
James A. Dorn
It seems to me that most Americans clearly understand why we, as a people and a country, are exceptional. It appears those on the left, including our President, have much trouble accepting this. In fact, they apologize to the world for it. And yet it is our most enduring characteristic.
Recessions bring out the worst in people. The search for economic scapegoats almost always turns to trade. People want to pull up the drawbridge to imports, further reducing growth around the world. Americans have benefited greatly from the increasingly globalized economy. Yet trade growth, which fueled years of global economic expansion, has slowed. David Smick, publisher of The International Economy, warned of the potential crack-up of “the globalization model of the past thirty years.”
In August 2012, a new set of federal regulations was issued that could affect all companies involved in the manufacturing of everyday consumer products, including cell phones, computers, canned goods, electrical equipment, solder, and jewelry. The regulations address the use of “conflict minerals” in these products, and will have far reaching consequences on all companies—large and small, public and private—involved in these industries.
In our hyper-competitive global economy, intellectual property (IP), often referred to as creations of the mind that can be incorporated into tangible objects, has become the primary source of competitive advantage for both companies and countries.
When employed to drive innovation, IP boosts corporate profits, job creation, national economic growth, wages, and standards of living. In turn, the only sustainable competitive advantage for many companies is their ability to effectively apply knowledge to develop higher value-added, innovation-based goods and services.
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