The global outlook of most sectors, especially the economic, has thrust us all in a fairly similar situation worldwide. When a crisis comes, we all feel it alike. The industrialization of the United States has made America one of the most powerful countries in history. However, according to Zakaria Farheed in his new book ‘The Post-American World’, the last ten years have seen major economic power shifts that have significantly reshaped international life. Zakaria, believes that the economic prosperity in many countries has grown nearly 4% and the “emerging markets” can mostly be found outside of the United States.
These markets include, China whose growth alone has lifted more than 400 million people out of poverty. Zakaria observes that poverty is falling in countries housing 80 percent of the world’s population. These developments are against the declining markets in America and the west. Larger and more populated countries are converging with the world economy. In the last 20 years, the United States has made the shift from an imperial power into an equal entity among the global economy. Zakaria quotes Goldman Sacs’ prediction that; “By 2040, five emerging-markets – China, India, Brazil, Russia, and Mexico – will together have a larger economic output than the G-7 countries in the West that have dominated global affairs for centuries.”
Similarly, privately funded institutions in the United States, such as HBCU’s, including Shaw University, have continued to feel the decline sharply. As a measure, some have adopted tighter budgets due to the decline in financial aid. For example, Shaw University’s decline in federal funding resulted in salary cuts for the instructors, while ironically; there was an increase in tuition costs for the students. It is time to rethink survival tactics in an increasingly competitive world.