Microsoft Word VHM11 3 | P a g e I The Characteristics of American Business To say about business in America, there are two words to understand its meaning They are Private and Profit Business are directly or indirectly owned and operated by private individuals (or groups of individuals) to make a profit There also have (1) Public, government owned and operated instituttions (2) Nonprofit organizations (churches, charities, educational institutions, etc ) Note These organization and institutions.
I The Characteristics of American Business To say about business in America, there are two words to understand its meaning They are: Private and Profit Business are directly or indirectly owned and operated by private individuals (or groups of individuals) to make a profit There also have: (1) Public, government-owned-and-operated instituttions (2) Nonprofit organizations (churches, charities, educational institutions, etc.) Note: These organization and institutions should not be confused with businesses _ Compare between America and Vietnam The role of private The structure General American Economy is a free-market one, the role of private companies is significantly highlighted Companies from all different sectors are private organizations For examples: Moderna (vacxin); ExxonMobi(petro); AT&T (telecommunications); AES (electrical power), ect Vietnamese Vietnam shifted from a centrally planned economy to a socialistoriented market economy after the Doi Moi policy in the late 1980 The state also has the most control over essential business sectors For examples: Vietnam Posts and Telecommunications Group –VNPT (Telecommunications); Vietnam National Coal and Mineral Industries Group – Vinacomin (Coal); ect SME (Small and Medium Enterprises), which are private, are also a big part of the Vietnamese and American business In the USA, the private big corporations In Vietnam, many big private businesses can easily be seen In addition, many big just started for about a decade corporations in the world started in For examples: VinGroup (industry) ; America SunGroup (household); CenGroup (real estate); For examples: Apple (electronic devices); ect Amazon (electronic commerce); Microsoft (software) ; Tesla (car industry) ; ect American business is associated with A few decades ago, Vietnam was the basic traditional American values wellknown as an agricultural country Businessmen are highly appreciated by Therefore, Vietnamse ranked Americans agriculture and education as their first and second priorities of occupations At that time, businessmen have received not very high appreciation However, the role of business is increasing much more rapidly nowadays 3|Page II How Business Competition Reinforces Other Values “The business of America is business” – President Calvin Coolidge (1920s) This is one of the most famous statements of President Calvin Coolidge in the 1920s which points to an essential truth that business insitutions are at the heart of American way of life or in other way, business plays an important role in America In American society, business institutions have more prestige than any other kind of organization, including government They possess great prestige for reasons: the ideal of competition and the dream of getting rich Why business institutions become so important in American way of life? One reason for this is that Americans view business as being more firmly based on the ideal of competition than most other institutions in society Since competition is seen as the major source of progress and properity by most Americans, competitive business institutions have traditionally been respected Competition is seen not only as a value itself, it is also the means by which other basic American values such as individual freedom, equality of opportunity, and hard work are protected Competition protects the freedom of the individual by ensuring that there is no monopoly of power Business is competitive, many Americans believe that it may be even more supportive of freedom than government, even though government leaders are elected by the people and business leaders are not Many Americans believe that competition is very important in preserving freedom So competitive business is closely associated with freedom in the minds of most Americans “The term free enterprise, rather than term capitalism” is most often used to describe the American business system Moreover, competition in business is believed to strengthen the ideal of equality of opportunity Americans compare business competition to a race open to all, where success and status go to the swiftest person, regardless of social class People often see gaining success and statuus through competition is often seen as the American alternative to system where social rank is based on family background Therefore, business is viewed as an expression of the idea of equality of opportunity rather than the aristocratics idea of inharited privilege Business competition is also seen as encouraging hard work Between the two business people competing against each other, the one who works harder is likely to win And in contrast, the one who spends less time and effort is likely to lose That also means businesspeople must develop the habit of hard work in order to not to fail However, Americans are aware that business institutions often not meet the requirements of the ideals of competition, equality of opportunity, individual freedom or hard work Sometimes Americans distrust the motives of business people, believing that they are capable of putting profit before product safety, or a cleaner environment Therefore, most Americans believe that businesses need some government regulation, although they may disagree on how much 4|Page Compare between America and Vietnam American Vietnamese Business is associated with basic value, As business is not considered to be the priority of competition And therefore, business institutions Vietnamese people for a long time, competition in have more prestige in American society business is not associated as a basic value Vietnamese business emphasises harmony and collectivism Business competition creates progress and In Vietnam, competition is still among prosperity for most Americans, and therefore, enterprises, but is not said to be as clear and many companies directly show their competitive direct as in America A company with too clear an spirit with their competitors over the years, and intention of competition can’t win over the people praise it For example, Pepsi and Coca- customers, and therefore mocking cases rarely Cola have been mocking