- Globalization and burgeoning technology/innovation that shrink product-life-cycles, coupled with global competitor’s quality and price, brings goods to the USA adding to 80-90% mega-competition for most consumer goods sold in USA, compared to <25% in 1950’s. Equally, global companies compete severely and challenge US firms abroad.
- The U.S. and Eurozone economies play major roles in the world economy and are crucially important for each other’s prosperity. The two sides combined account for around 40% of world GDP, over 25% of world trade, 60% of world foreign direct investment flows, and 60%-70% of world banking assets and financial services. Thus they remain each other’s most important market for exports of goods and services, and are each other’s primary source for foreign direct investment. U.S. companies operating in Europe and European companies operating in the United States employ up to 15 million workers on both sides of the Atlantic. A stronger dollar/weaker euro would also likely have some effects on U.S.-Eurozone foreign direct investment flows.
- Boeing [$66 sales of which foreign sales >50% and longtime Export leader] lost the 2011 order race by a wide margin and lagged its archrival Airbus on deliveries for the ninth year in a row.
- Total R&D [%R&D in industry] expenditures by country records Japan #1[78%], Korea #2[75%], China #3[70%] and USA and Germany at #4 [65%], UK & France at #5 [62%] coupled with advancing technology provides an abundant array of goods that meets needs of a new class of educated/sophisticated well-informed consumers worldwide – 95% of customers are outside the USA. Top 10 Patent Giants that invented the most products in 2011 were: IBM, Samsung, Canon, Panasonic, Toshiba, Microsoft, Sony, Seiko Epson, Hon Hai Precision Industry [Taiwan] & Hitachi – 6 Japanese, 2 USA.
- US business and other TRIAD {Ohmae} nations equally faces mega-competition in the global marketplace due to impressive economic growth in emerging countries brought about by positive globalization drivers – trade liberalization/open markets; capital/finance & investment flows; production/transaction cost and scale economies; and industry/service sector skills in tune with advancing technologies – shifting a larger share of trade and FDI to EMCs.
- United Germany, [The EU after 1992] - An Enlarged EU-27 in 2008, EURO currency strength, coupled with China & India’s entry into world trading system demand new strategies for doing business among major competitors and the rest of the world. In 2010-11 China and India’s miracle economic growth rates [GDP] as high as 10 % and 9% compared to USA’s 1.5%.changes the global marketplace.
- Economic integration & RTA/FTA growth: EU-27, NAFTA, MERCOSUR, ASEAN, APEC, Asia/Pacific region [incl. Japan, China, India, S. Korea, Malaysia, Singapore, Brazil, Russia S. Africa] joined the world trading & investment system creating emerging markets/new consumers with propensity to consume the ‘latest’ technologically-advanced products.
- Chronic merchandise trade, balance of payments and current account deficits in USA have continued from mid 1970s into the New Millennium (2000s) due to loss of competitiveness – however, imports are keeping inflation/prices down for consumers. Top Ten Countries with which the U.S. has a Trade Deficit (2013) are: China -$24,109.91; Japan - $6,942.02 ; Germany -$6,094.19 ; Mexico -$4,432.91; Saudi Arabia -$2,562.61: Canada -$2,432.24: India – $2,419.99; Ireland -$2,398.66; South Korea - $2,380.30; Italy - $2,028.53;
- In 2012, US goods trade deficit $540.4bn; negative current account [CA] balance of $468 billion - compared to trade and current account surpluses in Germany $189bn [CA]; Japan $139bn [CA] and China’s $259bn. However US Exports is a record in 2011, nearly $2 tn and imports of $2.5tn.
- In 2013(Nov) {2012}, total trade w/top trading partners of the USA were – Canada $582.4 {$568.5}, China $511.8. {$491.0bn}, Mexico $466.5{$457.3bn}, Japan $187.1{$198.6bn}, Germany $148.9{$144.3bn}, South Korea $95.1bn {$93.2bn}, U.K $92.2{$ 101.4bn}. Total 2013 US trade w/top 15 partners account for 72.5% of $2.560.6 tn [both exports & imports] In 2012 (Nov) the top 10 accounted for 72.1% of US imports and 60% of US Exports.
- Investment flows in 2012 –. USA’s FDI abroad was $368bn, FDI in USA, $166 bn. [World FDI inflows fell 37% to $1.114tn while outflows fell 40% to $1.346 tn from a high of $4.4 tn. USA is the largest FDI recipient followed by China and India. Global FDI stock witnessed a modest but uneven recovery in 2010. Developing and transition economies attracted half of global FDI inflows and invested one quarter of global FDI outflows. 53% of FDI went to Developing countries. They are leading the FDI recovery and will remain favorable destinations for FDI.
- The net international investment position of the United States was –$338 billion at year end 2012, compared with –--$409 billion at yearend 2011. In 2012, in a decade U.S.-owned assets abroad increased $1,828.3 billion to $20,315.4 billion, and foreign owned assets in the United States increased $1,902.9billion to $22,786.3 billion. Total FDI stock now constitutes 30.5% of global GDP. Historically, most of the FDI was invested by Western Europe, United States and Japan; recently MNCs, starting investing heavily in emerging markets [China, India, Mexico, Brazil]. Developing economies constitute about 28% of global GDP, whereas Transition economies constitute 27 % and Developed economies constitute 31% of the global GDP.
- In 2013 US owned assets abroad increased to $21,590.9 bn. Foreign owned assets in the U.S. increased to $ 25,756.5bn. FDI in US not only provides jobs, but relatively high-paying jobs – indeed, up to 30% higher paying. In fact, 84% of FDI in the U.S. in 2012 came from or through eight countries: Switzerland, UK, Japan, France, Germany, Luxembourg, The Netherlands, and Canada.
