Industrial Insight

Our competitive advantages… | November 1, 2011

http://www.thedailybeast.com/newsweek/2011/10/30/niall-ferguson-how-american-civilization-can-avoid-collapse.html

America’s ‘Oh Sh*t!’ Moment

Oct 30, 2011 10:00 AM EDT

Western Civilization’s Killer Apps

COMPETITION
Western societies divided into competing factions, leading to progressive improvements.

THE SCIENTIFIC REVOLUTION
Breakthroughs in mathematics, astronomy, physics, chemistry, and biology.

THE RULE OF LAW
Representative government based on private-property rights and democratic elections.

MODERN MEDICINE
19th- and 20th-century advances in germ theory, antibiotics, and anesthesia.

THE CONSUMER SOCIETY
Leaps in productivity combined with widespread demand for more, better, and cheaper goods.

THE WORK ETHIC
Combination of intensive labor with higher savings rates, permitting sustained capital accumulation.

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I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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