Business and political leaders often talk about what their respective countries must do to compete in the world economy. But what does it really mean for a country to compete, and how do they do this successfully? Countries develop strategies to compete for the markets, technologies, skills, and investment that will raise their standards of living. These government strategies can make—or break—a nation’s efforts to drive and sustain growth. Countries compete to develop. This is one result of globalization. They compete to grow and raise their standard of living. In this competitive environment, its government that provides distinctive advantages to firms: high savings and low interest rate for investment, sound property rights and good governance, a technological motivated and committed workforce, a low rate of inflation, and a rapidly expanding domestic market.
"Vietor argues that government can do this in a variety of ways in order to advance the performance of business, namely by inducing savings and offering low interest rates, guaranteeing property rights and other necessary institutions, providing an educated workforce, and maintaining low inflation. The main thrust of the book is to posit that institutions are the central building blocks of any economy, and that “good” institutions are vital for sustained economic development."Economic History
"How Countries Competeis essentially the course Vietor has been teaching over the past 25 years to senior management attending Harvard Business School’s Advanced Management Program. It is a multinational course and Vietor firmly believes that the vast majority of his students know little or nothing about the true dynamics of the world." Asia Sentinel
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Countries that do manage their currencies generally employ a variety of controls on their capital accounts—the flows of capital into and out of the country.
Moreover, these balances can be achieved through expanding or reducing various spending policies that all have differing effects on output.
Fiscal policy is the government’s budgetary stance, either a surplus, balanced budget, or a deficit.
The country’s culture, level of corruption, natural resources, education, income distribution, and international security are keys among these contextual factors.
The strategy and structure must fit each country’s context; the national and international conditions in which the country operates.
They need economic policies that control inflation and maintain long-term growth. All of these conditions are delivered by effective government policies, in which executives indeed have interest.
Firms need competitive exchange rates, secure property rights, reasonable income distribution, no corruption or trade barriers.