America’s economy is leaving its peers ever further in the dust. Here are the lessons from its outperformance
one thing that Americans of all political stripes can agree on, it is that the economy is broken. Donald Trump, who saw trade as a rip-off and his country in decline, came into office promising to make America great again. President Joe Biden is spending $2trn remaking the economy, hoping to build it back better. Americans are worried.
American firms own more than a fifth of patents registered abroad, more than China and Germany put together. All of the five biggest corporate sources of research and development are American; in the past year they have spent $200bn. Consumers everywhere have benefited from their innovations in everything from the laptop and the iPhone to artificial-intelligence chatbots.
For the world as a whole, America’s outperformance says much about how to grow. One lesson is that size matters. America has the benefit of a large consumer market over which to spread the costs of, and a deep capital market from which to raise finance. Only China, and perhaps one day India, can boast of purchasing power at such scale. Other countries have sought to mimic it. But even those in Europe, which have got the closest, have struggled to become a true single market.
Another lesson is the value of dynamism. Starting a business is easy in America, as is restructuring it through bankruptcy. The flexibility of the labour market helps employment adapt to shifting patterns of demand. Already many of the workers in America who were laid off from Alphabet and other tech firms at the start of the year are applying their sought-after skills elsewhere, or setting up their own businesses.
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