Thomas Jefferson and james madison opposed the establishment of a totalitarian central government (and correspondingly opposed most of Hamilton's economic policies), but they could not stop Hamilton, because Hamilton had great power and political influence in Washington administration at that time. 180 1 year, after Jefferson was elected president, he began to implement decentralized land democracy, which was called Jefferson-style democracy. The idea is to protect ordinary people from political and economic tyranny. He praised small farmers as "the most valuable citizens". After him, President Madison let the bank charter expire at 18 1 1, but after the American economy went downhill, the second American bank was established at 18 16.
A year and a half after the economic crisis spread around the world, the United States is now shrouded in a faint optimism: economists predict that the GDP of the United States will increase by 3.2% next year, and the stock market will also increase by 15%, with rave reviews, as if the prosperity before the crisis was within reach.
However, in the harmonious recovery, the three weaknesses of high unemployment, low consumption and weak exports have made the American economy full of variables, and it has to rely heavily on the government's stimulating fiscal, monetary and financial policies: it is like a flat-bottomed car climbing a hill, which seems to rise slowly, but it is all carried by people and falls as soon as it is released.
Ethan, chief economist of Bank of America North America? Harris said in an interview with reporters that 20 10 will be destined to be a "real watershed": in this year, people will see investors move forward with confidence, or see that the hard-won slow recovery is interrupted and the United States enters a second recession again.
This statement is not unique, nor is it alarmist. Anyone with a discerning eye can see that the economic recovery in the United States today has only a framework, but it is actually empty. Although the stock market picked up ahead of time, the Dow Jones index rose by 60% compared with March this year; Although crude oil futures and gold prices remain high, investment is booming; Although market lending and mergers and acquisitions are increasing and financing channels are recovering, exports are sluggish and consumption is weak. Only investment is the only way to stimulate economic development.
Under those gratifying figures, 10% of the unemployed people find it difficult to find jobs, and people are timid when shopping. In the past, they contributed more than 70% of the consumption to American economic growth, but now they have no motivation; Moreover, there are many manufacturing problems in the United States, which makes the transformation of "export-driven economy" promoted by President Obama more difficult.
Summers, the chief economic adviser of US President Barack Obama, also admitted that "the previous recoveries of the US economy were unstable, because these recoveries were achieved by stimulating consumption and increasing investment, and did not fundamentally solve structural problems".
In this regard, Bank of America economist Ethan? Harris believes that whether employment can be increased will become the biggest "variable" of American economic recovery, followed by promoting consumption and increasing exports. If employment growth is slow, it will not stimulate consumption growth, but will aggravate credit bad debts, which will drag down the still weak financial institutions, affect the recovery of manufacturing industry, block exports, and ultimately affect economic recovery. The three links are interlocking, and if one link is lax, the American economic chain cannot be restored.
Unfortunately, the Federal Reserve has just warned that the unemployment rate in the United States will "continue to rise and remain high in the next few years". For this reason, the American economy must now rely on policymakers, and everyone is asking, "How long can the incentive plan last?" The Obama administration is also well aware of the interests involved, and is trying to expand spending on roads and bridges, and asking Congress to pass a series of plans such as "cash for house repair" as soon as possible, all in order to "expand employment".
Economist Ethan? Harris firmly told reporters that "any possible decision-making mistakes will prevent the slow economic recovery in the United States."
The United States is the largest economy in the world. In 2009, the gross domestic product (GDP) 14.2662 trillion US dollars (the first in the world) and the per capita GDP was 46,442.644 US dollars (the sixth in the world). [ 1]。 American economy is capitalist and mixed economy: most microeconomic decisions are made by companies or private enterprises; On the other hand, the government macro-controls the economy through laws, fiscal and tax policies and monetary policies, and provides a considerable part of financial assistance or services in the fields of basic research and education, public health, social security and savings insurance.
After experiencing stagflation in the 1970 s, the American economy has shown slow growth in recent years. Since 2007, it has been affected by the financial crisis. The long-term problems faced by the American economy include: huge trade deficit and government fiscal deficit, the lowest savings rate since 1960s, increasing high debt, such as about $9 trillion in national debt, $9 trillion in corporate debt, over $65,438+00 trillion in mortgage debt, $30 trillion in potential medical liabilities, and $65,438+02 trillion in social security fund gap.
The American economy still has the largest gross domestic product (GDP) in the world. Other positive factors include: low unemployment rate, relatively high economic growth rate in developed countries, relatively mature and standardized financial markets, relatively rich per capita natural resources, attractiveness to new immigrants and so on.
summary
Looking at the economic history of the United States, it is a transition from a successful colonial economy to the world's largest industrial country in the 20th century.
Wall Street in new york represents the powerful financial power of the United States.
The United States is the largest economic system in the world, with a high standard of living, with a per capita gross national product of more than 40,000 US dollars, ranking among the best in the world and one of the richest, most developed and highest living standards in the world. The economic system has the characteristics of capitalism and mixed economy. In this system, enterprises and private institutions make major microeconomic decisions, and the government plays a less important role in domestic economic life; However, the sum of governments at all levels accounts for 36% of GDP; In developed countries, the social welfare network in the United States is relatively small, and the government's control over business is lower than that in other developed countries [35].
Economic activities in different regions have different centers of gravity. For example, new york is the center of finance, shipping, publishing, broadcasting and advertising, and also the top economic center in the world. Los Angeles is the production center of records, movies and TV programs, as well as the economic center of the west coast of North America and even the Asia-Pacific region. The San Francisco Bay Area and the Pacific Northwest are the centers of science and technology development, and Silicon Valley is the center of global high-tech and scientific research. The midwest of the United States is the center of heavy industry, Detroit is a famous automobile city, and Chicago is the financial and commercial center of the region; Southeast China is mainly engaged in medical research, tourism and construction. Because the salary cost is lower than other regions, it continues to attract manufacturing investment.
