United States (U.S.A) Economy
A United States (U.S.A) Economy is a national economy that encompasses all economic activity, resource allocation, and wealth creation within the geographic boundaries of the United States of America, characterized by its U.S. market-based system, U.S. private enterprise orientation, and U.S. mixed economic structure.
- AKA: American Economy, U.S. Economic System, U.S. Market Economy, United States Market System, American Economic Structure.
- Context:
- It can (typically) generate U.S. Economic Output through diverse U.S. economic sectors including U.S. service industry, U.S. manufacturing base, and U.S. technology sector.
- It can (typically) maintain U.S. Economic Sovereignty via U.S. monetary policy, U.S. fiscal policy, and U.S. trade policy established by U.S. federal government.
- It can (typically) operate as a U.S. Mixed Economy with predominant U.S. private sector activity alongside strategic U.S. government intervention.
- It can (typically) promote U.S. Economic Growth through U.S. business innovation, U.S. capital investment, and U.S. entrepreneurial activity.
- It can (typically) be composed of U.S. Manufacturers, U.S. Service Providers, U.S. Financial Institutions, and U.S. Technology Firms.
- It can (typically) have a U.S. Labor Market consisting of U.S. workers and U.S. employers across various U.S. industry.
- It can (typically) have U.S. Capitalists who control significant U.S. investment capital and influence U.S. business development.
- It can (typically) have U.S. Economic Regulations that establish U.S. market rules while maintaining U.S. lightly regulated economy principles.
- It can (typically) foster U.S. International Trade through U.S. trade agreements, U.S. export promotion, and U.S. global economic engagement.
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- It can (often) be modeled as a U.S. Market-based Economy with U.S. price mechanisms determining U.S. resource allocation.
- It can (often) be measured by U.S.A. Economic Measures, such as U.S.A. GDP, U.S. unemployment rate, U.S. inflation rate, and U.S. productivity growth.
- It can (often) experience U.S. Business Cycles with alternating periods of U.S. economic expansion and U.S. economic recession.
- It can (often) face U.S. Economic Challenges including U.S. inequality issues, U.S. debt concerns, and U.S. competitiveness pressure.
- It can (often) drive U.S. Technological Innovation through U.S. research investment, U.S. university systems, and U.S. startup ecosystem.
- It can (often) develop U.S. Financial Markets with U.S. stock exchanges, U.S. bond markets, and U.S. venture capital.
- It can (often) shape U.S. Consumer Behavior through U.S. marketing systems, U.S. retail structures, and U.S. consumer credit.
- It can (often) influence U.S. Global Economic Position via U.S. dollar dominance, U.S. multinational corporations, and U.S. economic leadership.
- ...
- It can range from being a Small U.S. Economy to being a Large U.S. Economy, depending on its U.S. economic growth trajectory over U.S. historical periods.
- It can range from being a Manufacturing-Oriented U.S. Economy to being a Service-Oriented U.S. Economy, depending on its U.S. sectoral composition evolution.
- It can range from being a Domestically-Focused U.S. Economy to being a Globally-Integrated U.S. Economy, depending on its U.S. trade openness and U.S. international engagement.
- It can range from being a Lightly-Regulated U.S. Economy to being a Heavily-Regulated U.S. Economy, depending on prevailing U.S. political philosophy and U.S. economic governance approach.
- It can range from being a Recession-Era U.S. Economy to being a Boom-Era U.S. Economy, depending on its position in the U.S. business cycle.
- It can range from being a Low-Inequality U.S. Economy to being a High-Inequality U.S. Economy, depending on its U.S. wealth distribution and U.S. income patterns.
- It can range from being a Low-Debt U.S. Economy to being a High-Debt U.S. Economy, depending on its U.S. public debt level and U.S. private debt volume.
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- It can provide U.S. Economic Opportunity through U.S. job creation, U.S. business formation, and U.S. career advancement.
- It can support U.S. Consumer Lifestyle via U.S. product variety, U.S. service availability, and U.S. purchasing power.
- It can enable U.S. International Leadership through U.S. economic diplomacy, U.S. trade negotiation, and U.S. global market influence.
- It can maintain U.S. National Security via U.S. defense industry, U.S. critical infrastructure, and U.S. economic resilience.
- It can foster U.S. Technological Advancement through U.S. digital innovation, U.S. scientific research, and U.S. industrial development.
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- It can be U.S. Economically Dominant in global economic leadership contexts.
- It can be U.S. Economically Innovative through U.S. entrepreneurial ecosystems.
- It can be U.S. Economically Resilient during global economic crisis periods.
- It can be U.S. Economically Unequal in U.S. wealth distribution outcomes.
- It can be U.S. Economically Influential via U.S. dollar reserve currency status.
- ...
- Examples:
- Historical U.S. Economy Periods, such as:
- Industrial Revolution U.S. Economy Periods, such as:
- 1873 U.S. Economy, which experienced the 1873 U.S. financial panic and railroad-driven 1873 U.S. industrial growth.
- 1890s U.S. Economy, which became the world's largest 1890s U.S. industrial power and experienced significant 1890s U.S. economic concentration.
- Great Depression U.S. Economy Periods, such as:
- 1929 U.S. Economy, which suffered the 1929 U.S. stock market crash and began the 1929 U.S. economic contraction.
- 1933 U.S. Economy, which implemented 1933 U.S. New Deal programs and 1933 U.S. banking reforms.
- Post-War U.S. Economy Periods, such as:
- 1950s U.S. Economy, which experienced 1950s U.S. manufacturing dominance and 1950s U.S. middle class growth.
- 1970s U.S. Economy, which faced 1970s U.S. stagflation challenges and 1970s U.S. oil crisis impacts.
- Modern U.S. Economy Periods, such as:
- 2008 U.S. Economy, which underwent the 2008 U.S. financial crisis and subsequent 2008 U.S. Great Recession.
- 2018 U.S. Economy, which featured 2018 U.S. low unemployment, 2018 U.S. tax reform implementation, and 2018 U.S. trade tensions.
- 2020 U.S. Economy, which confronted the 2020 U.S. pandemic disruption and implemented 2020 U.S. emergency stimulus measures.
- Industrial Revolution U.S. Economy Periods, such as:
- U.S. Economy Sector Classifications, such as:
- U.S. Primary Economic Sectors, such as U.S. agricultural industry, U.S. forestry sector, and U.S. mining industry.
- U.S. Secondary Economic Sectors, such as U.S. manufacturing industry, U.S. construction sector, and U.S. energy production.
- U.S. Tertiary Economic Sectors, such as U.S. retail industry, U.S. healthcare sector, and U.S. financial services.
- U.S. Quaternary Economic Sectors, such as U.S. technology industry, U.S. research sector, and U.S. information services.
- ...
- Historical U.S. Economy Periods, such as:
- Counter-Examples:
- A World Economy, which encompasses global economic activity across all nation states rather than just the United States.
- A North American Economy, which includes economic interactions across Canada, the United States, and Mexico rather than just within U.S. national boundaries.
- A China Economy, which operates under different economic system principles with greater state ownership and central planning than the U.S. market-based approach.
- A German Economy, which features a stronger social market orientation and labor codetermination than the U.S. liberal market model.
- A Canada Economy, which maintains higher government service provision and different natural resource emphasis than the United States Economy.
- A California Economy, which represents a regional subset of the broader United States Economy rather than the entire national economic system.
- A San Francisco Bay Area Economy, which focuses on a specific metropolitan region within the United States rather than the entire national economy.
- See: U.S. Household, U.S. Debt, U.S. GDP, Federal Reserve System, U.S. Department of Commerce, U.S. Department of Labor, U.S. Treasury, U.S. Trade Representative, U.S. Economic Policy, U.S. Business Cycle, U.S. Financial System, U.S. Dollar, Wall Street, American Capitalism, U.S. Competitiveness, U.S. Labor Union, U.S. Corporate Sector, U.S. Consumer Spending, U.S. Manufacturing Base.
References
2013
- http://en.wikipedia.org/wiki/Economy_of_the_United_States
- The economy of the United States is the world's largest single national economy. The United States' nominal GDP was estimated to be 15.7 trillion in 2012, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of global GDP at purchasing power parity. The United States has a mixed economy[1][2] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its five largest trading partners are Canada, China, Mexico, Japan, and Germany.
The US has abundant natural resources, a well-developed infrastructure, and high productivity.[3] It has the world's sixth-highest per capita GDP (PPP). The U.S. is the world's third-largest producer of oil and second-largest producer of natural gas. It is the second-largest trading nation in the world behind China.[4] It has been the world's largest national economy (not including colonial empires) since at least the 1890s.[5] As of 2010, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output.[6] Of the world's 500 largest companies, 132 are headquartered in the US, twice that of any other country.[7] The country is one of the world's largest and most influential financial markets. About 60% of the global currency reserves have been invested in the US dollar, while 24% have been invested in the euro. The New York Stock Exchange is the world's largest stock exchange by market capitalization.[8] Foreign investments made in the US total almost 2.4 trillion, which is more than twice that of any other country.[9] American investments in foreign countries total over 3.3 trillion, which is almost twice that of any other country.[10] Consumer spending comprises 71% of the US economy in 2013.[11] The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report,[12] and others. The US is ranked first globally in the IT industry competitiveness index.[13]
The US economy is currently embroiled in the economic downturn which followed the Financial crisis of 2007–2008, with output still below potential according to the CBO[14] and unemployment still above historic trends.[15] As of March 2013, the unemployment rate was 7.6% or 11.7 million people,[16] while the government's broader U-6 unemployment rate, which includes the part-time underemployed, was 13.9%.[17] With a record proportion of long term unemployed, continued decreasing household income, and new federal budget cuts, the US economy remained in a jobless recovery. At 11.3%, the U.S. has one of the lowest labor union participation rates in the OECD world.[18] Extreme poverty in the United States, meaning households living on less than $2 per day before government benefits, doubled from 1996 levels to 1.5 million households in 2011, including 2.8 million children.[19] The wealthiest 10% of the population possess 80% of all financial assets.[20]
Total public and private debt was 50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.[21] In October 2012, the proportion of public debt was about 1.0043 times the GDP.[22] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.[23] The US economy is regularly reviewed with comprehensive economic data analysis in the Beige Book[24] of the Federal Reserve System,[25] the Bureau of Economic Analysis of the Department of Commerce,[26][27] the Bureau of Labor Statistics[28] of the Labor Department and economic indicators[29] of the US Census.
