If you want to understand the real enduring strength of America as a nation, look at the Dow Jones industrial average. Not the record 12,000 level reached this month � that may last no longer than a day or a week. Look instead at the 30 companies that make up the Dow index. Only two of the original 30 companies in the index in 1930 � General Electric and General Motors � are still there today. Most of today�s Dow components � the Microsofts and Intels � weren�t even around 50 years ago.
If you look at the relevant stock market indices for Germany, France or even Britain, you will find them dominated by companies that have been around for generations. America by contrast, has mastered the art of creative destruction. This vast competitive openness, combined with entrepreneurial spirit, keeps the country constantly innovating and regenerating.
Gerard Baker, Iraq is just a comma, not a death sentence