Friday, March 29, 2024

The United State: Difficulties in Globalization

The current global economic crisis is the most severe since the Great Depression in 1929 and 1933. The search for the reasons would require reflections. However, the first reason cited is the real estate bubble which many think as one dimension of the crisis. The second one is the increase in US import and decline in US export which contribute to its double deficits and thus to the economic instability. The US is facing intense competition in the textile and garment industry, the manufacturing industry, especially automobile one. The third oft-cited reason is the challenges of globalization to state economic regulation in the interest of development and those of the ruling circles. These challenges are greater in view of increasing complexity of production and business, especially in the financial sector.

Though many predict that the ongoing crisis would end in 2010, its recovery would bear the mark of cyclic development over a short term. However, over the long term, development of the US economy would depend on new breakthroughs in science and technology, especially biotechnology, IT, nanotechnology and new energy etc. It is obvious that globalization it is necessary for the US to work out fundamental changes.

 

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