Question

In: Economics

what can  the U.S. learn from other countries? (whether implementing the strengths of other countries is possible...

what can  the U.S. learn from other countries?

(whether implementing the strengths of other countries is possible within the United States’ political/social/cultural context)

Solutions

Expert Solution

USA is a country with people with diversified social, economic, cultural and ethnic background and market economy is prevailing in the USA. USA can find solutions of its problems from other nations where it is already solved. But, its success will depend upon the demographic similarity with the country where the problem is resolved.  For example, the rising cost of health care is a problem in the USA, but it is effectively solved by its neighboring country Canada. But, Canada has the benefit of less immigrants, less diversity and less illegal entry to its country. It helped Canada implement health care programs that reduced the cost. But, the same cannot be implemented 100% in the USA as the USA has huge income inequality, diverse cultural and ethnic level of people and political sentiments towards households and firms.  It creates obstructions and binds USA to come up its own program suitable for its population with diverse background.

So, USA at most can study the success story of dealing with a problem in a country and customize the method or solution to implement in its own country to become successful. It is the best, USA can do when it comes to learning from other nations.


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