Lester Thurow lecture essays

Lester Thurow lecture essays The Economic Game of Our Era: U.S. Dominance Approaching to the 21st century, world economy becomes more and more global. In todays life, several parts of an item can be made in different countries and unified to produce an output. Realize a laptop whose processor is made in U.S, by Intel, whose screen is coming from Japan, Toshiba, and whose other various parts are coming either from Taiwan or from Korea. Lester C. Thurow, a professor of economics and management at the M.I.T, and the writer of the book Building Wealth, considers this era as being the third industrial revolution. He claims that this one differs from the former two industrial revolutions, in a way that the first two revolutions were based on the capital and land. However, the third revolution is based on the technological improvements such as computers, robots etc., and knowledge. In the second revolution that created national economy, the main idea was the German Systematic Industrial Research, research of land and capital. On the other hand, electricity that was invented during this era, created the modern life. The third one has created global economy. In each industrial revolution there had been a dominant country that leaded to the world economy. In the first revolution, the British leaded to that era. In the second one, the dominant country had been Germany above the British. And finally, in the late 20th century, U.S. emerged as a world power in the last industrial revolution. The questions to be asked are: How did U.S become the best in the industrial world and what are the evidences of this strong dominance? . The success of U.S. in the industrial world originates from countrys generic structure and ability to balance control and chaos side. To begin with, America is making the entrepreneurial jobs very well and this aspect allows U.S to play the game of shutting-down and ...