- UNCTAD reports output of goods and services by 82,000 TNCs and 810,000 of their foreign affiliates had FDI stock of $20tr in 2013, total sales of $31 tn and employed 82 million. Exports by foreign affiliates of TNC’s are estimated to account for about a third of total world exports of goods and services.
- Growing US Federal Deficit of $162bn (2007), $410bn (2008) reached $680bn in 2013. Federal debt $17.07 tn and Public debt $11.901 tn resulted in debt financing/interest payments of $459 billion (2008). In 2013, US Corporate debt reached $4.9 tn, more than Japan [$2.5tn] and Europe [$2.1tn]. US corporate debt ratios adversely affect its competitive position.
- The US having been a net creditor to the world for over 50 years, has now become a world debtor since 1990’s. In 2013 Foreign financing of US Debt accounts for $5 tn, i.e. 1/3 of the Federal Debt of $17. tn.
- China’s purchase of US Treasury holdings, totaling of $1.22 tn [July 2013] make China the world’s largest holder of US government debt, followed by Japan $1.135tn, and other foreign countries by $4,8 tn.
- In 2013, household savings: USA is 4% compared to China’s 38.8%, India’s 34.9% Germany’s 10.6%. Japan’s 11%,
- The new global economy of mega-competition has evolved; competitors are expanding market entry modes beyond exporting to contract manufacturing, licensing, franchising, turnkey, strategic alliances, joint-ventures, wholly owned subsidiaries, offset, and countertrade and in 2000’s to off-shore and outsourcing for manufacturing [China #1]& professional/business services [India #1].
- Technological, communication and transportation advances coupled with educational skills achievement have made significant productivity improvements by foreign companies to become competitive. America’s labor productivity growth rate in 2013 4.7%; Japan is 3.6%, and Germany 1.6%. (a) E-Commerce growth - Use of Internet and World Wide Web – in 1990 fewer than 1 million users were connected, by mid1995 the internet had 16 million users, exceeding 1 billion in 2006. In 2013, 2.1 bn users worldwide-[China 24.2%; US 12.43%; Japan 5.03%; India 5.07%; Asia 44.0%. (b) Real costs of information processing & communication have fallen dramatically. A large number of other MNCs [see a list of some 1000 companies have located their operations in India, China & other emerging country-markets.
- Pricing setting of Oil is outside USA after a century: Influence of OPEC & impact of oil price changes in 1974/75 [Oil Shock#1], 1978/79 [Oil Shock #2] and again mid 1990’s. Between 2004-08 oil prices have risen to record highs [$147.27/brl] [Oil Shock #3]– Persian gulf retains a dominant position in global oil reserves, BP Statistical Review estimates (bn barrels): World 1476; Saudi Arabia 264.6(19.8%); Iran 137.6(10.3%); Iraq 115(8.6%); Kuwait 101.5(7.6%); UAE 97.8(7.3%); Venezuela 172.3(12.9%); Russia 74.2(5.6%); Libya 44.3(3.3%); Kazakhstan 39.8(3%); Nigeria 37.2(2.8%); USA 28.4(2.1%).
- According to IMF (2011) Saudi Arabia's GDP growth by 7.5% dependent on oil - with 24.9 percent of the 1,000 billion barrels proven oil reserves of OPEC, the country has the largest oil reserves in the world and is also one of the largest producers of oil, next only to Russia. IEA holds that Saudi Arabia is capable of producing up to 12 million barrels of oil a day, compared to nine million barrels a day in May 2011 – cuts to maintain price.
- The oil price hit over $109.71 (Brent crude) a barrel in 2012, the 2nd highest since October 2008 (in June 2008, jogging around $147 a barrel). In June, 2011 fell to $90 a barrel amid fears of supply disruption due to Middle East political unrest.
- Dependency on foreign oil, sourcing for raw materials, global supply-chains, and export-of-jobs to offshore/offset production and services are increasingly a matter of concern to US public policy-makers. Outsourcing accounted approximately for $517 billion of global industry in 2013. Last decade, about 2.7 million job loss in manufacturing, and 1.5 million for outsourcing, U.S. exports of legal work, computer programming, telecommunications, banking, engineering, management consulting, and other private services - a category that encompasses U.S. outsourcing of call centers and data entry - hit $77.38 billion for 2008, up $7.94 billion from 2002. By 2015, Forrester Research estimates that as many as 3.3 million U.S. jobs and $136 billion in wages could be moved to such countries as India, China, and Russia.
- In 2013, 60% of Foreign Exchange Reserves are held by BRICKS economies; China #1 with $3,197 bn, Japan #2 with $1.275 bn, Russia $515bn, India with $295.71 bn, South Korea $307bn. In 2012 (vs2000) industrial nations had 22% (41%), developing nations 78 % (59%) of FX reserves.
- Japan’s had in prime positions 6 banks among the top 10 global banks during 1985-1995. However, after ‘the lost decade’ by 2007 recovering Japan had only 1(Mitsubishi-UFJ), USA had 4 (Bank of America, Citigroup, Wells-Fargo, JP Morgan Chase), China had 3. As of early 2011, China and Japan remain the same, but US is down to 3, with Citigroup falling out. However, in 2008 Japan's real banking system adds the ‘semi-privatized’ Postal Savings Bank with $3 trillion in deposits - cumulative personal savings are estimated at $13 trillion in Japan. By 2011, Japan has 2 banks, France has 3, and UK has 2, along with Germany, Switzerland and the USA sharing each bank.
