One of the most divisive presidential campaigns in modern U.S. history ends on November 8 but the political fight between the Republican Donald Trump and the Democrat Hillary Clinton will have lasting implications for the world at large.
In an open letter, Allianz CEO Oliver Bäte calls for concerted action by the United States to restore social consensus. Investments should be made to both reinforce the democratic foundation of the country and overcome the structural problems hurting the competitiveness of the economy.
The world followed the United States in the 20th century primarily because it was the leading democracy, not so much because of its economic and military might. Only a return to this democratic strength will ensure America's success in the future.
At the heart of this democratic leadership was the "American dream": the proverbial opportunity for all citizens and immigrants to work their way up from rags to riches. It involved basic democratic elements of an enterprising and fair society: equal opportunities with social mobility, free markets and entrepreneurial spirit, personal freedom and security. Even those who didn't become millionaires could, with sufficient personal effort, lead a socially and economically fulfilling life, with each generation doing better than the one before.