America’s economic success is like our Olympic success, writ large. The nation’s troubles are evident, but our country has sound fundamentals. The American dollar is by far the world’s currency. The Food and Drug Administration is the benchmark for medical standards. The American patent system is the most important in the world.
Nine of Forbes’s 10 most valuable brands are American (Apple, Google, IBM and so on). The U.S. is the leading energy producer. We have 15 (at least!) of the world’s top 20 universities, while Hollywood is as dominant as ever.
America is also quite good at change. The median age in the U.S. is 37.8, compared with 46.5 for both Germany and Japan. The newer a technology is the more the U.S. is likely to dominate it — whether it’s the cloud or the sharing economy. According to The Economist, 91 percent of online searches are done through American companies’ services, and 99 percent of smartphones run on American-made operating systems.
Some American industries have declined, but others are rising. American fund managers handle 55 percent of the world’s assets. American businesses host 61 percent of the world’s social media users.