- China and India are emerging towards a ‘super-power ‘status. In 2013 nominal GDP of China [$8.38 bn]; Japan [$5.96 bn], and Germany [$3.42bn] while USA $16.24bn and EU $16.67bn. In per capita terms China’s $ 9,055 compared to US [$51,704], HK [$50,936], Japan [$35,855], Germany [$38,665], UK [36,298]. and India [$3,843] However, in PPP terms per capita income: US [$51,704], Japan [$35,855], Germany [$38,665], China [$7,518], India [$3,290].
- One out of every 5 US manufacturing jobs is linked to export. [$1 billion Exports create 11,500 jobs].WSJ (20110 reported: In all, U.S. multinationals employed 21.1 million people at home in 2009 and 10.3 million elsewhere, including increasing numbers of higher-skilled foreign workers
- One out of every 7 dollars of US sales is to customers abroad.
- One out of every 3 cars since voluntary export controls, 9 out of 10 television sets, 2 of every 3 dress-suits and every video recorder sold in the US are imported. China label dominate the toys, clothing and electronics that get sold in stores like Wal-Mart and Target and Toys-R-Us.
- One-third of workers in US chemical industry work for foreign owned companies. NY Times Oct 17, 2009 reported: “Foreign-owned companies in the United States have a work force of more than 5.3 million, or some 3.5 percent of all workers, and are spread across the 50 states in sectors from manufacturing to retail and publishing. If these jobs did not exist, the nation’s unemployment rate would be above 13 percent”.
- One-third of auto industry employees’ work for foreign owners. Adverse impact of globalization on auto-industry has affected the Big Three. In 1970s GM, Ford & Chrysler held 84% of total auto sales and only 5 manufacturers w/ market shares <2%. In 2011, market share GM 18.8%; Ford 16.8%; Chrysler 11.1%; Toyota 14.3%; Honda 8.5%; Nissan 8.1%; Hyundai 4.1%’ Kia 3.5%. In 2012, car sales in emerging nations will surpass purchases in the developed world for the first time on record. Scotia bank outlook for 2012 is EMCs share is 35 mn of total sales of 61 mn cars.
- In 2011 travel and tourism as a major source of foreign exchange is expected to bring $144 bn by 64 million travelers to USA. In 2000, 17% of the travel market and after the lost-decade by 2010 that number dropped to 12.4%, resulting in an estimated loss 79 million tourist arrivals, $606 billion spending, $37 Tax revenue and 467,000 jobs during 2000-2010.United States rank dropped to #6 (WEF)among most competitive countries in Travel & Tourism Sector - difficulties to get VISAs and restrictions.
- One out of every three dollars of US securities bonds & notes are now issued to foreign investors. Foreign landlords own prime real estate, golf courses, grain elevators, hotels & companies in USA. Update stats
- “As countries grow, markets grow” e.g., Asia’s NICs, Brazil, Russia, India, China (BRIC) with Korea & S. Africa [BRICKS] and other newly emerging markets. Over half of the world population is in Asia. The fastest economic growth is in Asia – the New Global Economy “Pacific Century” where China and India are dominant players set to be economic powers by 2020 with profound implications for global governance, global balance of power, employment generation, with wage differential stability, alleviation of poverty and responsible for peaceful co-existence amidst structural changes to the competitive global market place.
- The volume of world Merchandise Trade has gone faster than the World Output. Since 1950 from $250 billion world trade has expanded over 50 fold to $14 trillion by 2007 and to $15.5 tn in 2010. World trade (i.e. the sum of imports and exports) in real terms is set to jump from $37 trillion in 2010 to $287 trillion in 2050. China is projected to overtake the U.S. as the world's leader in trade as early as 2015.
- The evidence also suggests FDI is playing an increasing role in the global economy, growing faster than world GDP/output and world trade. {FDI as a % of World GDP/Output increased to 25.3% during 1974-2007 from 5.2% during 1950-73} The average yearly outflow of FDI increased from $25 billion in 1975 increased to a record of $2.tn [2007] – thus the flow of FDI accelerated faster than world trade and world output. After a dip of 37% in 2009, FDI is expected to recover to $1.6 tn.in 2011 and peak in 2013. International production is expanding with foreign sales, employment and assets of transnational corporations (TNCs) all increasing. TNCs’ production worldwide generated value added of approximately $16 trillion in 2010 – about a quarter of global GDP. Foreign affiliates of TNCs accounted for more than one-tenth of global GDP and one-third of world exports. State-owned TNCs are an important emerging source of FDI. There are some 650 State-owned TNCs, with 8,500 foreign affiliates across the globe. While they represent less than 1 per cent of TNCs worldwide, their outward investment accounted for 11 per cent of global FDI in 2010. In 2001 world’s 65,000 TNCs and their 85,000 foreign affiliates accounted for 2/3rds world trade (UNCTAD 2002). In 2007, 79,000 TNCs with 790,000 affiliates, had $31.2 sales compared to world exports of $17tn. tn sales, employing 81.6 million people and accounts 11% of Global GNP. The foreign affiliates of TNCs global sales of $22 trillion are bigger than world trade of $14 tn.