each other for many happens in Vietnam, and if they appear, it only years, especially through advertisements A happens only once and twice, not repetitively The current case is the meme battle of McDonalds, Ovaltine advertising campaign over Milo creates Burger King and KFC on Twitter This social media trends and interests at first, but then Vietnamese platform has also witnessed companies mocking customers lose their love for its repetition, and other companies in events start complaining Through competition, other values are protected: individual, freedom, equality, self-reliance Freedom of individual: Americans believe that competition in business prevents the monopoly of power, especially from the government All people must be competitive for profit, which is supportive of freedom Equality of opportunity: Business is determined to be a race open to all, where success and status go to the swiftest person Encouraging hard work: Due to the competition, people must develop the habit of hard work in order not to fail Competition is often thought to be negative among Vietnamese people The state still plays the leading role to run the important part of the developing economy, and therefore harmony in business would create better results If not, poor people may not be supported and can be wiped out of the economy Competition might cause stronger enterprises from bigger countries to destroy Vietnam’s business Profit has not been the priority Competition may cause conflicts, which ruin the relationship between people While, Vietnamese people believe in the strength of relationships, as they gain more trust in people they’ve already known and we have a strong connection with others People are still influenced by the agricultural economy - where the results depend not only on hard work, but also other factors Also, the old community business culture encourages equal division for all people from the total products, which Vietnamese people are trying to erase 5|Page III The Prestige Of Business And The Dream Of Getting Rich Business institutions have social recognition in the United States As the major truth about the business of America is that business institutions have the highest prestige in American society, surpassing even the government Firstly, an important aspect of the great American Dream is to rise from modest wealth to great wealth It is usually successfully accomplished through business careers in the United States People who were outstanding in business, make all of the great private fortunes is start from the scratch For example, the story of Steve Jobs and Steve Wozniak starting Apple Computers in a garage in Los Altos, California, is well-known They had pulled out from their respective college courses and began developing consumer computer devices in Jobs’ parent's garage in California But before this, Steve worked an assortment of low-paid jobs, including one when he was 13 After developing a couple of different models with Wozniak, the pair knew they would need more financing So Jobs had to find a guarantor to get a bank loan for $250,000 But he more than succeeded: He had a million dollars to his name in 1978, when he was just 23 Because of this, in the United States, the young always look up to him because he has proven that dream and perseverance make him a great role model To compare Vietnam, Vietnamese beliefs is also high prestige that person who from poverty to wealth It can knowns as a traditional belief of Vietnamese For the 1830s ago, Alexis de Tocqueville realized that the Americans were appealing to business careers Americans strongly preferred business to farm as it can get them the opportunity to get rich more quickly All farms often use the principles of precision farming to increase profits quickly and reduce costs and increase the speed of harvesting Even those who were farmers were possed with a strong business spirit They often ran small businesses to add to the money they made from farming Besides, in the United States, farmers are more interested in buying and selling land for a profit than farming it This characteristic is significantly different from Vietnamese farmers Vietnamese tend to serve their needs and self-sufficient food for their family to save the family cost, not business If their products are abundant, they will buy them in some small markets to earn money Finally, business is also the best way to bring benefits to the entire nation Over the competition, people more and more develop their business and make more profits The quality of American life will improve and raise a high level However, a government-run system of production and distribution of goods be varied as the monopoly of power held by the government which eliminates competition For example, the United States does not have universal health care approved and dominated by the government Americans have traditionally adopted a system where health care providers compete with each other in a free market and individuals are free to choose their own doctors and hospitals, even if some people go without health insurance The policy is slightly different the UK healthcare In the UK, each country has its own systems of publicly funded healthcare, funded by and accountable to separate governments and parliaments, together with the smaller private sector and voluntary provision However, to compared Vietnam healthcare, it is totally changed Because healthcare in Vietnam is a universal health care system 100% population in Vietnam have at least one health insurance 6|Page Compare the prestige of business between the USA and Vietnam To compare with Vietnam business, it has some differences In the past, business in Vietnam did not have a good view, even people have to look down on the business The economy is self-sufficient and the village's autonomy has almost no need to exchange goods outside the residential area Traders must be active even fraudulent to make a profit The business is linked to untrustworthy actions, deceiving other people, buying products cheaply but selling them expensively That action did not make material wealth as well as spiritual wealth for society Because of this, business was totally not respectful in the social awareness but it was critical and maintain the action Vietnam has a famous quote that refers to the position of Four People in the social classes as “si, nong, cong, thuong” as means “ scholars, farmers, workers, and businessman” People have high respect for the intelligentsia, who are educated and kept a position in the State At the end of the social classes in the past, it was “businessman”, even farmers and workers also had a higher position than them In addition, in the past, Vietnam was fought many invasion wars to save the country So the military also had high prestige, surpassing business However, over hundreds of years with many changes, the business Vietnam plays important role in society as well as have a good the nation's views Modern Vietnamese society has had many changes in the concept of the role of the Four Peoples All four classes of scholars, farmers, workers, and businessmen have their own roles and positions in society because they couldn’t replace Besides the scholar class, the other classes must study and cultivate knowledge and culture to survive and develop in society Especially in the context of Vietnam's open-door and renewal to integrate with the world, trade is not only look down on as before but also given special milestones As developing business is making money to invest and contribute the country power Many businessmen have been honored by society and respected by the people because they honest business, comply with the law, fulfill their responsibility to pay taxes fully to the State, and stimulate production and development In addition, the start-up wave of Vietnam is more and more developing both its numbers and quality, nearly Singapore and Indonesia in 2021 The State creates more opportunities for policy and funds to help the young to set up a business Besides, Vietnam also has a series of TV shows about Start-up is “Shark-Tank” to help young people resolve their problems when funding their business In conclusion, the business has the highest prestige in the United State because of its link to American basic values and the dream of getting rich To compare with Vietnam, the business now has higher prestige than it's in the past IV Two Kinds Of American Business Heroes Many Americans believe in the connection between business, wealth and traditional values, so they said that people who are successful in business have become heroes to the American people There are two kinds of American Business heroes: entrepreneur and organization man or woman 7|Page IN GENERAL Entrepreneur “Entrepreneur” is the person who provides examples of traditional values in their purest form, and these people are most likely to be idealized by the American public They are good examples of equality of opportunity For example, Andrew Carnegie, Henry Ford, Oprah Winfrey, Bill Gates, and Larry Page are among the most celebrated American entrepreneurs in history Bill Gates – Microsoft Bill Gates is one of the most well-known American technology entrepreneurs He is the second-richest person in the world with a net worth of over $98.9 billion as of 2019 and is also a co-founder of Microsoft Henry Ford – Ford Henry Ford is also an American entrepreneur, he was an American industrialist, business magnate, and founder of the Ford Motor Company Organization man or woman The other is “Organization man or woman” who runs the businesses that are already established by others and not have a strong hero image as entrepreneurs He or she is seen as a less perfect example of basic American values but they still command great respect Lee Iacocca – Chrysler Corporation Lee Iacocca is a famous organization man or woman as an American hero who is the chairman of Chrysler Corporation in 1979 This man is ranked #5 among 25 business leaders in America 8|Page Compare between America and Vietnam American Entrepreneurs in America are considered heroic figures because their achievements are so laudable The economy as well as America are better because entrepreneurs are willing to try what others can't, and then persevere in the face of adversity, turning a generation's dream into a necessity weakness of the next generation Vietnamese In Vietnam, entrepreneurs are also considered heroes for their steadfastness, sacrificing their interests to maintain their businesses and ensure jobs for workers, especially during the recent Covid-19 Vietnamese people attach more importance to human values Therefore, when defining heroes, Vietnamese people often focus on self-sacrifice rather than benefits received by other individuals and societies The image of a hero in the eyes of Vietnamese people In the history of the Vietnamese nation, a hero is someone who has made great contributions to the nation's construction, defense and development struggle, praised by the people and recognized in the nation's history National heroes often appear when the nation's history encounters great events, helping to change the nation's destiny They are a symbol and an undying pride of the nation Some typical heroes in Vietnamese history such as Hung Vuong, Hai Ba Trung, Ngo Quyen, Ly Thai To, Quang Trung, Ho Chi Minh Besides, heroes are also soldiers, soldiers who have sacrificed for the independence and freedom of the nation They fought and left to fight and protect the peaceful country as it is today For example, Kim Dong, Vo Thi Sau, Ly Tu Trong, etc In today's modern century, the image of the hero is not only associated with the "big knives" but they exist in the daily life of Vietnamese people Those are individuals who always know how to sacrifice for the community, live devotedly and live beautifully They create good noble values, contribute to building a life from the simplest actions without any return A typical example for those heroes are the doctors and nurses during the Covid-19 pandemic In the fight against the pandemic, Vietnam has had many silent heroes who did not make sacrifices, did not consider their own privacy or safety to save the sick The heroes are also benefactors, ready to donate and support the people in the Central region to overcome the recent storm and flood Although their material value is not much, their loving hearts have supported the people in the Central region ANALYZE The Entrepreneur as Hero Entrepreneurs provide examples of traditional American values in their purest form for a number of reasons The first reason is that the success in building something great out of nothing The people who, more than 100 years ago, built up the nation's great industries, such as steel, railroads, and oil refining, were usually entrepreneurs They started with very little money or power and ended up as the heads of huge companies that earned enormous fortunes 9|Page The fact that these early entrepreneurs created enormous enterprises out of nothing made them look to millions of Americans like the heroes of the early frontier days, who walked into the immense wilderness of the United States and transformed woods into