(1/27/12) Prestowitz cited on Apple and the Global Economy

Views | Apple and the economics of globalization

A recent newspaper article has generated a firestorm of debate on the nature of the economic system

Niranjan Rajadhyaksha

It used to be famously said that what was good for General Motors was good for America. The Detroit car company was one of the great institutions of the US industrial economy of another age. General Motors has been in relative decline for several decades now. Other companies have emerged as prisms to look at the US economy. One obvious example is Apple, the technology powerhouse that Steve Jobs ran till his early death last year. The economics of Apple has drawn a lot of comment in recent months. And the judgment is not as obvious as it was in the case of General Motors: What is good for Apple is not necessarily good for America.

A recent piece in the New York Times has led to a lot of debate on what effects the Apple juggernaut has had on its home country, at a time when the company announced fantastic results and said that it now sits of a cash stash of $97 billion. The gist of the article is captured in the headline: ?How the US lost out on iPhone work?.

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