- The pattern of US trade deficits with most individual ASEAN members has remained steady. For each year from 2001 to 2010, The United States had trade deficits with at least seven of the ten ASEAN countries. In 2010, its largest trade deficits were with Thailand ($14 billion), Vietnam ($11 billion) and Indonesia ($10 billion) ASEAN Market Growth. Singapore ($26 billion), Malaysia ($12 billion), Thailand ($8 billion), and the Philippines ($7 billion) were the top 4 US export growth markets in ASEAN 2010,
- In 2013 US share of world output GDP [PPP] is 25.3% down from 25% in 1990; China’s (13.6%) share will surpass Europe’s in five years and approach U.S.’s in a decade, based on the Asian nation’s projected 7-9 percent annual growth.
- Exports per capita in 2013 US [US $3,404] ranks behind, Hong Kong [$45,612], Singapore [$58,936], UAE [$36,407],Netherlands [$24,982], Switzerland [$22,230], Germany [$14,077], Canada [$9,657], Taiwan [$8,853], S. Korea [$7,700] Australia [$ 7,548], United Kingdom [$5,846], and Japan [$4,267], China [$899]
- Exports share of GDP in 2009: US 11%, Japan 13%, Germany 41%, China 27%, India 20% Singapore 221%, and Hong Kong 194% . The share of industrialized countries in world exports fell from 70.3 per cent in 1988 to 53.3 per cent in 2007. In the same period the share of developing countries rose from 27.9 per cent to 45.2 per cent.
- Exports as a % of World Exports in 2010: EU 17.9%, U.S. 11.4%, China 12.08%, Germany 10.7%, Japan 5.9%.
- US share of world trade slipped from 40% in 1920s to 25% in 1950s, to 12% in 1990s, and in 2008 to 7.4%. US share of mfg in GDP is 13% and Exports share in mfg is 22%. According to the U.S. Chamber of Commerce, more than 230,000 SMEs now account for nearly 30 percent of U.S. merchandise exports. The number of such companies exporting has more than doubled since 1992.
- US share of world manufacturing output of 20% in 2010; 30% in 1980s; 45% in 1950s. Before the Great Depression and through the 1960s, U.S. manufacturers represented about ½ of total corporate profits, this share has declined to only 1/5th during the past decade. Europe had 50% in 1900s, 30% in the 50s, down to 15% today. Japan increased from 2% in 1920s to 18% in the 90s. China from 4% in 1995 to 12% in 2008. Total US employment in Mfg is at 12% in 2008. USA still accounts for 21% of world output, though Americans make up just 4.5% of the world population, yet they buy 15% of its exports, a boon for developing countries. China has ended a 100-year-long isolation, overtaking US leadership, as the world's top manufacturing nation in 2010, reports IHS Global Insight.
- Since mid-1980’s Non-US Multinationals have made inroads to dislodge the dominance of US MNCs as Global Giants. In the 1990s Japan’s 5 leading SogoShosha [Japan’s trading companies’ with $150-200 bn sales] joined the world’s largest MNCs as global giants. In Japan Keiretsu system, SogoShosha & large Banks as core group members dominate key industrial and consumer sectors engaged in export/import; domestic trade as well as offshore [third country] trade including operation is USA. The big 5 SogoShosha [Mitsui, Mitsubishi, Marubeni, Itochu, and Sumitomo] are also among the top exporters in USA. In 2012 top 10 global MNC distribution: 2 USA, 1 UK/Netherlands; France 1, Japan 2, China 3.
- Sales of MNC foreign affiliates abroad are now twice as high as their global exports from USA. Among the top 500 global giant MNCs in 2013, - United States (139), Japan (71), China (46), France (39), Germany (37), Britain (29), Canada (11), Switzerland (15).
- The word economy is changing at an unprecedented rate demanding re – examination of goals and resetting global strategies is a must for US companies. Pressure on US companies to import world-class global processes and standards to upgrade manufacturing quality and productivity. – The Toyota Way, Japan’s R&D spending is highest among competitors. Competitors R & D centers abroad in emerging markets enable developing new products to world-wide markets. Global standardization- specifications and methods of technology and systems for de facto standards are vital tools.
- Cost of International Communication have plummeted over time and resulting in the number of internet users has grown grammatically in the past 10 years, enabling a large number of SME’s and entrepreneurs to go global. According to The Economist, China has the highest number of entrepreneurs per head at 17 per 1000, Russia start-ups create more jobs. America’s scores are at 15 per 1000 and Canada at 12 per 1000. New Zealand and Australia follows with 14 and 10 per thousand respectively America’s technological gap is shrinking. American retains its innovative lead, and no country comes near America's quota of miracle startups and world-beating entrepreneurs. Yet China and India are churning out an army of well-educated scientists & engineers, and both countries are showing remarkable technological and entrepreneurial creativity.
- Judged by productivity level increases of various countries [2009-2010] Korea [6.4] and Slovenia lead [5.8%] followed by Estonia [5.4%] and Chile [5.3%]. USA stands at 2.9% decreasing from 3% in 2009 and decreasing further in 2011.
- Magnitude of middle-class population in emerging markets in 2009-10 estimated at 150 million in China and 100 million in India compared to around 200 million in the USA - acquiring enormous spending power fueling growth across various products and categories. Projections are: India’s middle class will be 583 million in 2020 and China’s middle class will be 700 million. For the first time in history more than half the world is middle-class—thanks to rapid growth in emerging countries.
- As of 2012, among the World’s top 10 non-Financial MNCs, 2 are only-US firms [sales; profits $bn] – 1.Wal-Mart [$408.2 mn; $14.3 mn] 2. Royal Dutch Shell [$285.1; $12.58; Netherlands] 3. Exxon Mobil [$284.6; $19.2]4.BP [$246.1; $16.5; UK] 5.Toyota Motor [$204.1; $2.2; Japan] 6. Japan Post Holdings [$202.1; $4.8] 7. Sinopec [$187.5; $5.7] 8. State Grid [$184.4; $-343] 9. AXA [$175.2; $5] 10. Petro China [$ 165.4; $10].
