The Global Market

By Yaret Martinez Vega
University of  Florida 

Figure 1. The Moscow International Business Center.

Today I will be talking about how the global marketplace is adrift. You may be asking yourself why is this important? Well, the global marketplace is a fundamental part of the world today. It allows countries and businesses to have international connections and trade.

It is foreseen that China will surpass the U.S market in a couple of decades and this is not inevitable. This is important because even though the U.S is #1 in the marketplace globally today, it is still recovering from the financial decline from over 70 years ago. This all began with the Great Depression because that is when the crisis of global credit began. At the moment, the U.S business market is known for being the “largest and most successful in the world”. But the government's initiatives are not helping to improve the market and it is making “it difficult and expensive to hire new employees in the United States or even maintain the size of existing workforces”(Murray, W). I believe that if the global market continues to decrease the US job scarcity will become a much larger problem than we face today.

It is also important to keep trying to improve the US marketplace because many of us without realizing have “adapted to the global economy” (Murray, W). Many of the products that we buy as consumers come from different countries around the world. From food, clothes, cars, and the list goes on and on. For example, Toyota is a Japanese product and if you look around on the street you are likely to see a Toyota car around you.

Another large problem that US faces today and affects businesses futures is the debt the United States has. It is estimated by the Government Accountability Office that by 2025 US public debt with rise to 100 percent from the current level being 70 percent. That is a 30 percent increase! This will impact US companies harshly. It will be harder for private firms to borrow money at reasonable rates. US businesses will have to learn how to face an array of obstacles. This will be a downfalls that affect the US global marketplace harshly.

Even though it is said that China will surpass the U.S economy and that it is culturally advanced and economically powerful, China is also still in recovery from the decisions the emperor made about reducing foreign influences and cutting off trade with a large part of the world. But China is quickly growing globally on the spectrum of international trade. In 2011, the International Trade Statistic for the involvement of Asia was 52.6 percent. It was also calculated that over the decade “China’s exports grew compound annual growth rate of approximately 20 percent” compared to the “modest four percent for the United States” (Murray, W). Not only does this shows that the US is not working hard enough to improve its conditions with the economy. But also that the US business is starting to decrease slowly. What will happen in the next decade if the US only grw four percent in this decade?

I feel strongly that something should be done to ensure there is not a major downfall in the US market. The global marketplace allows the US to buy or sell and allow service in other parts of the world. This is vital to society today because it allows for necessary goods. For example, the US buys fruits and vegetables from Mexico like the avocado. Taking care of the market and US business not “coasting] along by depending on past achievements” will greatly help with change and improvement (Murray, W). If the US business decreases it will affect the whole society because everything is connected.Ensuring that there will be an improvement in the global marketplace will allow for not just economic growth but also to surpass “national boundaries” and empower individuals (Murray, W).

But even if the United States does not hold the position of being #1 in the global marketplace I believe that the economy will strive to rise again. Sometimes it takes a downfall to be able rise up again even stronger. Especially for the US because it is a place that strives to be an exemplar country.  

I found this article to be very informative and interesting. There is a bigger picture that needs to be seen when it comes to business with the global economy. I choose this article because I am a Business Administration major and I find it into my advantage to learn and be aware of the global marketplace today. I also want to pursue international business administration because I believe international ties creates a stronger union in a business. There is always something new to learn from other people's perspectives.

References

MURRAY WEIDENBAUM. (2013). THE WEIDENBAUM CENTER PRESENTS... US Business: Adrift in a Global Marketplace. Harvard International Review, 34(3), 61. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&AuthType=ip,uid&db=edsjsr&AN=edsjsr.43746123&site=eds-live

Syuqor7. (2014, April 26). [Online image] Retrieved from https://www.flickr.com/photos/syuqor_7_aizzat/13995016286/in/photolist-njG7Lf-okiph2-bWxBbf-d31Y7w-9BFAzY-8HZfq5-rRcd76-T8kCgV-g5ViZU-apxjcD-gQMc4a-f7jxpQ-8UpMvx-8UsSf5-dZ5pbH-97CZcY-JWShLv-BorPMN-aiJU1K-njkn4j-8UsRLC-o3bTDM-8U5o7z-JR9pMt-ekUE5U-dD6eYT-5Yyt7B-bhpjWx-dDbD8u-9NG3ty-smx2PC-jVwmLx-Txvniz-FSqfDS-nG4JMB-pbF25k-8wUesJ-8vWTsi-dD6faX-9JvWBc-ZFBJdZ-8UpKAc-L74heh-dDbEFy-FFSY9j-qyBX5C-8UsQBo-7GMuJQ-bT6azc-264GHm6