I had breakfast this week with Jeffrey R. Immelt, the chief executive of General Electric, and the main dish on the menu was tough love. In an interview before a packed hall in Times Square, the boss of the more than a century-old $177 billion global behemoth told me that Americans can still win in the global economy — but that they need to fight harder.
“We are not trying that hard,” Immelt said. “We haven’t really tried as hard as we can to compete, educate and sell our products around the world and I think we can do better.
“The world just plays harder than we play,” he said. “Whether it is on exports or whether it is on foreign direct investment, the rest of the world plays for keeps. And we just don’t have a similar philosophy.”
Chancellor Angela Merkel of Germany has her own reasons for feeling grim, but she can take some comfort from the fact that Immelt pointed to Germany, whose version of capitalism Americans are accustomed to dismissing as plodding and inflexible, as one nation that is outselling the Yanks.
“Chancellor Merkel flies from Berlin to Beijing, there’s 25 German C.E.O.’s that get off the plane right behind her. And they connect the dots. They play hard, they play to win, they play for exports,” Immelt said. “We’re not all-in the same way that the Germans are all-in.”