- International trade is no longer the domain of big business. SMEs accounts for a great proportion of all US exports swelling from 108,000 firms to over 269,000 firms in 2009 and account for 97.6 percent of all U.S. exports. Most were service sector - wholesalers, distributors and non-manufacturing firms. Italy, Japan, South Korea and China‘s SME’s contribute more than 50% of national exports. SMEs also accounted for 97.1 percent of identified importers in 2009, with 174,612 SME companies reporting imports. The known export revenue of SMEs totaled $308.0 billion in 2009, and SMEs were responsible for 32.8 percent of goods exports in 2009. However, SME and Entrepreneurial firms have increased dramatically in China and India and involved more heavily in international trade.
- Countertrade has expanded where countries have foreign exchange transferability difficulties. Although most US firms are reluctant to engage in this type of reciprocal trade, Japanese SogoShosha and Korean Chaebols have mastered the techniques to account for about 25%-30% of world trade. In 1990s to 2010s, Japan’s SogoShosha counter trade sales account for nearly $1/3 tn. Countertrade & trading companies are emerging in Russia & China, modeled after Japan’s SogoShosha or Korea’s Chaebol.
- Market research reveals that global demand for household appliance industry is as follows: Asia Pacific [36.2%] North America [23.2%] Western Europe [20.5%] Other regions [20.2%].
- China and USA account for half of world’s economic growth in recent years. China is the leading product manufacturer [Manufactory of the World] and US is the wealthiest consumer in the world market. China and Hong Kong are powerhouses in exporting making China the largest foreign exchange reserves holder in the world (#34). China's exports rose from US$266.1 billion [2001] to US$1,734.5 trillion in 2013 and imports gained from US$243.6 billion to US$1394.8 billion during same period.
- Trends over time in average tariff rates show developing economies have reduced tariffs significantly to average10%while advanced economies in 2013 is around 2% due to GATT sponsored tariff reduction 8 rounds. Multilateral/International trade policy, and related issues with the entry of many nations to world trade system, has brought about a dramatic reduction of tariffs/customs duties and barriers, increasing trade – but economic perils of 2008-2009 brings fear of protectionism!
- A U.N. report ranked countries by how advanced their information and communications technology (ICT) is. The order went as follows: 1.Sweden 2.South Korea (getting nation-wide Gigabit broadband by 2012) 3.Denmark 4.Netherlands 5.Iceland 6.Norway; USA came in at #17, with Hong Kong at #11, China at #73 and India at #118. China and India both have a high technology base but their ranking was affected by their large populations and poor, rural areas. According to ICT Development Index (IDI), in the year 2008, there are 4.1 billion mobile subscriptions and 1.270 billion fixed line subscribers in the world.
- Foreign student enrollment was up 3% to a record of 671,616 in the 2009/10 academic year. China was 1st with 128,000 a 30% rise, enrollment of Indian students decreased by 32% in 2009-2010. It also appears as many Chinese and Asian students head to Japan, Australia and Europe as to the United States.
- Statistics on income disparity: 10% of adults own 85% of global wealth, while bottom 50% owns barely 1%; richest 2% of adults in the world hold > 50% of global wealth; top 10% owns 3,000 times more than average person in bottom 10%.
- Division of global power from G7 to the G20 includes the world’s biggest industrial and developing countries, making up 85% of the world economy. The heads of nations are now regularly meeting to discuss global economic perils, recession, stimulus packages and policies of common interest.
- World’s busiest container seaports (million TEUs): Singapore [27.9] Shanghai [26.2] Hong Kong [23.9] Shenzhen [21.1] Busan [13.3] Rotterdam [10.8] Dubai [10.7] Kaohsiung [10.3] Hamburg [9.9] Qingdao [9.5] Ningbo [9.3] Guangzhou [9.2] Los Angeles [8.4].
- Korea & Japan are the largest shipbuilders, but China is posed to overtake Japan. Vietnam, India and the Philippines have also made it into the top ten shipbuilders list. Ships completed in 2007: Korea (32.1%; 37.7% in 2004) Japan (25.6%; 35% in 2004) China (19.2%; 6% in 2002); New ship orders in 2007: Korea (38.7%); China (33.9%; 12.3% in 2002) Japan (11.9%).
- The U.S. has "globalized" faster than policy makers have been able to adjust. The U.S. economy has never been so dependent on foreign money and companies. Investment has flooded the country since 1990 more than $2.1 trillion, and foreign-owned assets have increased 10-fold in that time from $2.1tn to $21.1tn.
- China’s growing oil consumption is contributing to increased prices for many US manufacturers – what used to be the oil supply shock in the 1970s oil crisis when OPEC was formed, is now an oil demand shock due to rising China. According to the CIA, 2009 estimates indicate (mn barrels/day) that USA consumes 19,148,000 and China consumes 6,725,000 respectively 44% and 12% of world total; in 1980 it was 27% vs. 3%.
- According the JofC, Wichita’s Koch is #2. Highlights of top U.S. exporters via ocean container transport (2010), measured in TEU (20-foot-equivalent container units) #1 American Chung Nam/waste materials/paper/259,300; #2. Koch Industries (Wichita)/paper/120,600; #3. International Paper 120,100; #4. Weyerhaeuser/paper products/112,500; #5. Newport Ch Intl. 110,900; #6. Dow Chemical 103,000; #7. Cargill/food/90,300; Highlights of top U.S. importers via ocean container transport (2010) – #1. Wal-Mart Stores/retail/684,000; #2.Target Corp/retail/441,800; #3.Home Depot/retail/278,900; #4. Dole Food 222,500; #5. Sears/retail 216,300; #6. Lowe/retail 195,000 #7. Costco Wholesale/retail 166,100.
