01/31/2011 11:26 am ET Updated May 25, 2011

10 Industries In Which The U.S. Is No Longer No.1: 24/7 Wall Street

Americans are used to being No.1 in nearly all the world's businesses, and athletic endeavors. The foundation of that certainly began to erode in the 1970′s, when much of America's manufacturing industry started to move overseas.  Many U.S. companies wanted to cut costs, including high-priced manufacturing jobs. That contributed to the rise of the Japanese and, more recently, the Chinese economies.

As U.S. manufacturing eroded,  so did other critical parts of society. American children are no longer the best educated in the world. America's health care system no longer produces the healthiest population. US GDP no longer grows as quickly as it once did, particularly in the recoveries that follow recessions. China now has the fastest growing large economy in the world. It has passed Japan into the No.2 spot and economists are forecasting how long it will take to pass the US.

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