A Quote by John C. Bogle
There is no country like the United States, with its diversified industrial base, technology leadership, innovation and strong pressure to build companies to make them grow.
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It takes a long time for a country to build a strong base in science, but only a short time to destroy it. Germany was a sad example. It was a world leader in the sciences for more than a century, until its science base was demolished during the Nazi era, and the country ceded its position to the United States.
While political and cultural factors are important as explanations for differences in national technology policy and industrial practices, emergent trends in science, engineering and management are leading to new paradigms for high-technology innovation in both Japan and the United States.
China is a great manufacturing center, but it's actually mostly an assembly plant. So it assembles parts and components, high technology that comes from the surrounding industrial - more advanced industrial centers - Japan, Taiwan, South Korea, Singapore, the United States, Europe - and it basically assembles them.
In every country except - industrial country except the United States, the government uses its massive purchasing power to negotiate drug prices. That's one of the reasons prices are so much higher in the United States than in other countries.
There's so much innovation going on, and there are lots of people funding that innovation, but there's very little innovation on that infrastructure for innovation itself, so we like to do that ourselves to help companies create more tech companies.
When you brought the digital revolution in, all of a sudden, you could build a country like Singapore and take that country, which had the income per capita of Ghana in 1965, and make it something similar to the United States in one generation.
Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector, and leadership in technology position us very well to leverage the growth opportunities across the economy.
I ask particularly that those of you who are now in school will prepare yourselves to bear the burden of leadership over the next 40 years here in the United States, and make sure that the United States - which I believe almost alone has maintained watch and ward for freedom - that the United States meet its responsibility. That is a wonderful challenge for us as a people.
I have to tell you that the innovation and the technology and the entrepreneurship of the world still lies in the United States of America.
Now, many Americans fear that China might grow too strong ... I'm more worried that America might be getting too weak. It's not bad for the United States if other nations have a strong economy. One fewer hungry-mouthed country wanting us to take care of it and its people is great news. If they have money, maybe they will buy the things we innovate and make.
Because I had visited Silicon Valley, I recognized the microprocessor was going to lead the second industrial revolution. We Chinese could not miss that opportunity again - we missed the first industrial revolution already. We put our effort into trying to bring this new technology from the United States to Taiwan. That was the begining of Acer.
Generally, the technology that enables disruption is developed in the companies that are the practitioners of the original technology. That's where the understanding of the technology first comes together. They usually can't commercialize the technology because they have to couple it with the business model innovation, and because they tend to try to take all of their technologies to market through their original business model, somebody else just picks up the technology and changes the world through the business model innovation.
One of the things I learned was that Putin has no respect for the United States leadership. Not for the United States, but the leadership.
The United States lived on borrowed money for too long, inflating its financial sector unnecessarily and neglecting its small and mid-sized industrial companies.
In the Islamic world, the U.S. is seen in two quite different ways. One view recognizes what an extraordinary country the U.S. is. Every Arab or Muslim that I know is tremendously interested in the United States. Many of them send their children here for education. Many of them come here for vacations. They do business here or get their training here. The other view is of the official United States, the United States of armies and interventions.
I have lived in the United States and I know the might of their industrial complex. The United States is a sleeping giant and I am afraid that our attack has awakened it.
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