farms, towns, and small cities Entrepreneurs made so much out of so little that they became heroes to the common people in America Entrepreneurs often began as common people themselves; without the aid of inherited social title or inherited money, they became “self-made” millionaires They were thus perfect examples of the American ideal of equality of opportunity in action Andrew Carnegie serves as a pretty amazing example of entrepreneurship Carnegie had a really rough life growing up He spent his childhood working in factories, and at night he forced himself to sleep as a way to forget his constant hunger Carnegie eventually worked his way up to becoming a superintendent for the Pennsylvania Railroad Company before creating several of his own businesses, the most successful being the Carnegie Steel Mill Despite being one of the richest Americans of all time, he also serves as a class act example of generosity Carnegie donated nearly 90 percent of his wealth to various charities and foundations He spent much of his collected fortune on establishing over 2,500 public libraries as well as supporting institutions of higher learning By the time of Carnegie's death in 1919, he had given away $350 million ($4.4 billion in 2010 dollars) He is widely considered one of the largest benefactors of libraries and educational institutions across the country One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world Today Americans continue to be inspired by the idea of earning wealth and success as entrepreneurs who "make it on their own.” A final characteristic of entrepreneurs which appeals to most Americans is their strong dislike of submitting to a higher authority Throughout their history, Americans have admired entrepreneurs who conduct their business and their lives without taking orders from anyone above them Americans have great respect for those who can say, “I am my own boss.” More than half of all American workers dream of one day having their own businesses and being their own boss Nowadays, many Americans are willing to take the financial risk that is necessary to start their own small business Although half of new companies fail within the first few years, small businesses still account for the majority of new jobs created in the modern American economy These companies and their entrepreneur leaders play an important role in the United States More than half of all American workers are employed in businesses with fewer than 100 employees Small businesses are also an important source of creativity and innovation in the American marketplace, particularly in the field of technology Inspired by entrepreneur heroes like Steven Jobs, who started Apple Computer in his garages; Bill Gates, who developed Microsoft into a global giant; and Ross Perot, a self-made billionaire who ran for president, risk-taking entrepreneurs still launch their businesses with high hopes of “making it big." 10 | P a g e Steve Jobs and Bill Gates 's popularity provides an interesting illustration of the fact that Americans tend to have more respect for individuals who build a business from the beginning than they for those who inherit a family business Despite both men is the most famous entrepreneurs of our era, who referred to as "The Grandfather of the Digital Revolution" and one of the defining figures of the personal computer revolution Why people love Steve Jobs than Bill Gates while both of them were equally competitive and inspirational? That is because Jobs was adopted, had a middle-class upbringing, dropped out of college for financial reasons and dreamt of changing the world However Bill Gates is the son of a prominent Seattle lawyer, had a private school education, dropped out of Harvard to dedicate himself to Microsoft, and worked tirelessly to put Microsoft products on just about every computer on the planet This humble upbringing may be one of the major reasons for this For the world full of mediocre, Jobs serve as an immediate dope to inspire American up Americans believes that Jobs wasn't selling machines, but changing the world While Microsoft ruled the PC market, Bill Gates didn’t give much positivity to the people Jobs on the other hand created fans Films like Pirates of Silicon Valley portrayed Bill as a thief and Steve as a visionary Fiction like Microserfs contrasted a fiefdom at Microsoft with an idealistic, communal life in a startup in Silicon Valley Jobs died 2011 but the story about his life and career has inspired younger generations, especially American young About Gates, he established the Bill and Melinda Gates Foundation in 2000, a private philanthropic foundation dedicated to reducing poverty, enhancing health care, improving education opportunities, and providing access to technology worldwide Gates himself has donated over $28 billion to the foundation, which he continues to work for Compare between America and Vietnam a Similarity: The role of a entrepreneurs for a country Firstly, entrepreneurs are a social force that plays an important role in liberating productive forces, economic development and international integration Secondly, along with the birth and development of businesses, entrepreneurs have brought jobs and income, ensuring social security Thirdly, the entrepreneurial team contributes to the formation of a creative, independent and selfreliant lifestyle, dares to face difficulties, and lives responsibly with himself and the social community Wealthy and successful entrepreneurs have become the goals and aspirations of many people, especially today's young people 11 | P a g e b The difference Influence Entrepreneurial recognition and honor The link between entrepreneurs and government American American entrepreneurs have a great influence on the world economy in general as well as influence on young people today For example, technology products from typical American entrepreneurs such as Google, Facebook, Microsoft, etc are well received by the whole world Or like thousands of books or stories about their life, lifestyle or business thinking, they are also frequently searched by today's young people Vietnam Although Vietnamese businessmen are numerous, they are still not strong enough Vietnam has had the first billionaires with many Vietnamese businesses and brands known to the world However, there is no generation of businesses and brands that can match the leading economies in the region Entrepreneurs provide examples of traditional American values in their purest form Entrepreneurs become heroes to the American people because of the many beliefs that connect business to the wealth and the