Issue 114 - 01 | Four Forces for Economic Dominance to Unleash the Second American Century
By Joel Kurtzman Published Feb. 19, 2014 1:00 p.m.

“I’ve been watching the American economy for decades, and for the last few years I’ve put it under a magnifying glass. My conclusions are strongly positive: the United States is about to enter a period of prolonged economic growth, filled with opportunity. It’s not the emerging market countries that will power the world into the next economic era. It’s the United States.

There are four forces that explain my optimism:

  1. America’s astounding levels of creativity
  2. The renewal of manufacturing
  3. Vast reserves of energy
  4. Massive amounts of investible capital.
Add to these four forces two additional facts. American consumers—the world’s engine of growth for more than 50 years—have less debt, as a share of income, than at any time in the last 35 years, thanks to the cleansing effects of the recession (see chart below). And, Americans are savings are at record levels. To paraphrase George Costanza’s declaration to Jerry Seinfeld, ‘America’s back, baby!’”



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About Joel Kurtzman | Joel Kurtzman is a senior fellow at the Milken Institute, a nonprofit, non-partisan think tank, where his research focuses on globalization and its risks. Kurtzman is a member of the editorial board of MIT Sloan Management Review and a senior fellow at the Wharton School’s SEI Center for Advanced Studies in Management. Earlier in his career, Kurtzman was the editor-in-chief of Harvard Business Review, founding editor-in-chief of Strategy + Business magazine, a business editor and columnist at The New York Times, and global lead partner for thought leadership and innovation at PriceWaterhouseCoopers.

www.kurtzmangroup.com
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