At that time when the United States’ congress was still debating on the policy that should be applied on the debt issue, there were probably millions of Americans who were keeping themselves updated about the developments…
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However, while reading the comments section of every online news report, I realized that it was not just Americans who were keeping themselves informed of the latest developments on the matter but also foreigners as well. Aside from this, I also read several news reports in which officials from other countries also expressed views on the subject. As I encountered more of such articles, I began to realize that the highs and lows of the American economy do have profound impacts on other countries. Because of this, it is only expected that they have their own views of current economic conditions of the US. It is also apparent that while the US boasts of still being the most powerful nation on Earth, the cracks on its walls have shown and grown worse through the years as its economy continues to remain in deep crisis.
This can be observed by the international community who could only express negative opinions on the matter. For more than a century, the US has long held the title as a dominant global superpower. The two most compelling factors regarding this matter are its economic superiority and military strength. In the 1900s, US dominance was ostensibly challenged by the Soviet Union. It was after World War II that the contest between the two superpowers became more intense. However, the Soviet economy was not match to that of the US. Apparently, while the Soviets continued to espouse a closed-door socialist economy, America was extending it market on a global scale. I find this action not as a reflection of the benevolence or generosity of the country’s big business but simply a result of the drive to accumulate more profits from less saturated markets abroad. To some extent, the economic superiority of the US then had managed to scale down the impression that it too was trying to dominate the world with its military strength just as the Soviets did. From my point of view, this prompted the development of the concept that economic relations with America make other nations richer too even as it is also making infractions on the sovereignty of other countries through military intervention. When a superpower lavishes a poor country with imported products, it could hardly be considered as a bully by the people. This was definitely not the case with the Soviet Union, which only focused on asserting military superiority. The current economic crisis that the US is facing has proven to be disastrous not just to the average American citizens but also to many other countries in the world. This is naturally the result of several decades of dominance also of the country in the sphere of international trade and global economy, in general. Through all those years, especially after the World War II until recently, the US is a major trading partner of a good number of economically more backward countries. These had established relations with the US as their largest market of raw materials and, at the same time, supplier of capital goods and other high-value added finished products. With the crisis besetting the US economy though, it has become a less attractive market from the perspective of those countries that export their raw materials to it. Apparently, the crisis has also led to slower production of capital goods and finished products in the US, while countries like China and India are showing successes in coming up with commodities that are competing with those it had been manufacturing. If I were to be the an
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