During the past few days in Washington, I have been given somewhat of a crash course in both the U.S. banking market, but also spent time discussing the changes in trends and attitudes that follows in the wake of the slowing US economy and the sub-prime crisis. It seems quite clear that there has been a significant shift in the American people's attitudes about outsourcing and free trade. Barack Obama is continuing to speak about different protectionism measures he is going to take as President.
This weekend, The Economist has a piece about some extensive research proving that outsourcing and free trade has been more beneficial to the UK, compared to the negative aspects that comes along with those benefits.
The world benefits from a strong USA. It would be sad for the already hurting US economy if companies over here would be burdened by not being able to use products and services available to their global competitors. That road is a sure way to long-term loss of relative productivity and competitiveness. USA has a unique combination of culture, creative individuals, capital and competence, which has made it the Promised Land for entrepreneurs.
I hope and think that the US can keep this position in the long run, but only if they continue to give their entrepreneurs what they or their forefathers came here for: Freedom.
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