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The United States As A Global Business Force

1268 words - 5 pages

In this position paper, the past and current positions of America owned companies as a force in the global marketplace will be discussed. Factors influencing the United States' role will be offered. The future of globalization and the role of American owned companies will be discussed.Past and Current Position of American CompaniesAmerican companies have been force in global business since the end of World War II. The devastated economies of Europe and Asia provided the opportunity for American businesses to expand. The undamaged national industrial capacity in the United States set the stage for growth to fill the unmet needs of the war damaged economies.. . . on this massive industrial base . . . the American business class at the end of the war looked at Europe and Japan in ruins and saw their opportunity to remake the world structure of capitalism to permit the unhindered expansion of American business throughout the globe. (Wetzel, n.d.).This permitted American industry to achieve much greater "economies of scale" than European or Japanese industry, which reduced per unit costs of production. The high U.S. profit rate also fueled innovation and investment in technical changes aimed at further increasing the productivity of labor. The advantages following World War II and the rest of the 20th century provided American workers with the world's highest standard of living. While American's prospered the country's productivity continued to lead globally.The production capabilities of the United States following World War II allowed for extensive domination of global trade and the emergence of the dollar as the major currency for international trade. The Bretton Woods Agreement, established in 1944, set up a dollar based "dual peg system", the U.S. dollar was "pegged" to gold at $35 an ounce, while other currency were "pegged" to the dollar. United States dollar supply was restricted by official gold reserves, in order to honor the obligation to sell gold to foreign central banks, and this provided a firm support for the United States' dollar exchange rate. The United States' gold reserves to currency ratio slumped significantly in late 1960s to cope with military spending during the Vietnam War.As American gold reserves were no longer enough to meet the demand from foreign official agents, U.S. President Richard Nixon ended trading of gold at the fixed price of $35/ounce at 1971. The US government declared to adopt an inconvertible paper or fiat money, backed only by the credit and fiscal discipline of the government. (Hong Kong Trade Development Council, 2008).The General Agreement on Tariffs and Trade (GATT) initially begun in 1947, served to lower trade barriers between participating countries, further enhancing the ability of American companies to maximize the United States manufacturing capacity. From GATT came the World Trade Organization (WTO) in 1994. The WTO has acted to open additional markets for American and other country's...

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