The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
) -- Americans should be thankful that the values that define America --- personal liberty and individual pursuit of happiness --- are increasingly embraced around the globe.
The Arab Spring and upheavals in Russia are affirmations that even more of humanity finds hope in democracy. The remarkable economic progress of Brazil, China and others are tangible proof of the power of individual enterprise and ambition.
For much of the last century, America has used its wealth to promote those values and build international institutions supporting them, and we are succeeding. That is American exceptionalism. Now we must ask is America exceptional enough to prosper in a world it did so much to create?
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The Great Recession and halting recovery teach that America's special place in the world cannot be taken for granted. To enjoy extraordinary prosperity --- and the freedom of purpose it enables --- America must be more than home to visionary innovators like Steve Jobs. Americans must build an exceptionally competitive society, anew.
We can no much longer endure unbridled greed in private business and endless squabbling in public institutions, and succeed. Jointly, we must recommit to self-restraint and compromise, or we will go the way of the Greeks --- both ancient and modern.
To meet global competition, prepare our children and build a new sense of commonweal, we must change how we think about many things.
For example, free trade is great stuff --- but those words have a very different meaning in China, India and even in most of Europe. The world is not going to wholly acclimate itself to American notions of fair play without more tangible demonstrations of American resolve. Washington must effectively match other governments' involvement to support American enterprises in global commerce, and to accomplish this, free market fundamentalists on the right and left must accept we don't live in a perfect world.
In commerce, great profits and huge incomes need to be more defined by innovation, as opposed to financial schemes that seed instability and ruin. Buccaneer capitalism has too much triumphed. Wall Street would do well to exercise more self-control lest society impose that discipline through tight regulation and to no one's optimal purpose.
In Congress and the administrations of both parties, leaders increasingly have seen compromise in terms of converting the other side to their own point of view --- or convincing voters to grant them majorities sufficient to wholly impose their vision unilaterally. Both impulses are patently destructive.
Compromise built America. To our forbearers, it was the ultimate virtue. And only through it can American values --- and America --- prevail.
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Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.