Free Pricing | JCPenney Coupons | Pizza Hut Coupons | Home Depot Coupons
Slate: The global economy thrives without the United States

Slate: The global economy thrives without the United States

by Rick Turoczy on December 16, 2004

Our financial markets have long been the envy of the world, despite their many flaws. But foreign companies now want out of them. The FT has run a series of stories hinting that European companies are really cheesed off by the requirements imposed upon them by Sarbanes-Oxley. Apparently, “the majority of German companies with U.S. stock market listings would like to get out of New York to avoid the cost and hassle of complying with the U.S. regulatory regime.”

Young foreign wannabe executives are shunning the United States. Business Week earlier this year lamented the “staggering” declines in applications of foreigners to U.S. business schools—down 24 percent at Wharton in 2004. According to the Graduate Management Admission Council’s four-year trend, the number of foreigners taking the GMAT has fallen 27 percent since 2002, and this detailed report (see Fig. 9 on Page 13) shows that 74 percent of the schools in the survey saw declines in international applications in 2004. Thanks in part to the sharp reductions in the availability of H1-B visas—from about 200,000 in fiscal 2001 to about 65,000 this year—legions of skilled foreigners now ply their trades at home, or in other countries, instead of helping to build businesses here.

Slate: The global economy thrives without the United States

Leave a Comment

Previous post:

Next post: