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Article: Different economic systems: vast new opportunities for business economists. (NABE Presidential Address)
- Article from:
- Business Economics
- Article date:
- January 1, 1990
- Author:
CopyrightCOPYRIGHT 1990 The National Association for Business Economists. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Economic changes in major industrial nations create new opportunities for American industry and for business economists. But the U.S. must compete more effectively. We must understand that economic systems are different. The U.S. has a high cost of corporate capital, a low savings rate, high Treasury reliance on financial markets for debt financing, high corporate tax rates, and a short-term investment horizon. These factors permit a high consumption economy with low personal income-tax rates. To be successful overseas, U.S. corporations must understand the differences and play by their rules, not ours.
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