A century ago, America was considered the pinnacle of economic development. Uncle Sam proudly waved his flag in every corner of the planet. The proliferation of the American Dream has paved the way for other countries to strive in every field. Corporate America's business mantras have been the gospel of every company, easily becoming the template for each business endeavor a firm embarks into. Skills, innovation, technology - name it, and America dished it to you like hot apple pie.
Every country wanted a piece of it.
Flash forward to 2009. It seems that America found itself in a quicksand of mediocrity. Firms have been closing shop. Jobs are being outsourced. The global economic crisis has overwhelmed most first world countries. Emerging countries on the other hand are proving that they can thrive and find opportunities in such a predicament. The meat of the matter is that companies are embracing the repercussions in the world of business. From the ashes of recession, a few and brave countries have emerged.
Detroit falls, automobile upstart Shanghai rises like the phoenix. The next Wall Street? You might find it in one of the districts of Mumbai. Global warming? The Philippines is making the most out of it. The solar power industry is on the rise here; Silicon Valley-based Solaria is counting on Filipino engineers to make a milestone in solar energy technology. IT services are in demand as well. Need proof? This kid blogger can make money more than you do.
The tides have turned. A few years ago, you had to go to the West, especially to America, to make it big in the world. Today, from auto to aviation, financial services to food consumption, power is rapidly shifting from the West to the East. You don't need the American Dream. People are chasing their own dreams back in their home countries.
For sure, the Chinese and Indians have been humbled by the recent global financial crisis. But, as President Barack Obama keeps reminding them, they can no longer depend on the US consumer for their economic success. The structure and boundaries of the new global marketplace are getting redefined, and the US consumer, instead of being the driver, is ending up being just another passenger on the bus.
It has been said that a country's economy is self-regulating. The same can be said of the global economic condition. The thing is, after the global financial crisis is over and done with, who will lead the pack?
Everything hangs in the balance for now.