A farm in Pennsylvania. Agriculture accounts for less than 1% of American GDP, but it is still an important economic activity.
The service industry in the United States, especially the financial industry, shipping industry, insurance industry and commercial service industry, accounts for the largest proportion of GDP. Three quarters of the country's labor force is engaged in the service industry [36], which is in a leading position in the world. New york is not only the largest city and economic center in China, but also one of the best financial, shipping and service centers in the world. Education is one of the most important economic industries in the United States, attracting many international students from all over the world to further their studies and attracting many talents every year. The United States is rich in mineral resources, including gold, oil and uranium, but many energy supplies depend on foreign imports. The United States is one of the largest agricultural exporters in the world, and its main agricultural products include corn, wheat, sugar and tobacco. The amazing agricultural output of the great plains in the central and western regions makes it known as the "world granary" [37]. American industrial products mainly include automobiles, airplanes and electronic products. The United States also has developed tourism, ranking third in the world [38]. The United States is also a major exporter of aircraft, steel, weapons and electronic equipment.
The largest trading partner of the United States is neighboring Canada (19%), followed by China (12%), Mexico (1 1%) and Japan (8%). Every day, about $ 165438+ billion worth of products flow through the border between the United States and Canada. The American economy is considered as the largest and most important economy in the world. The American economy is highly developed, and the currencies of many countries in the world are linked to the US dollar, while the American securities market and debt are considered as a barometer of the world economy.
Since Ronald Reagan/Kloc-0 became president in the 1980s, the United States has increased the use of neo-liberal economic policies, reduced government intervention in the economy, reduced the size of the welfare system, and abandoned the Keynesian economic policies that have been implemented for a long time since the economic panic. Therefore, the American government provides less social welfare services than other industrialized countries, reduces domestic taxes, and relies more on free markets and private charities.
In the1990s, the popularity of computers and the Internet made the United States enter unprecedented prosperity and take the lead in the global science and technology field. 2/kloc-0 At the beginning of the 20th century, the Internet economy bubble burst, which caused the American economy to drop from high-speed growth to sustained low-speed growth. Although the American economy resumed a good growth trend after 2003, the subprime mortgage crisis broke out in 2007, which severely hit the American and even the whole world economy. The prestige of American finance and economy plummeted, and the status of international gold and crude oil denominated in dollars was also discussed. Then in 2008, the subprime mortgage crisis in the United States evolved into a financial crisis, which swept the world, leading to the financial tsunami affecting the economies of various countries. This has led to a serious decline in the growth of global finance, real estate, automobile industry, fine products and private consumption, especially in developed countries led by Britain and the United States, which have gradually entered the post-financial tsunami era. The economic model and future re-examination and reform are gradually clear, but the uncertainty is quite high (printing a lot of money), but despite this, the weight of the American economy is still quite high.
[Editor] Residents' income
Although the per capita income of the United States ranks among the highest in the world, its wealth is relatively concentrated. Compared with western Europe, 40% of the population is relatively poor, while the top 20% of the population is rich [39]. Since 1975, social mobility is low, the labor market is polarized, and the fruits of economic growth flow to 20% families with higher incomes. [40] American household income remains at a high level, but there are also significant differences among States. The median household income in West Virginia is $33,000, while that in New Hampshire is as high as $57,000. [465,438+0] The national average is $46,000. [42] These indicators are close to those of post-industrialized countries, such as Switzerland (US$ 54,000), Britain (US$ 45,575) and New Zealand (US$ 30,256). [45]
The long-term wage trend of middle-income groups has been stagnant since 1970, while the overall income of low-income groups is declining, although the average labor productivity has been greatly improved. [46][47] The low wages earned by illegal immigrants make them the poorest 65,438+00% labor force. However, industries such as meat packaging and agriculture rely heavily on illegal workers. [49] A report of the US Department of Labor in 2005 said that since the 1960s, the low proportion of wages in GDP and the high profit level of enterprises have set a historical record. [50]
[Editor] Technology
The space shuttle Columbia was launched on a manned mission.
The United States is one of the most influential countries in scientific and technological research and technological product innovation. Many of the most important inventions in the history of human industry, including cotton gin, general parts, production line, etc. , originated in the United States, in which industrial production lines are particularly important, making industrial mass production from a dream to a reality. Other important inventions include airplanes, light bulbs and telephones. The United States also planned the famous Manhattan Atomic Bomb Project, Apollo Moon Landing Project and Human Genome Project in the 20th century. During World War II, the United States first developed the atomic bomb, which brought human science and technology into a new era of the atomic age. After the beginning of the Cold War, the United States took the lead in the field of space science and technology and took the lead in the space race, which led to great progress in rocket technology, weapons research, materials science, computers and other fields. 1969 In July, when neil armstrong stepped out of Apollo 1 1 spacecraft and became the first man to set foot on the moon, the competition reached its peak. The United States has made great contributions in the history of computer and Internet development, including the computer invented in World War II, the initial militarized application, and the development and innovation of personal computers today. ARPA network founded by US Department of Defense is the pioneer of network technology.
American scholars have won many Nobel Prizes in scientific research, especially in the fields of biology and medicine. The National Health Research Center of the United States is the focus of biomedical science in the United States, and has completed the human genome project, which has made the research on the cure of cancer, Alzheimer's disease and other diseases enter an important stage [5 1]. The government agency responsible for aerospace research is NASA. Private companies such as Boeing and Lockheed Martin also played an important role.