"We live in a time today where we face fierce global competition"

This quote by Erskine Bowles speaks with the reality of the world we reside in today. In a globalized economy, companies and countries are completing against each other for resources, markets, and consumers. This competition is fierce, and it is just getting more extreme as technology advances and the worldwide economy continues to grow. Business must be agile and ingenious in order to stay ahead of the competitors, and nations need to be strategic in their financial policies in order to remain competitive. This competitors is beneficial in numerous methods, as it encourages innovation and drives economic growth. Nevertheless, it also develops a difficult environment for companies and countries alike, as they should continuously aim to remain ahead of the competition.