traditional values of the United States - Our Party and State confer the title of hero to entrepreneurs in the private sector For example, Mrs Thai Huong, co-founder of TH Group, received Hero of Labour - In 2004, Prime Minister Phan Van Khai signed a document on Vietnam Entrepreneurs Day, every year taking October 13 as "Vietnamese Entrepreneurs Day" to honor business people who have made great contributions for the economic development of the country The U.S has entrepreneurs who ran for president as an independent, risk-taking entrepreneur still launching their businesses with high hopes of “making it big.” For example: President Donald Trump has his own real estate business and is one of American real estate tycoons Many entrepreneurs used to work in the government before starting their own businesses For instance, Mr Nguyen Duy Hung, founder of SSI, used to spend his time at the Khanh Hoa Provincial People’s Committee 12 | P a g e The man/woman organization as hero The Organization Men/Women is another type of hero They are currently the CEOs (chief executive officers) of American corporations and are organizational men or women They run businesses that have already been founded by others Despite their money and power, CEOs not have a strong hero image as entrepreneurs Many Organization Men/Women have exploited their companies, including the outrageous greed, the deception to the stockholders, the cruel treatment of their own employees, among other things The CEO of Adelphia, John Rigas or the former WorldCom CEO, Bernie Ebbers are horrible examples of how to run a business that fails As a result, the image of organizational men or women has shifted over time: sometimes they are hailed as heroes and other times they are portrayed as selfish and corrupt villains However, there are still many perfect heroes who save the company One good example is Lee Iacocca, who guided Chrysler from near bankruptcy into profitability, saving thousands of jobs and helping the United States compete in the global market The Organization Men/Women are the representative of the business They are the ones who have to make difficult decisions for the whole company to ensure that the company is growing, moving is the necessary direction, making profits, etc Besides, they are responsible for making the right high-level decisions on policy and strategy They have to make sure where the company will be in or 10 years and how to get there Therefore, the job of Organization Men/Women in top companies is extremely tough and challenging In short, they are success role models in American society They are the leaders of the political organizations They serve the community in various capacities, such as heads of social organizations, charities, presidents, etc However, the American people have a negative attitude toward politics, and most authorities have a negative public image This also undermines the American people's regard for the president and other authorities The entrepreneur will be more important in America than the president They operate businesses that have already been established by people They are new presidents, directors, and corporate takeovers They have notable accomplishments, but they merely carry on the work or success of others; they have not created their own business The man/woman organization don’t have strong image hero as entrepreneur Examples: Barack Obama, Kamala Harris, Who are considered as heroes in America and Vietnam? The concept of heroes in Vietnam is larger than in America The easiest comparison, we can see in heroes between America and Vietnam beside his/her profit in business is how he/she contribute to society 13 | P a g e Compare between America and Vietnam AMERICAN VIETNAM People admire a person who can achieve material wealth in his or her life, such as money, a large house, high social status, and so on Who? An entrepreneur as hero is considered to have his own massive property and to have important position in society People prefer businessmen who have amassed wealth in a transparent manner through their abilities For examples: entrepreneurs, They not appreciate people who are man/woman organization, famous successful through unfair means such as people, using money or taking advantage of family background or relationships, regardless of how wealthy this person is He/she can be in any field or position, such as a businessman or a leader in state enterprises, or even a farmer who becomes wealthy through his/her inventions "Hero" is a word to honor those who have made meritorious contributions to the country and society, particularly through charity, events, or scholarships to support future generations, the poor, and the handicapped These people examplify America's six core values: individual liberty, selfreliance, equality of opportunity, competition, material wealth, and hard work These are people who work hard, are eager to learn, are responsible to their communities, and contribute to the country - The general public's attitude toward businesspeople is overwhelmingly positive They admire and respect business owners - People who are more successful in Attitude business are respected They are toward more respected than both the businessman president and those in positions of power in politics - Entrepreneurs are viewed as symbols of liberty and equality in the United States - Businessman in Vietnam have a certain respect People prefer businessmen who have amassed wealth in a transparent manner through their abilities They not appreciate people who are successful through unfair means such as using money or taking advantage of family background or relationships, regardless of how wealthy this person is - Vietnamese people have negative prejudice about entrepreneurs like they are scammers, for their own sake without regard for the interests of others, selfishness and pride Why? Vietnamese people value human morality and personality over material wealth 14 | P a g e V American Business in Global Marketplace American economy after World War I (1914-1918) a Reality: While the warring countries and Europe suffered the consequences of the war, the United States got rich quickly The American economy entered a period of prosperity during the 20s of the twentieth century b Reasons America is far from the battlefield, surrounded by two great oceans, so the war does not spread America used the war to make a profit The US$114 billion in profits comes from the weapons trade While the countries are engrossed in the battle, the US is taking advantage of scientific and technical developmentto develop its economy