- Innovation is as American as apple pie. For the first time in history, China is on track to outpace USA in patent filings. Since mid-1980s nearly half of all USA patents have been granted to foreign inventions. EIU cites Japan as the world’s most innovative, based on patents per capita, followed by Switzerland, USA, Sweden, Finland, Germany, Denmark, and Taiwan,
- TRIAD(Ohame) anchor-powers; Japan, USA and Germany (JUG, deSilva) dominate trade [60%] & investment flows [65%] cross-border Mergers & Acquisitions [68%] have increased to 70%-75% and focus in a QUINTET(deSilva) formed with China and India, and now BRICKS with BEMs of G-20 likely taking 80%-85% – and mega competition in the 1st quarter of 21st Century.
- The level of global investment is at an unprecedented high – In 3 decades, FDI stock has mushroomed from $0.5 tn in 1980 to $17.7 tn in 2009, allowing many nations to join world trading system. According to UNCTAD Survey 2013: the top 5 attractive locations for FDI in the next three years are China [56] USA [47] India [34] Brazil [25] Canada [21].
- Broadband penetration statistics (in 2013, % of 100 populations): United States [48.0] Japan [26.9] Germany [31.6] France 33.9, Netherlands [38.0] Korea [36.6] China [7.5] India [1.9]. Distribution of Worldwide Broadband Subscribers 2013 by region: Asia [22.4%] compare with 57% worldwide internet subscribers] North America [17.01%] Europe [45.14%] Middle East and Africa [1.8%].
- Forester Inc. estimates Global e-Commerce Sales to reach $6.9 tn. Number of Internet user in globe increased from 68 mn (2003) to 1023mn (2006), 1574mn (2008) to 2110 mn (June 2011) to 2.1bn (2013). With Asia, controlling the internet users and china averaging almost 510 mn.
- Eroding competitive edge in Auto, TV/VCR, Camera, textile/garments, and Aerospace, [e.g. affecting Wichita air-capital firms, Cessna, Hawker BeechCraft, Bombardier/Learjet, Spirit AeroSystems and Boeing – challenging global demands and competitiveness]. New competitors, Brazil [Embraer] and Japan [Honda, Toyota, Mitsubishi HI etc] and China [offset & JV].
- Michael Porter’s Competitive Study on key industry sector competitiveness position: US have 6 sectors, Germany 13 sectors, and Japan 8 sectors. Porter refers to the Air-Capital city – Wichita’s world-class manufacturing cluster needs research on competiveness. Airbus NA has a Wichita office, Spirit AeroSystems Wichita is a supplier to both for Boeing & Airbus. Airbus is the biggest competitor to Boeing, each sharing about half of the world market in 2000s.
- Intensified price competition lowers profitability for US Auto firms while Japan is amassing record profits. In 2007, Toyota has become #1 automaker in the world in terms of sales passing GM. Korea, China and India enter the global auto industry. India’s Tata Motors produces the $2200 car and buys from Ford the British Jaguar and Land Rover for $ 2.35bn. In Feb 2009 China acquired Volvo from Ford by Geely Automobile.
- Increasing number of companies of US origin are owned, managed and headquartered abroad. As of Jan. 2009, 16,613 companies were sold since 1978, valued at $2.1 trillion, e.g. Hawker Beechcraft [BBA Aviation from UK, bought by Onix Canada], AMOCO [BP],Atlantic Richfield Co, Best foods, Lucent, PacifiCorp, Kroger (Dillons), major shares in CitiGroup, Boeing –Spirit, Bombardier/Learjet etc.etc.
- Global sourcing by firms as a competitive strategy has resulted job loss in manufacturing and service sectors. US Manufacturing sector has faced job losses ranging from 300,000 to 995,000 from 2000 to 2005 and 400,000 service jobs, averaging 200,000 jobs/year, and expected to hit 3.3 million by 2015. Jobs at risk account for 14.1 million by UC Berkeley. Over 900 firms are today outsourcing. McKinsey Global institute reports that global outsourcing returns 45-55% in net savings to corporations, with added profits from the sale of American products to run the offshore operations. Outsourcing has resulted in cheaper imports, and for firms to remain competitive, concentrate on core business and HR skills.
- Six Sigma quality control standards are applied with great effect/successes in China, India, Japan, Korea
- In Non-US firms Leadership training and management development processes and systems place managers around the world through global job rotation that train managers on world standards and best practices by competing companies.
- Non-US MNC’s transfer global standards best practices/ techniques adopting them where necessary to the local context. Team – based problem solving has become a cornerstone of lean manufacturing in countries abroad.
- With companies recovering from the financial crisis and available cash ($1.9tn) on the balance sheet growing strongly, 2011 was foreseen as a year of growth for mergers and acquisitions. Thomson Reuters and Freeman Consulting predicted that mergers and acquisitions would surge 36 percent in 2011 to over US $3 trillion globally. Indeed we have seen many high profile mergers and acquisitions over the past few years.
- Where drug testing was once conducted in USA & developed economies, pharmaceutical companies are increasingly prefer emerging markets because they offer clear advantages: [1] Lower costs of recruiting physicians and patients [2] Large potential patient population.[3]Diversity of patient population and medical conditions.[4]Less likelihood of patients taking other medicines.[5]Less bureaucratic and regulatory restriction on drug testing.
