory. The 10 themes articulated in this article are how the US rose to prominence. I'm not sure we've been doing that lately. Many other areas, such as China, Vietnam, South Korea, and Europe, are increasingly copying this model for national improvement, even as we abandon it.
    Reply
  •  
    Oct 14 12:19 PM
    Mark,

    This is a great start but your at least 90 reasons short of coming close to a complete article.

    Here's a few more to help you out..

    Most advanced Healthcare system.
    Abundant and well utilized resources
    Easy and open transportation

    I esp. like # 6 & 8

    I conservitivly estimate the rest of the world is between 20-50 years behind the US and I a dare say the dollar is vastly undervalued.
    Reply
  •  
    Oct 14 12:20 PM
    Message for bosunj: I do not agree with Mr. Suinshine on several issues and see many faults with this country. The Congress is perhaps fatally corrupt and the court system has morphed into a legislature, among other things. But you seem to have a pathological hatred of the U.S. The Left is NOT being stifled; we are about to elect the most radically left president in our history along with a very left Congress. If you are a resident of this country, or a citizen, you should put your money where your mouth is and LEAVE. I am disgusted by people who live under the relative advantages and freedoms we still have while groaning, moaning, and bitching about what a lousy country it is.Please assure us you live in one of those human paradises such as Germany, France, or Russia, or Zimbabwe.
    Reply
  •  
    Oct 14 12:39 PM
    Love it or leave it! Get the f**k out! Why don't you go to Russia.....

    Furthest left Pres and Congress ever?? Please! Ameristan has only one party. That is the business party. Democrat or Republican labels are there for people to think there is a difference. A Pepsi or Coke metric.

    Pathological? Perhaps. Certainly. Ameristan has taught me to be. Learned my lessons well. Yes, Ameristan is hated by normal people everywhere despite what your corporate press spoon feeds you to the contrary. After all, Ameristan is the biggest terrorist nation on the planet.

    Money where my mouth is! You bet. Best thing I ever did.
    Reply
  •  
    Oct 14 01:30 PM
    Mr. Sunshine
    Anybody with half a brain and a high school education from anyplace other than the USA, could produce an article rebutting any or all of the points you have made here.
    Reply
  •  
    Oct 14 02:12 PM
    Respect for the rule of law!! Mr. Sunshine you are an ostrich posing as a human.
    Reply
  •  
    Oct 14 04:12 PM
    Mark, thank you for some 'sunshine' in these gloomy days. With all the anger out there, I hope you won't take it personally when commentators start taking out their frustrations on your articles.
    Reply
  •  
    Oct 15 03:30 AM
    I like the positivity of the author and can see overwhelming support from the comments. Its quite true that American society is very much a fine embodiment of meritocracy (if one can ignore slavery episode) and this has always given US an edge over other nations (normally beset with age old feudalistic mindset).
    Having said that One thing I can confirm to is that it is faltering in its values set by forefathers. You have talked about great academic achievements of US, but having closely worked in academia and wall street I am extremely worried about the future of young america. Their maths and science skills suck so bad that even third world countries beat them by miles (I have extensive experience of teaching across the continent). I really dont know if this going to lead to the end of meritocracy as one needs highly motivated citizens to stem the trend of feudal mindset.
    Reply
  •  
    Oct 15 07:26 AM
    After the election some people may have completely different thoughts
    about this good old USA. Never seen so much hate from both political parties concerning the candidates. The cultures are changing for sure.
    Reply
  •  
    Oct 15 11:16 AM
    I've told my kids over and over again that they won the lottery of life when they were born in Canada. Much of Canada's population lives within 200 miles of the Canada/United States border. I grew up listening to radio stations from Detroit, Michigan and even lived in Florida for 5 years in the late 80's and early 90's. I always believed that the USA was a nice place to visit but I wouldn't want to live there. After living there it was more true than ever. Are you really living in a free society when you go from your locked house to your locked car and hope you don't get shot on your way to the mall. Thanks, but no thanks. Grateful to be living in the greatest country in the world, Canada. PS Maybe if more Americans actually lived abroad they would realize living in a cage is no fun.
    Reply
  •  
    Oct 15 04:46 PM
    Gojijoan: Good on ya! Yes, perhaps if more Americans actually lived abroad they would realize living in a cage is no fun. How true.

    Then again, Canada is not necessarily abroad. I've encountered much of the same red neck attitude as in the states in Canada too. I have serious questions about political correctness being law as well.

    Having lived outside of Ameristan for 16 years I never intend to return. I had to go to Phoenix for a funeral in July. I remain deeply shocked by the things I saw and heard coming from American'ts! I realized before I got out of the airport how awful things have become in Ameristan. More shocking was how proud American'ts are of living so poorly! Astounding!

    Thankfully Ameristan is on a well lubricated slope into oblivion. As many as half of all American'ts will be dead this time next year from various causes. Its a shame so many more people around the world will have to die to rid the planet of the Ameristan pestilence. Good luck.
    Reply
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