Later, when the powers were weaker, the US joined and won and profited from the defeated countries American economy from after World War II (1939 - 1945) to the early 70s of the twentieth century After World War II, America became the richest capitalist country in the world In 1945-1950, the United States accounted for more than half of the world's industrial output (56.47%) in 1948 The agricultural output of the US is twice the agricultural output of the five countries of Britain, France, West Germany, Italy, and Japan combined The US holds three-quarters of the world's gold reserves ($24.6 billion), and is the only creditor in the world More than 50% of ships traveling on the sea are American The US economy accounts for nearly 40% of the world's total economic output Twenty years after the war, America became the largest financial and economic center in the world America since the 70s of the 20th century a Reality: The US is still leading the world in many aspects, but the US economy no longer holds the absolute advantage as before From 1973 to 1991: Due to the oil crisis, the US economy was in crisis and recession 1983 recovered and developed The position is still leading, but its share in the world economy decreases 15 | P a g e b Reasons why the US economic position weaken: After economic recovery, Western European countries and Japan have risen strongly and become economic centers with increasingly fierce competition with the US The US economy is unstable due to many recessions and crises Due to the pursuit of world hegemony, the United States has had to spend huge amounts of money on the arms race, the production of expensive modern weapons, the establishment of thousands of military bases, and especially the waging wars of aggression The disparity between the rich and the poor between social classes, especially in the population the lower working class, is the source of economic and social instability in the US Economic crisis 1929 – 1933 in the USA a Reasons: Massive production, race for profit the situation of "supply" exceeds "demand" b Scope, scale: The crisis started in the financial - banking sector On October 29, 1929, the price of a stock that was considered the most secure fell by 80%, millions of people lost all the money they had saved their whole life From the financial - banking sector spread to other economic sectors From America, the crisis quickly spread to the entire capitalist world c Consequences: - Severe economic recession: 1932, industrial output was only 53.8% 11.5 thousand commercial companies, 10 thousand banks, have to close 75% of the campers went bankrupt - Hundreds of millions of people are unemployed, the labor movement is active - At the end of 1932, President Franklin D Roosevelt implemented a system of state policies and measures in the economic - financial and political - social fields, collectively known as the New Policy - The new policy includes the following statutes: The Agricultural Regulatory Act The Banking Act The Unemployment Relief Act Industrial Revival Act 16 | P a g e -The Industrial Revival Act is the most important This act regulates the reorganization of industrial production under strict contracts on products and consumer markets, providing workers with the right to negotiate on the topic of wages and working conditions Nature: strengthening the role of the state in managing and regulating the economy - Result: Bring America out of the crisis Alleviating class conflicts, contributing to America's maintenance of bourgeois democracy The US economy after the Covid-19 pandemic a Reality: The world's largest economy, the US, is gradually recovering as the "storm" of Covid-19 is gradually passing and the government's huge stimulus packages come into play According to the announcement of the US Department of Commerce, the US economy grew 6.4%, reaching 19.1 trillion USD in the first quarter of 2021 This was the highest increase recorded in the first quarter of any year since 1984 The GDP report released by the US Department of Commerce recently showed strong growth, but the economy has not yet fully recovered to pre-pandemic levels Accordingly, the gross domestic product (GDP) of the US achieved a growth of 6.4% in the first quarter of 2021 This is a sign that the US economy is taking off and this year could be a boom year, said Mark Zandi, chief economist at Moody's Analytics Consumption, the region that accounts for 68.2% of the US economy, achieved a growth rate of 10.7% in the first quarter of 2021 Besides, investment and public spending also increased by 6.3% Among Americans who have lost their jobs because of Covid, 14 million have found work so far The unemployment rate has plummeted to 6% from a peak of 14.7%, but is still much higher than 3.5% as of February 2020 b Reasons: US economic activity boomed in the first quarter of 2021, thanks to the accelerated Covid-19 vaccination campaign and the Government's efforts to stimulate demand Within months, there were bailout packages with a total value of nearly trillion USD approved to help boost people's income and spending With the job market still struggling, the Fed may continue to maintain its ultra-easy monetary policy to support the recovery In addition to lowering interest rates to 0-0.25% and maintaining so far, the Fed has spent nearly $4 trillion on asset purchases, bringing the value of this central bank's balance sheet to nearly 8,000 billion USD 17 | P a g e In addition to the support of the Fed, the US economy also received strong support from fiscal policy Since the beginning of the pandemic, the US Congress has allocated about $5.3 trillion to stimulate demand, pushing the federal budget deficit to $1.7 trillion in the first half of fiscal 2021 and the federal debt to 28 $1.1 trillion Recently, US President Joe Biden also proposed another $2.3 trillion infrastructure investment package and a $1.9 trillion family-education support package c Results: The Chairman of Fed, Jerome Powell said that the US economy has recovered faster than expected, but the Fed will not stop its efforts to support the economy He emphasized that the Fed will continue to take necessary support measures and not abandon the millions of Americans who are still suffering during the crisis caused by the COVID-19 epidemic Despite raising its economic growth forecast significantly, the Fed continues to signal that interest rates will remain unchanged until the end of 2023 to support financial markets and inflation to remain above 2% for a while .Compare with other countries' economies: After many ups and downs, the