In the 20th century, the US had an uncontested lead in global business. It was the country where the mass-market car emerged, where the world’s most powerful financial institutions grew up, where most software and hardware were invented, where fast-food companies started. It was a single market of 50 states and it produced most of the companies with a decent claim to be global.

The early 21st century has seen a growing set of challenges to the country’s position. As 2008 starts, this is being exacerbated by the US economic downturn and credit crisis. Although the US remains a powerful business force, it can no longer take for granted its dominance over the rest of the world.