- Global sourcing, global procurement, global purchasing and importing, attributing to loss in manufacturing in USA has expanded. Global sourcing has created 1 and 3 million jobs respectively in India and China alone in the past decade. In the past 5 years United States outsourced 1 million service jobs.
- Striking example of global supply chain management, contributing to a firm’s competitiveness is evident in the Boeing 787 Dream Liner as in B777. The most remarkable aspect of the Dream Liner is the extent of outsourcing. Boeing itself is responsible for only 10% of the value added of this new Aircraft –Tail, fin and final assembly. 40 Suppliers worldwide suppliers account for the remaining 90 % and Japan’s share is 35%. Dell’s global manufacturing network assembles component parts from suppliers from 10 countries incl. America.
- Forbes Global 2000 companies in 2013 account for $36 trillion in revenues, $2.6 trillion in profits, $149 trillion in assets and $37 trillion in market value. All metrics are up from last year with profits growing the most, rising 67%. These firms also employ 80 million people worldwide. The preferred locations for foreign affiliates of the top 100 TNCs, measured in terms of location intensity, which takes into account the home country of the TNCs, are the United Kingdom and the United States. China ranks sixth, ahead of France and Canada. Brazil, Mexico, Singapore, India rank among the top 20 preferred locations.
- Deutsche Post AG and Japan Postal Bank are historically 2 state owned postal saving institutions now being privatized are spending billions to acquire firms’ worldwide. Deutsche Post is the world’s leading Logistics and Express provider. In 2002, it paid $2.7 billion for DHL and in 2003 paid $1 million for US-based Airborne in order to compete with FedEx and UPS. However, the recent economic recession has forced DHL to fire 14,900 workers and closing 75% of its outlets.
- Companies from developing economies are investing heavily in developed country markets for example India’s giant Mittal’s steel company acquired Arcelor in 2006 creating the world’s largest steel company. Tata Motors acquires UK Jaguar and Rover companies, Russian Oil & Gas firm Lukoil acquired Getty Petroleum Marketing (1,300 gas stations) for $71 million. Currently they have 6,090 filling stations in 24 countries including USA.
- The progressive globalization of trade, investment, trade liberalization and deregulation in various areas is expected to expand the free movement of goods, capital and labor through an explosion of RTA/FTA agreements world over is increasing intra-country and regional trade. FTA has quadrupled in a decade to circa 400 in 2011 reported to WTO.
- China is the home for world’s largest McDonalds outlets with 1000 restaurants in China. 95% of it supplies are local. Agriculture land/output in China and India is greater and cheaper than USA and suppliers to the growth of fast-food industry. America’s 7-Eleven now owned by Japanese have over 5000 outlets.
- Over the past 15 years, 25 % of venture-backed U.S. public companies were founded by immigrants (40 % in high tech manufacturing industry). These firms have a market capitalization of over $500 billion, and employ over 220,000 U.S employees and 400,000 people globally. Foreign-born entrepreneurs are behind nearly half of venture-backed startups Cyber states reported U.S. high-tech employment totaling 5.9 million in 2007, up by 91,400. 139,000 jobs added in 2006 and 87,400 jobs added in 2005.
- While America was once tops in overall education rankings, USA now ranked 17th in reading, 21st in science, and 26th in math. (GPS Nov 2013) Overall, the World Economic Forum ranks the quality of our education at 24th.
- Cost to hire engineers in India is ½ the cost in USA [$40K vs. 80K], and engineers in China earn 40% of what engineers in India earn, which facilitates outsourcing and R&D centers for MNCs, e.g. Recently LSI Logic Wichita established R&D centers in Bangalore and Hyderabad. However, in 10 years, hiring costs for engineers in India and US will be the same.
- Management education goes global and Europe’s competitiveness - China started MBA’s only 16 years ago and government’s goal is to boost MBA student output by 24% in 2008. In a Business Week China survey, 38% of corporate recruiters named the China Europe Int’l Business School (CEIBS) as the best Business School in China, Beijing Int’l MBA at Peking University came in second at 31%, Tsinghua University came third at 9%. Likewise India explosive growth of MBA programs making India and China as the two largest growth markets.
- Globalization of financial & capital markets following currency adjustments – Plaza Accord 1985, Louvre Accord 1987, Jamaica 1996 – an decline of the US dollar resulted in increases in US exports – however, imports increased faster, leading to a loss of manufacturing jobs, increase in offset/offshore and outsourcing.
- Uruguay Round and trade liberalization, tariffs are down to <3% in developed nations, and reduced to about 15% in “developing nations”. Increasing roles by UNTACD, ITC, IMF, World Bank, Asian Development Bank, expand trade and economic growth. World Trade Organization est’d 1995 after GATT’s successful [1947-1994] Rounds, facilitate trade, amidst recent protests and ongoing disputes.
- US-EU Relations, US-Mideast Relations, US – Japan relations, US-China relations, US-Russia relations have significant impact on trade investment, intellectual property rights issues and foreign-policy implications. Ease of MFA Agreement (2004) for textiles and China’s dominance as a textile giant has major ramifications to US textile industry.
- Cost of Intellectual Property Right violations/cases have grown in magnitude, industry and trade agencies estimate counterfeiting/piracy costs US economy about $250 billion per year and a total of 750,000 American jobs.
- After 200 years, US changed from Europe for markets & sources of supply to ASIA. Asia has 60% of world population – China and India have increasing links to Asian supply chains and markets.
