Dave Cote's FORTUNE Op-Ed: The Economic Olympics & Staying Competitive
June 05, 2014
FORTUNE recently published an op-ed by Honeywell Chairman and CEO Dave Cote discussing the need for the U.S. to develop strong commercial ties with China and execute an American Competitiveness Agenda to maintain a vibrant economy.
In the article, Cote explains, “Economic size represents population times productivity (defined as GDP per capita). We will never have more people than China so we need to focus on always being the most innovative and productive country on Earth. There is an Economic Olympics going on now and we can’t just focus on beating the other Americans on our team. We need Republicans and Democrats working together. There is truth to arguments on both sides of each issue. We need to find that common ground and act.”
Cote discusses eight areas where government should immediately act as an enabler. They include:
- Resolving our debt
- Rebuilding our crumbling infrastructure
- Math and science education
- Immigration reform
- Tort reform
- A well-funded, patent system with faster acknowledgment of patents and resolution of disputes
- An energy policy that encourages efficiency and production of more energy (traditional and economically viable renewables)
- Free and fair trade
“The choice is simple … and stark,” Cote explains. “Are we so focused on our entitlements and our arguments that we’ve forgotten what made us great – that is, hard work, math and science, technical skills, a dynamic economy, a sense of purpose, relying on ourselves and not blaming others, taking personal ownership of our future, and being able to individually act in our self interest while not forgetting our collective purpose.”
Cote concludes, “We shouldn’t wait for the crisis to focus on our collective purpose. We need to start acting now. We need government that pulls together, rather than one that pulls apart.”
Click here to read the full article.