US still retains the No position of an economic power with GDP over 20,000 USD The United States is the world’s greatest market, and it is a consumer society that seeks out items from all over the world It is also a producer, with a focus on competing successfully in the global marketplace of the 21st century According to the World Bank, exports account for one – quarter of worldwide economic production However, it is difficult to compete with low – cost foreign labor like Latin America and Pacific Rim, therefore American corporations relocate their manufacturing operations to cheaper labor countries such as Asia or Latin America Now, if America’s businesses are to compete successfully in the global marketplace, they must be highly adequate General comment: - American business become a part of a much larger global economy For example, in the 1950s, when buying a car from General Motors Corporation knew that the entire car was built in the US By the 2000s, it was no longer true Because money used to buy a car might go to a number of other countries: to South Korea for labor, to Japan for small parts, to Britain for advertising, etc Some companies have also started to outsource customer service and technical support services to countries such as India and Ireland For example, the production of the Iphone As we know, the Iphone is a famous smartphone of Apple corporation, based in the US However, they are not totally produced in the US The US is only present in the three phases that bring the highest added value These are product design, marketing, and customer service Other activities are conducted in other countries such as: Research and development (R&D) activities in Germany, buy cheap and quality raw materials in Canada, Japan- is an expert in the field of distribution, assembly in China 18 | P a g e - US – the single largest market in the world: as consumer society looking for goods from all over the world The potential economic gains from trade for America are far from exhausted Roughly three quarters of world purchasing power and over 95% of world consumers are outside America's borders The Peterson Institute analysis also estimated that elimination of remaining global trade barriers would increase the benefit America already enjoys from trade by another 50% - Much attention to competing successfully in the global market of the 21st century Moving manufacturing operations to cheap labor countries Because the US cannot compete with the abundant supply of cheap labor that exists in the countries of the pacific rim and Latin America, and therefore many US companies are moving their manufacturing operations to Asia or Latin America Joining other countries as trading partners to create new opportunities and new markets Accordingly, the US exports to Canada the most, up to 320.8 billion USD worth of goods and services, accounting for about 14.6% of the total export value Followed by Mexico and China, accounting for 11.9% and 7.7% of total export value, respectively, equivalent to $261.7 billion and $169.8 billion The US also exports a lot to the UK (5.5%), Japan (4.9%) and Germany (4.9%) China tops the list, accounting for 17.8% of total US imports with a value of $478.8 billion Mexico and Canada are the next largest markets, accounting for 11.8% and 11.4% of the total import value of the US, respectively, equivalent to 318.6 billion USD and 307.7 billion USD Followed by Japan (6.1%), Germany (5.5%) and the UK (3.9%) Besides, the US also participates in organizations such as: WTO, EU, and signed agreements such as North American Free Trade Agreement; NAFTA, EVFTA, etc That creates favorable conditions for countries to develop trade a lot - Now understand that it must be highly sufficient if it is to compete successfully in the global marketplace Because economies of developing countries, not only in the US Other countries also have favorable conditions for economic development, especially China, which is runner-up - where human resources are abundant and cheap and there are also many developments in science and technology 19 | P a g e VI The changing of American Workforce White males known as “bosses” have traditionally dominated American business They command the highest salaries, have the most accomplishments, and certainly hold the most power They also set the bar for the rest of the workforce in terms of standards and working conditions But this framework has changed When people perceive more positively the role of women, the percentage of women participating in the workforce rose regularly from the 1960s through the 1980s, leveling off in the 1990s In addition, according to the Bureau of Labor Statistics, women now hold 51.4 percent of managerial and professional jobs which means accounting for about one-half of the workforce More and more women are reached middlemanagement position, but very few (less than 10 or 15 percent) are the chief executives of large corporations Heretofore women are prevented from moving all the way to the top by a subtle form of discrimination call "the glass ceiling", Women were not offered the opportunities they needed to advance in the company because of a belief that a woman is not capable, but her boss may assume that she would not want the job because it's might interfere with her family To have promotion in career, for example, she might have to transfer to another city or take a job that has more responsibility and require longer working hours Interestingly, currently twice as many new business in the United States are started by women as by men Some women believe that it is easier for them to be successful as entrepreneurs than "organization women" in male-dominated corporation Many careers in corporate America are “fast – track”, requiring that both women and men prioritize their work over their families The business believes that “mommy track” or “daddy track” employees will not earn as much money or devote as much time to the office since they must divide their time into two parts: office and home As a result, a growing number of women are opting to leave employment to raise their children Interestingly, more than twice as many women as men start their own small business and pursue the ambition of becoming an entrepreneur Nowadays, American women are facing one of the worst problems is that overall they earn about seventy-eight cents for every dollar earned by American men Despite the ideal of equality of opportunity, women are frequently paid less for the same task than males Minorities regularly encounter workplace discrimination, earning less money than white workers