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Word Count: 837
The Economic Game of Our Era US 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 US 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 MIT 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 US emerged as a world power in the last industrial revolution The questions to be asked are How did US become the best in the industrial world and what are the evidences of this strong dominance The success of US 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 US to play the game of shutting-down and opening new ones successfully For instance in 1981 ATT
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