Approaching to the 21st century, world economy becomes more and more global.

In today's life, several parts of an item can be made in different countries and unified to produce an output. Realize a laptop whose processor is made in U.S, by Intel, whose screen is coming from Japan, Toshiba, and whose other various parts are coming either from Taiwan or from Korea. Lester C. Thurow, a professor of economics and management at the M.I.T, and the writer of the book "Building Wealth", considers this era as being the third industrial revolution. He claims that this one differs from the former two industrial revolutions, in a way that the first two revolutions were based on the capital and land. However, the third revolution is based on the technological improvements such as computers, robots etc., and knowledge. In the second revolution that created national economy, the main idea was the "German Systematic Industrial Research", research of land and capital. On the other hand, electricity that was invented during this era, created the modern life. The third one has created global economy. In each industrial revolution there had been a dominant country

that leaded to the world economy. In the first revolution, the British leaded to that era. In the second one, the dominant country had been Germany above the British. And finally, in the late 20th century, U.S. emerged as a world power in the last industrial revolution. The questions to be asked are: How did U.S become the best in the industrial world and what are the evidences of this strong dominance? .

For example, the wealthiest man in the world, Bill Gates, is from U.S. Today's seven of the twenty-five biggest U.S. companies didn't exist in the 1960's but all of twenty-five biggest companies in Europe did exist at these times. Another example, while there were only two American firms among the world's ten largest in 1990, nine of those firms were American in 1998. Similarly in finance, in the 1990, none of the American banks was among the world's biggest fifteen, but at the 1998, nine of those were American. The last but not least, as Lester C. Thurow indicates, during the decade of 1990's $2 trillion will be added to the U.S. Gross domestic product (GDP). This amount is larger than GDP's of all the countries in the world except Japan. So, it's obvious that U.S. dominated world economy a little bit!

As a consequence, U.S.'s dominance on the world economy has been a resu

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Approximate Word count = 869
Approximate Pages = 3 (250 words per page double spaced)