- Events following 9/11, acts of terrorism, kidnappings & political risk affect peace and flow of trade & investment. Public policy issues demand peace to advance trade, economic growth and higher standards of living, eliminating poverty and environmental concerns. U.S. military superiority doesn't produce proportional results with USA’s annual military spending is greater than that of the 25 countries of the EU, China & Russia put together.
- World’s largest trading companies are all non-US dominated - Japan’s SogoShosha with significant roles in domestic & world trade while US trading companies have hardly an impact on export activity although US Congress passed the Export Trading Company Act in 1992 providing firms with incentives from Anti-Trust legislation and bank cooperation.
- As a home for jobs and business investment, the United States is affected by and competing with virtually the entire world due to comparative advantage in research, development, engineering and skills According to HBR Survey of US Competitiveness (Jan 2012): The Great Recession – the cyclical contraction that began in December 2007 and bottomed out in June 2009 – continues to weigh on the United States and not keeping pace with other economies, especially emerging economies and threaten to undermine the long-term competitiveness of the U.S. The threat to U.S. competitiveness we face today is far more complex than the one America confronted in the 1980s when competition from Japan revealed quality problems and inefficiency. Today’s challenges are from many nations with growing strengths and diverse capabilities – a look at China’s miracle and explosive growth makes me conclude: ‘you ain’t seen nothing yet!
- The list continues whence you recognize the findings of the Executive Opinion Survey of World Economic Forum: Global Competitiveness Report 2011-2012(149 countries worldwide) highlighting international influences impacting on USA position in the global economy - these are sleeted factors affecting US competitiveness - USA rankings for questions:
- 12th How would you assess the quality of management or business schools among the best in the world;
- 51st in assessing the quality of math and science education;
- 26th in the educational system to meet the needs of a competitive economy;
- 139th government budget balance as a percentage of GDP
- 87th Number of mobile cellular telephone subscriptions per 100 populations.
- 24th in assessing general infrastructure (e.g., transport, telephony, and energy) in your country?
- 40th How would you assess financial auditing and reporting standards regarding company financial performance?
- 29th How would you compare the corporate ethics (ethical behavior in interactions with public officials, politicians, and other enterprises)
- 86th To what extent does organized crime (mafia-oriented racketeering, extortion) imposes costs on businesses in your country?
- 81st To what extent does the incidence of crime and violence impose costs on businesses in your country?
- 122nd To what extent does the threat of terrorism impose costs on businesses in your country?
- 50th Transparency of government policy making - How easy is it to obtain information about changes in government policies and regulations affecting their activities?
- 58th How burdensome is it for businesses in your country to comply with governmental administrative requirements
- 42nd how common is it for firms to make undocumented extra payments or bribes connected with (a) imports and exports; (b) public utilities; (c) annual tax payments; (d) awarding of public contracts and licenses; (e) obtaining favorable judicial decisions
- 50th How would you rate the level of public trust in the ethical standards of politicians in your country?
- 28th How would you rate intellectual property protection, including anti-counterfeiting measures, in your country?
- 12th To what extent do companies in your country invest in training and employee development?
- 24th How would you rate the level of access to the Internet in schools in your country? 26th International Internet bandwidth (kb/s)/capita 18th Number of fixed broadband Internet subscriptions per 100 population
- 59th To what extent do tariff and non-tariff barriers limit the ability of imported goods to compete in the domestic market?
- 43rd How prevalent is foreign ownership of companies in your country;
- 20th What is the nature of competitive advantage of your country’s companies in international markets based upon? [1 = low-cost or natural resources; 7 = unique products and processes] 1st Japan, 3rd Germany;
- 7th Quality of scientific research institutions and 7th to what extent do companies in your country spend on R&D?
- 18th To what extent are the latest technologies available in your country? 18th To what extent do businesses in your country absorb new technology
- 134th Exports of goods and services as a percentage of gross domestic product GDP (USA 12.2%, China 30% Germany 45%, Korea 54%, Japan 17%)
- 12th How do buyers make purchasing decisions? [1 = based solely on the lowest price; 7 = based on a sophisticated analysis of performance attributes] 1st Japan, 5th China; 14th Do exporting companies have a narrow or broad presence in the value chain? [1 = narrow, primarily involved in individual steps of the value chain (e.g., resource extraction or production); 7 = broad, present across the entire value chain (i.e., do not only produce but also perform product design, marketing sales, logistics, and after-sales services)] 1st Japan, 2nd Sweden, 3rd Germany;
- 15th How sophisticated are production processes? 13th How would you assess the quality of local suppliers in your country? {1st Japan,3rd Germany]
”The "Red Queen principle" applies to an evolutionary system where continuing development is needed just in order to maintain fitness relative to others. It arises from what the Red Queen told Alice in Wonderland in Lewis Carroll's "Through the Looking Glass": "In this place it takes all the running you can do to keep in the same place". Burgeoning technology and mega-competition proves the point! – “Earth is Flat” and an even playing field makes it flatter with rapid explosion of technology, communications and logistics forcing a new wave of industrialization beyond JUG, by QUINTET, BRICKS with China’s explosive growth miracle, and redirection of the flow of goods and services in the world trading system to challenge traditional theories, again to conclude: ‘you ain’t seen nothing yet!
Note: The above 101 international influences on USA forms a list more comprehensive than those mentioned in the texts and needs to be updated with unstoppable ‘globalization’ factors – advancing technology, communications, economic growth, trade, investment and financial flows world-wide.
DdeS: 1/29/2012; 1/29/2012 12:19:06 A.M
Old reference lisr. Please arrange the references the way it appears to be in the body.
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