The Third Wave of Globalization

Paper Summary:

The paper discusses how, in "To Ride the Third Wave," the author claims that America's top priority should be to address its inadequacies in order to maintain competitiveness in the global market. The paper examines the suggested policies that include reducing the role of the US dollar, altering the U.S. energy policy and practice and revamping the savings, loan and taxation systems. The paper discusses the need for the U.S. to reevaluate top expenditures in health care, social security and national defense and to change labor and educational policies. Finally, the author shows the importance of actively deepening relationships with key global players.

From the Paper:

"The turn of the last century saw tremendous global change including the manifestation of a global market. Although many of the promises of globalization have been fulfilled, its pitfalls and potential problems have only recently surfaced. The United States, which rose to international dominion both financially and politically, faces the greatest challenges in maintaining its edge in the third wave of globalization. Its position of global hegemony is diminishing rapidly. America will no longer be a world superpower unless its policy makers are willing to acknowledge and address the nation's inadequacies. These inadequacies include low educational attainment within the population, inequitable distribution of wealth, insufficient workforce skills upgrades, inadequate critical infrastructure, poor savings, taxation, and expenditure policies, and more."

Sample of Sources Used:

• Prestowitz, Clyde. "To Ride the Third Wave." Chapter 12 in Three Billion New Capitalists.

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