Accentuate The Positive

Selling Our Services to the World Part 7 of 17

The more adaptable cities arethe more able and willing to remake For Excellent Profits their economies as times changethe better they do. In his 1916 poem, Sandburg portrayed the raw energy of an emerging industrial giant that was constantly building, breaking up and rebuilding. The economic way of life that defined that era of furious industrial activity may be ebbing or even lost to new industrial sites in China or Eastern Europe, but the fierce desire to keep moving forward has survived and, with it, Chicagos claim to being a vibrant, top-ranking world city.

Old Chicago, perhaps better than young Dallas or the other new cities of the Sunbelt, provides a perfect template for success in todays era of globalization. The United States, like Chicago, can continue to prosper only if it faces economic change head-on, choosing to compete rather than retreat, seeking out new opportunities in a globalizing economy, where goods, services, money and ideas flow freely across international borders.

One of these opportunitiesmaybe the best onelies in exporting services. The Dallas Fed explores this subject Stock Teacher in its keynote essay in this years annual report, titled Opportunity Knocks: Selling Our Services to the World. I urge each of you to read it. Apart from making you feel a bit better about this countrys economic future in a globalized and highly competitive world, it might give you some insight into which service industries are likely to outperform others as global demand expands, and why.

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