![]() In a world of increasingly global competition, nations have become more, not less, important. They benefit from having strong domestic rivals, aggressive home-based suppliers, and demanding local customers. Companies gain advantage against the world’s best competitors because of pressure and challenge. It does not grow out of a country’s natural endowments, its labor pool, its interest rates, or its currency’s value, as classical economics insists.Ī nation’s competitiveness depends on the capacity of its industry to innovate and upgrade. National prosperity is created, not inherited.
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