Jeffrey Garten speech Essay Example | Topics and Well Written Essays - 500 words

Jeffrey Garten speech - Essay Example Unemployment in the US was last reported at 9.60% as of September 2010, a record high, as compared to 5.40% unemployment rate since 1948 to 2010, with exception of 1953 that has a low 2.53% (Trading Economics, 2010). Perhaps, the reduction of employment is the meaning of cultural change to Professor Garten because lifestyle and spending behavior of people greatly changes with unemployment problem. A host of problems appeared because of the recent financial crisis such that the US took trade liberalization and deregulation to bail its sinking economy. Professor Garten acknowledged the presence of the emerging countries that share in the wealth distribution of the world economy. In his speech, he identified China, India and Brazil as the countries that are now restructuring their economies in the market line of technology transfers, trade opportunities and foreign direct investments. These countries have their own model of capitalism because of their own powerhouse, large base of resources, big population and large markets. As these countries offered trade liberalization, business opportunities are now open for employers to enter into trade relations in this country. Because of this, investors have other options for trade opportunities other than U.S. For example, India has been the preferred outsource call centers in many parts of the globe (Call Centers in India, n.d.) In this respect, companies and individuals must be ready to adapt to this changing economy. In order to take advantage of the emerging economy, companies must also think globally and be equipped with proper strategies needed. By doing so, its own employees will also absorb the economic changes that is brought about by technology transfers. Following the trend of Professor Gartner’s speech, he is correct in saying that there will come a time that these emerging countries will have their own rule to play because of the importance of their role in the economy, and