II. SIX BASIC TRADITIONAL VALUES AND BELIEFS
3. Material wealth and hard work
Material wealth is defined as the status of an individual's existing financial resources that supports his or her way of living for a longer duration. Material wealth has traditionally been a widely accepted measure of social status in the United States.
The United States has maintained its status as the world's largest economy since 1871.
This country is often referred to as an economic superpower, and that's because it accounts for nearly a quarter of the global economy that is supported by infrastructure, advanced
technology and abundant natural resources.
Major financial markets in the US New York
New York emerged as the world's leading financial center. It is the largest commercial center in terms of debt financial markets, public stock markets, private equity markets, leading in investment fund management, and the world's largest volume of mergers and acquisitions.
Washington DC
Washington is a political, diplomatic and cultural center, but equally vibrant economy.
Washington develops a variety of industries in the areas of finance, education, public policy, and scientific research.
San Francisco
San Francisco has been the financial center of the western North American region since the 20th century. San Francisco's service economy is diversified, mainly in finance,
tourism and high technology. San Francisco is home to many large financial corporations, multinational banks, venture capital firms.
Boston
Boston is considered the Top 30 cities with the most powerful economic power in the world. Boston's economy is mainly based on financial activities, services, information technology, biotechnology, government activities.
US stock exchanges
New York Stock Exchange (NYSE)
NYSE is the largest stock exchange in the US and also the largest stock exchange in the world by market capitalization, so the NYSE is also known as the "Big Board".
National Association of Securities Dealers Automated Quotation Stock Exchange (NASDAQ)
NASDAQ is owned by NASDAQ OMX Group, the second largest stock exchange in the US.
NASDAQ has developed an advanced electronic trading network; the total trading volume of NASDAQ is greater than any other electronic stock exchange in the world.
AMEX Stock Exchange
AMEX is a subsidiary of the NYSE, when it was acquired by the parent company NYSE Euronext in 2008. This is the third largest stock exchange by trading volume in the United States.
Top 10 largest companies in the United States Ran
k
Name Industry Revenue
(USD million)
Revenue growth
1 Walmart Retail 559,200 1.9%
2 Amazon Retail 386,064 20.5%
3 Apple Inc. Electronics industry 274,515 2.0%
4 CVS Health Healthcare 268,706 32.0%
5 ExxonMobil Petroleum industry 264,938 8.7%
6 UnitedHealth Group Healthcare 257,141 7.0%
7 Berkshire Hathaway Conglomerate 254,616 2.7%
8 McKesson
Corporation
Healthcare 214,319 2.9%
9 AmerisourceBergen Pharmaceutical industry
189,900 6.9%
10 Alphabet Inc. Technology 182,530 18.3%
The United States: the dominant billionaire country - Number of billionaires: 788
- Total billionaire wealth: $3.4 trillion
- Billionaires in the United States have a combined net worth exceeding the total wealth among billionaires of the previous eight highest-ranked countries combined. They account for 28% of the world's billionaires and 36% of global billionaire wealth.
- New York City, San Francisco, and Los Angeles have the highest concentration of billionaires in the country
b. Hard work
However, in order to achieve material wealth, Americans have to pay a price for it: hard work. Hard work is about doing something that may not directly inspire you but that is necessary for you to achieve your goal. The United States is considered as a ‘land of plenty’
where millions of people come to seek their fortunes. Of course, most immigrants did not ‘go rich overnight’. They had to suffer from a lot of terrible things but finally, the majority of them were able to improve their former standard of living. The phrase ‘going from rags to riches’ became a slogan for the great American Dream because their dream came true and they achieved material success.
Americans believe that they can end poverty and have a chance to do wonderful things and they need to work hard to have a better life. It took a lot of hard work to develop and profit from the incredibly abundant natural resources of the United States. Moreover, material possessions were seen not only as tangible evidence of people's work but also of their
abilities. In the late 1700s, James Madison, the father of the American Constitution, stated that
‘the difference in material possessions reflected a difference in personal abilities’.
c. Comparison between America and Vietnam
America Vietnam
Materia l wealth
- The economy of the United States is that of a highly developed country with
- The economy of Vietnam is a socialist-oriented market economy,
a mixed economy. It has the world's fifth-highest per capita GDP (nominal) and the seventh-highest per capita GDP (PPP) in 2020.
- The nation's economy is fueled by abundant natural resources, a well- developed infrastructure, and high productivity
- Foreign investments made in the U.S.
total almost $4.0 trillion, while American investments in foreign countries total over $5.6 trillion. The U.S. economy is ranked first in
international ranking on venture capital and Global Research and Development funding
- The U.S. has the world's largest consumer market. The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world
which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP).
- In the 21st century, Vietnam is in a period of being integrated into the global economy.
- Almost all Vietnamese enterprises are small and medium enterprises (SMEs).
- Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia.
- In the current period, Vietnam's economy relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigor. Foreign investment on the luxury hotel and sector and resorts will rise to support high-end tourist industry.
Hard work
- Americans show a strong sense of independence in their work styles.
Americans love the freedom to be creative at work and strive to win rewards for results.
- American working style is very dynamic and sociable
- They are willing to immediately start working rather than discussing theory - The Americans are always on time They always finish the work before they are assigned, little to work until the
- Working style is not high: lack of time compliance; low labor discipline (doing private work, gossiping, poor
compliance with working procedures ...)
- Self-consciousness is still very limited
- Vietnamese people only consider the specified time as a regulation
They just have to wait until the
deadline deadline to "run"
The reason for the differences between America and Vietnam:
- The economy of the United States is that of a highly developed country with a mixed economy, while Vietnam is a country that thrives on agriculture.
- Working styles of two different countries lead to different performance.
d. Positive and negative aspects of material wealth and hard work.
Positive aspects Negative aspects Material
wealth
- have a better life
- raise people’s standard of living
- people have to compete fiercely - wealth does not necessarily guarantee
happiness
- make a difference between the rich and the poor
Hard work
- improve work quality - help to achieve material
possessions
- Hard work is in vain if people have no clear goals
- Working hard is not enough to succeed.
Success also depends on many other factors
- People are under lots of pressure