American Economic Power
In the last part of the twentieth century, American capitalism has grown on an unprecedented scale to become the greatest economy the world has known. A number of large United States-based multinational corporations and financiers now dominate the world economy. The United States is the dominant global economic power.
This may continue into the future, because much of the intellectual property behind much modern technology is owned in the United States. The United States is the most popular destination for the world's best scientists and trained foreign workers. The population of the country is younger and growing fast, whereas the population of Europe is ageing and declining.
The economic dominance of the United States is currently threatened by the growing importance of the Chinese Economy. However, economic decline will not limit the power of the American Beast. As economic power becomes a less effective weapon, it will increasingly rely on military power.
Globalisation
John warned that Babylon the Great and the Democratic Beast it controls would emerge during a time of expanding world trade.
Every sea captain, and all who travel by ship, the sailors, and all who earn their living from the sea, will stand far off
all who had ships on the sea became rich through her wealth (Rev 18:17,19)!
Globalisation is the modern name for a season when ship owners become wealthy through trade.
A burst of globalisation got underway at the end of the twentieth century was made possible by a number of changes that emerged.
Land air and sea transport have improved enormously.
Shipping costs have been reduced enormously by containerisation. Goods can be shipped from anywhere in the world for a small cost.
National governments have reduced tariffs and other trade barriers.
Communications have improved to such an extent that a message can be sent instantly to anywhere in the world.
Computers and information technology have given corporations the ability to manage large volumes of information.
As the science of management has advanced, the size of the business that can be managed as one unit has grown.
Management has been separated from ownership, allowing the interests of the business to be pursued without constraint.
Limited liability laws have allowed corporations to become immense.
Modern managers are citizens of the world. To climb the corporate ladder, they have to work in different countries, so they have no loyalty to a particular nation.
The power of television has given large corporations ability to create worldwide demand for their products.
Modern business activities are very capital intensive. Large and powerful financial intermediaries emerged to supply this capital.
All these factors have contributed to the rise of American economic power.
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