New York Times columnist Thomas Friedman, who perhaps most-accurately conceptualized the revolutionary production shifts implied by globalization in The World Is Flat, has a 'radical' economic prescription for the United States, as it moves toward the second decade in what is quickly becoming the century of change.

Friedman suggests that the United States try nation-building....at home.

Moreover, Friedman makes the case for nation-building as good for U.S. business - - a much-needed shot-in-the-arm for the U.S. economy.

U.S.: inadequate infrastructures for a major power

Friedman's main concern: the U.S.'s inadequate infrastructure (electric grid, roads/bridges/rail network, air travel system, hospitals, among others), which is antiquated compared to the infrastructure of the U.S.'s chief economic rival, China. Friedman has just attended the 2008 Olympics in Beijing and its clear China's public investments - - better airports, roads, parks, to go along with the sports venues - - have impressed him.

It's also clear to Friedman that the U.S.'s period of underinvestment is holding the nation back economically, and that has to change if the U.S. expects to remain commercially competitive on the global stage. Economist David H. Wang told BloggingStocks he agrees, for the most part, with Friedman's analysis, but adds that the journey to a better infrastructure is not a strictly an economic equation.

Kronos Incorporated (NASDAQ: KRON), which provides workforce software, agreed to be acquired for $55 per share or $1.8 billion by the private equity firm Hellman & Friedman Capital Partners. That puts a valuation on the firm of about three times revenues.

Founded in 1977, Kronos focuses mostly on mid-size customers, helping them with scheduling, payroll and back-office services. The company charges a license fee for its offerings. Last year, Kronos expanded its business into talent management by acquiring Unicru.

As for Hellman & Friedman, the firm is no stranger to tech deals. Some of its buyouts include DoubleClick and Intergraph.

On news of the deal, Kronos' stock price increased 13.51% to $52.93. Also, the stock is up more than 50% since February.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

As Michael Fowlkes points out, economist Milton Friedman recently passed away and his accomplishments have been lionized. But I disagree with Friedman's views on corporate philanthropy.

Specifically I think Friedman was wrong to argue that corporations have only one purpose -- to maximize shareholder value. Friedman thought that chief executive officers who talked about giving back to their communities were merely displaying one of their ''suicidal impulses.'' The notion that businesses should aim to avoid pollution, say, or donate resources to a neighborhood was ''pure and unadulterated socialism,'' Friedman wrote in 1970. Corporations, Friedman argued, had but one purpose: to increase profits as much as was humanly possible. If you're feeling generous, give the money to shareholders.

In Value Leadership, I argued that corporations have a vital interest in giving to their communities. Companies that contribute to the communities in which they operate display a commitment to others that makes potential employees and customers feel better about the companies. In particular, I found three key activities that match corporate donors and recipients in a mutually beneficial way: