America has an intuitive, self-correcting economic and political system. Heuristic as it may sound, the development metrics achieved by it are unparalleled and that shows even as it commits giant gaffes (it does nothing small!) it learns from its mistakes fast. Barring a few exceptions like Vietnam, Iraq and Afghanistan, it has managed to get its act together.
“America is underestimated”, argues this article in The Economist. Excerpts-
“Other demons are jangling America’s nerves. There is the emergence of China as a rival embryonic superpower, with an economy that may soon be bigger than America’s (at least in terms of purchasing power); the re-emergence of a bellicose, gas-fired Russia; North Korea’s defiance of Uncle Sam by going nuclear, and Iran’s determination to follow suit; Europe’s lack of enthusiasm for George Bush’s war on terror; the Arabs’ dismissal of his democratization project; the Chávez-led resistance to Yankee capitalism in America’s backyard.
China is likely to be more and more in America’s face, whether buying American firms, winning Olympic gold or blasting missiles into space…..An America that stays open to China—an America that sticks to American values—is much more likely to help fashion the China it wants.
Here comes my title score…”If America were a stock, it would be a “buy”: an undervalued market leader, in need of new management.”