Embrace the new corporate diplomacy to compete more effectively

THE American brand has fallen off the map. For more than a decade, it has been disappearing. President Barack Obama intends to revive its fortunes at a global summit meeting this month when thousands of US and foreign delegates engage in the new corporate diplomacy, a 21st century strategy of doing international business.

The old-style corporate diplomacy involved slash-and-grab empire building by British and European trading companies of the 18th century that expanded business by employing military and political power.

The new practitioners of the art of corporate diplomacy are transnational firms that conduct their business in a more gentlemanly manner.