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By Kishore Mahbubani
Published: May 5 2011 22:50 | Last updated: May 5 2011 22:50
The great debate on how to fix America's economy and pay back its debt has begun. Most Americans assume that, in the end, all will be well. But they have failed to notice one missing dimension: in a global economic system in which Asia is increasingly central, their country is no longer a price-maker. It has slipped to become a mere price-taker instead.
There was a time when the great American economy could set its own course, and the rest of the world adjusted. Like an aircraft carrier, it felt no pressure to adapt when global currents changed. Today that is no longer true. The US economy can now become globally competitive only if it makes an effort to understand its relative competitiveness in the world.
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