with comparable jobs However, the white American male may no longer have advantages over other employees in the future The inflow of millions of new immigrants has altered the composition of the American workforce From ten to twenty years, they can earn as much as or more money than those born in the United States of the same age, education level and abilities To enhance understanding among different racial and cultural groups, many firms are offering English courses and conducting diversity training Therefore, the United States will be able to compete in the global marketplace with a multicultural workforce The historical growth of the U.S labor force in the last four decades is linked to two main factors: growth in population size and increases in women's labor force participation rates 20 | P a g e Compare with Organization Men/Women in US and Vietnam TRADITION NOW AMERICAN VIETNAM The traditional social expectation For women, the challenge is the traditional understanding and expectation of women’s role in families That prevented women from trying to enter the workforce for a time in the past [4] Gender gap in the workplace Pay gaps exist between men and women doing the same job, there are fewer opportunities for women to access high-income jobs, and women remain more vulnerable when businesses need to eliminate jobs In American, women were prevented from moving all the way to the top by what some call “the glass ceiling,” a subtle form of discrimination The men above them often did not offer women the opportunities they needed to advance in the company In Vietnam, in 2016, the difference in income between male and female untrained workers was 8.1 percent, while for graduate degree holders, it was 19.7 The income of women in managerial positions was about 12 percent lower than their male counterparts The changing women workforce The changing women workforce The percentage of women entering the According to ILO Viet Nam Labour Economist, workforce rose steadily from the 1960s women’s participation in the workforce is through the 1980s, leveling off in the 1990s almost as high as men’s (72.5% and 82.4% In 2019, there were 76,852,000 women respectively) Around 79 percent of women aged 16 and over in the labor force, aged between 15 and 64 are either engaged in representing close to half (47.0%) of the paid work or are looking for jobs in Vietnam total labor force 57.4% of women The share of women in STEM (Science, participated in the labor force, compared Technology, Engineering and Mathematics) is to 69.2% of men [1 ] Covid-19 is disrupting currently 37 per cent, and growing The women’s labor force participation Women participation of ethnic minority women in the are recovering some of the job losses labor force is also increasing experienced at the beginning of the Female laborers account for 48.4 percent of pandemic, gaining the majority (64.6%) of the country’s workforce and create 40 percent of the nation’s wealth non-farm jobs in June and July Career progression More and more women have reached middle-management positions, but very few (less than 10 or 15 percent) are the chief executives of large corporations Today, women hold about half of the professional specialty, executive, administrative, and managerial Career progression While this is common in the informal sector, Vietnam is also ranked second for the most number of women in senior management positions among Asian countries, according to a study by accounting firm Grant Thornton Vietnamese women are entrepreneurial: women make up 55 percent of the self21 | P a g e NOW FUTURE occupations in the United States However, employed labor force in the country The ratio many women still not receive as high of female to male new business owners is 1.14 salaries as men to Several well-known businesses are run by women, including Mai Kieu Lien, who is General Director of Vinamilk with a market capitalization of US$30 billion and Nguyen Thi Phuong Thao, who is President and CEO of Vietjet Air, the second biggest airline in Vietnam Though the proportion of women in management positions has increased, it remains low in comparison with the increases enjoyed by women in the workforce generally It showed that women’s career progression in Vietnam remains impacted by gender bias Women are underrepresented in management positions and the situation becomes more prevalent at the highest levels of management The attitude of the The attitude of the American Government Vietnamese Government In Covid19 pandemic, the Biden In recent years, the Vietnamese government administration’s pandemic relief has made reforms to drive progress towards proposals include $350 billion in better recruitment and working emergency funding for state and local environments for women For example, in governments This money might also help terms of healthcare, female workers are ease the employment crisis for working entitled to breaks and day-offs according to women: After health care and education, their circumstances For mothers with the public sector is one of the biggest children under 12 months, they are entitled to employers of women, who account for 60 minutes break each day during work more than 57% of all government jobs hours for breastfeeding and rest, and so on There is still a long way to go to achieve full equality of rights and opportunities between men and women in the workforce, payrolls, and so on With Covid-19 pandemic outbreak, women’s labor force participation might face more difficulty in the future Additionally, according to Catalyst, some estimate that women are more likely than men to lose their jobs due to automation Over half (58%) of the workers in the most at-risk occupations are women Others predict that automating routine tasks creates new, more complex jobs, which may present better opportunities for women ⇨ Adding more diverse women to the AI workforce is one way to reduce bias in the field 22 | P a g e [1] Illustration [3] Illustration [4] Illustration 23 | P a g e ... rather than term capitalism” is most often used to describe the American business system Moreover, competition in business is believed to strengthen the ideal of equality of opportunity Americans... resolve their problems when funding their business In conclusion, the business has the highest prestige in the United State because of its link to American basic values and the dream of getting... positively the role of women, the percentage of women participating in the workforce rose regularly from the 1960s through the 1980s, leveling off in the 1990s In addition, according to the Bureau of