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14 July 2009 1:30 PM
Will America Continue to Lead?
Investment literature warns that "past performance is no guarantee of future results." This advice should be attached to anything written about the innovation position of the United States vis-à-vis Asia. All too often, defenders of the status quo dismiss Asia's prospects as an innovation leader because the United States has been the leader for so long--and they assume it will continue to be. But past performance in innovation is no guarantee of future performance, as we have seen with one-time leaders that have lost their advantage, such as Germany and Great Britain. In fact, while the United States once led the world, it no longer does by many measures, and absent significant changes to public policy, it won't in the future. Asia will.
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