- The economy of the United States is the world's largest single national economy. The United States' nominal GDP was estimated to be 15.7 trillion in 2012, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of global GDP at purchasing power parity. The United States has a mixed economy[1][2] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its five largest trading partners are Canada, China, Mexico, Japan, and Germany.
- ↑ U.S. Economy and Business – Conditions and Resources. U.S. Department of State. “The United States is said to have a mixed economy because privately owned businesses and government both play important roles." Accessed: October 24, 2011.
- ↑ (4)Outline of the U.S. Economy – (2)How the U.S. Economy Works. U.S. Embassy Information Resource Center. “As a result, the American economy is perhaps better described as a "mixed" economy, with government playing an important role along with private enterprise. Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful." Accessed: October 24, 2011.
- ↑ Wright, Gavin, and Jesse Czelusta, "Resource-Based Growth Past and Present", in Natural Resources: Neither Curse Nor Destiny, ed. Daniel Lederman and William Maloney (World Bank, 2007), p. 185. ISBN 0-8213-6545-2.
- ↑ The Guardian – 11 February 2013 – China overtakes US in world trade – by Phillip Inman
- ↑ Digital History, Steven Mintz. "Digital History". Digitalhistory.uh.edu. http://www.digitalhistory.uh.edu/database/article_display.cfm?HHID=188. Retrieved April 21, 2012.
- ↑ Vargo, Frank (March 11, 2011). "U.S. Manufacturing Remains World’s Largest". Shopfloor. http://shopfloor.org/2011/03/u-s-manufacturing-remains-worlds-largest/18756. Retrieved March 28, 2012.
- ↑ Template:Cite news
- ↑ http://www.sfc.hk/web/doc/EN/research/stat/a01.pdf
- ↑ "CIA – The World Factbook". Cia.gov. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2198rank.html. Retrieved April 21, 2012.
- ↑ "CIA – The World Factbook". Cia.gov. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2199rank.html. Retrieved April 21, 2012.
- ↑ "Personal consumption expenditures (PCE) gross domestic product (GDP)" FRED Graph, Federal Reserve Bank of St. Louis
- ↑ Template:Citation[dead link] Click the link "Rankings" to access the entire list.
- ↑ IT industry competitiveness index
- ↑ Chart Book: The Legacy of the Great Recession — Center on Budget and Policy Priorities. Cbpp.org (2013-07-09). Retrieved on 2013-07-21.
- ↑ Bureau of Labor Statistics Data. Data.bls.gov (2010-12-01). Retrieved on 2013-07-21.
- ↑ Employment Situation Summary. Bls.gov (2013-07-05). Retrieved on 2013-07-21.
- ↑ Table A-15. Alternative measures of labor underutilization. Bls.gov (2013-07-05). Retrieved on 2013-07-21.
- ↑ Trade Union Density OECD. StatExtracts. Retrieved: 1 May 2013.
- ↑ "Extreme Poverty in the United States, 1996 to 2011" National Poverty Center, February 2012
- ↑ Template:Citation
- ↑ Template:Citation
- ↑ "World Debt". usdebtclock.org. http://www.usdebtclock.org/world-debt-clock.html. Retrieved January 31, 2013.
- ↑ Template:Citation
- ↑ FRB: Beige Book. Federalreserve.gov. Retrieved on 2013-07-21.
- ↑ FRB: Federal Reserve Districts and Banks. Federalreserve.gov (2005-12-13). Retrieved on 2013-07-21.
- ↑ U.S. Bureau of Economic Analysis (BEA). Bea.gov. Retrieved on 2013-07-21.
- ↑ BEA : Current Releases. Bea.gov (2013-07-03). Retrieved on 2013-07-21.
- ↑ U.S. Bureau of Labor Statistics. Bls.gov. Retrieved on 2013-07-21.
- ↑ US Census Bureau: Economic Indicators. Census.gov. Retrieved on 2013-07-21.
2012
- (Krugman, 2012b) ⇒ Paul R. Krugman. (2012). “Robots and Robber Barons.” In: The New York Times - Opinion, 2012-12-10 Journal.
- QUOTE: The American economy is still, by most measures, deeply depressed. But corporate profits are at a record high. How is that possible? It’s simple: profits have surged as a share of national income, while wages and other labor compensation are down. The pie isn’t growing the way it should — but capital is doing fine by grabbing an ever-larger slice, at labor’s expense.
1991
- (Reich, 2010) ⇒ Robert B. Reich. (1991). “The Work of Nations: Preparing Ourselves for 21st Century Capitalis." ISBN:0-679-73615-8