Seeing as Donald Trump is supposedly a self-made billionaire, it’s meant that many Americans have believed that this casino magnate and property tycoon will use his business administration experience to lift the nation out of the economic doldrums.
But is the President-elect’s business reputation as solid as many people hope it to be, or will his economic performance mirror some of his outlandish campaign pledges that have already fallen by the wayside?
The Origins of Trump’s Fortune
Far from being a self-made man, Donald Trump was born into a family that certainly knew how to make some quick money. His father became a turn key real-estate developer who took advantage of a flawed government program to make his fortune by building low-cost housing in New York whilst receiving huge federal loans.
It wasn’t just the $100 million inheritance that Trump Jr received from his father, as the future president also received a lesson in how successful business doesn’t always operate best on a level playing-field.
Gaming and Property Enterprises
Although Donald Trump made a success out of using his inheritance to profit on soaring property prices in Manhattan, it was in the casinos that he had his most flamboyant business adventures.
By using a carefully nurtured relationship with politicians to gain government licenses, he made a big deal out of his Atlantic City ventures that promised to become the Las Vegas of the East Coast.
Unfortunately, what Trump didn’t foresee was how dropping airline costs and even the eventual rise of online competitors like Betway would mean that traditional bricks-and-mortar gaming establishments would be a tough business proposition.
But with his Manhattan properties enjoying a rise in value of around 6000%, Trump managed to diversify his investments to forge himself an enviable personal fortune, and his outspoken ways quickly caught the attention of the news-hungry press in the city.
And it’s perhaps Trump’s ability to dominate any conversation that will mean that he could be a the right person for keeping American interests first. He’s already made unlikely allies in controversial figures such as Vladimir Putin and the Philippine President Rodrigo Duterte, and so we could be entering a new era of trade relations.
Trump has certainly shown a withering contempt for many of the existing foreign trade deals that the US finds itself in. But with his isolationist policies threatening to exacerbate the already skyrocketing trade-deficit, it remains to be seen whether Trump’s America will succeed on the global stage.
This is particularly so as many people have questioned whether Trump has the diplomatic finesse necessary for performing the tricky balancing act of handling 21st century politics.
Whilst his bull-in-a-china-shop approach might work well for capitalist America, when it comes to dealing with the complexities of Chinese politics and global institutions like the EU, it seems that Trump could have a tougher task.
So whilst Donald Trump might be pretty good at avoiding taxes and giving people the chance to play with risk, it seems that reinvigorating America’s economy on a global stage could be a more complex issue.
Image from http://www.businessinsider.com/donald-trump-and-hillary-clinton-us-economic-policy-2016-9