What We Can Learn from Major Developed Economies
As we continue along on this great journey of life, we are continually asked to keep looking backwards at our pasts and apply the lessons we have learned to the future, to elicit the best outcomes. There are all sorts of places that we can search to take lessons from that will benefit us, but one of the best places to look for lessons is other developed economies. Each developed economy in the world has its own unique history which has led it to fill a certain niche in the world. Here are three lessons that we can learn from other major developed economies of the world.
Germany
The first lesson that we can learn comes from the German economy, and it is about the importance of labor relations. Germany has some of the strongest workers unions anywhere in the world, which leads to a lot of conversation and collaboration between workers and employers to find mutually beneficial scenarios. The US, with much weaker unions, tends to see a lot of fighting for survival amongst unions, which can lead to constant, costly confirmation for both employers and workers, with no end. Perhaps by opening dialogues and looking for mutually beneficial agreements, we can learn how to arbitrate smarter.
Japan
The next lesson that we can learn is from the Japanese economy, where the concept of waste reduction and a focus on hyper efficiency are key to successful business operations. Japanese companies like Toyota pioneered many waste reduction processes in manufacturing. One of these major ideas that comes from Japanese manufacturing is the idea of Kaizen, or continuous improvement. This philosophy tells us to look at every aspect of a process, and constantly seek to find ways to improve that process for peak efficiency. The lesson we learn is to look at the big picture and find small ways to improve the process for the best results.
France
Our final lesson comes from France – whose economy brings in a much smaller GDP than the United States – ranks ahead of the US in many other important measures like health, time, and other areas. While France’s economy may not be as strong as the United States, we learn that there are other metrics that are much more important than just GDP. Sometimes it is best to sacrifice simple metrics for solutions that lead to an enjoyable life well spent.
There are lessons to be learned everywhere you look. But some of the best life lessons can come by analyzing the actions of large economies. Pay attention to these three lessons from developed economies around the world and find how they apply to your life.
Check out this article on how to protect your income from life events!
About GuestSpot
Many times these posts are generated from a group and peer process so are posted as open theme and drafted content