The Global Economy:
Michigan, Germany and the European Union

12 million jobs in the US are supported by our nation's export economy; 36% of all US durable goods are exported to foreign markets. From manufacturing to software developers, US companies need to sell their products and services overseas in order to survive, grow, and keep their workers employed.

The European Union and Canada are the top two destinations for 45% of all US exports. World trade is not only good for the US economy, it's also good for you. US jobs related to exports pay 13% higher than the average domestic wage, and as much as 34% higher in the area of high-tech industry.

Michigan's economy is also very much connected to world trade. 20% of all Michigan firms are exporters, and Germany is Michigan's largest trade partner in Europe, generating $2.5 trillion in trade annually. According to the Michigan Economic Development Corporation, more than 600 companies in Michigan are either German-owned or have at least 50 percent German ownership. It is estimated that German investment in Michigan is worth $31 billion, and that German-owned companies provide employment for 172,000 Michigan workers.

The Need for Global Competency

Many see Germany as the gateway to the 25 national economies that make up the European Union. With a population larger than that of the US (a half billion people), the EU has become wealthier, has a stronger common currency (the euro), and does more international trade than the US.

In order to remain competitive within a global economy, Michigan businesses need people who can appreciate the enormous transformations taking place within Europe and around the world. They need people who know how to market products and services within a world of diverse national and regional cultures. They need people who know first-hand about the cultures of other countries, speak their languages, and understand their business practices.

Higher education can do its part by exposing students to the many dimensions of globalisation (economic, political, linguistic, and cultural), and by providing students with the overseas experiences they need to meet the challenges and opportunities of an increasingingly interconnected world. See how Study Abroad builds Global Competencies

Businesses that benefit from the added value that our graduates can contribute to the success of their companies in the global economy, are encouraged to do their part by supporting educational programs that can produce the globally competent employees they seek.

 

 

 

German Bridge - die neue Brücke, was developed by
Prof. Mark Ferguson,
who also designed and maintains the German Bridge website.

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Wayne State University
2001