Obama acknowledges decline of American dominance
President Barack Obama said the US was no longer in a position to meet the rest of the world economically on its terms and admitted the incredible rise of India and China and Brazil.
Obama said, “I do think that one of the challenges that we are going face in the US, at a time when we are still recovering from the financial crisis is, how do we respond to some of the challenges of globalisation? The US was such an enormously dominant economic power, we were such a large market, our industry, our technology, our manufacturing was so significant that we always met the rest of the world economically on our terms. And now because of the incredible rise of India and China and Brazil and other countries, the US remains the largest economy and the largest market, but there is real competition.”