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Chapter IV

Chapter IV. American Economy. I. Introduction. 1. The economy of the United States is highly developed. 2. The U.S.A. enjoys extraordinary dominance in the world economy.

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Chapter IV

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  1. Chapter IV American Economy

  2. I. Introduction 1. The economy of the United States is highly developed. 2. The U.S.A. enjoys extraordinary dominance in the world economy. 3. The development of the American economy has experienced three stages: commercial capitalism, industrial capitalism and corporate capitalism.

  3. II. Reasons for its development 1. Geographically, nature offered America rich natural resources and fertile farmland as well as suitable climate for farming. 2. Historically, the American Independent War and Civil War cleared the road for the American capitalistic development. The U.S. A. got a great amount of benefits from the two world wars.

  4. 3. Socially, American society has attached close attention to individual creativity, capability and perseverance. 4. Involvement of American Government The federal government acts as a regulator in American economy development.

  5. III. Agriculture 1. One of the biggest agricultural country and leading exporter of agricultural products A. Fertile soil and favorable climate B. Productive American farmers 2. Stages of its development: A. Middle 19th C.: mechanization B. 20th C.: corporation have dominated agriculture with extensive use of technology and advanced scientific methods.

  6. IV. Industry 1. Conditions: A. It is in the leading position . B. The first three: raw material, automobiles, radios and TV sets 2. Stages of its development: A. On the eve of WWI, 1/3 of the world’s industrial production, world wide markets. Major industries: aircraft, computers, chemicals, electronics, motor vehicles, paper and pulp, textiles, telecommunication equipment etc.

  7. B. Postwar: highly economical development a. in nuclear energy industry, electronics, aircraft b. Technological rapid progress changed local structure of American economy. c. Southern and Western America develop quickly. d. Big corporations are the most easily recognizable and highly publicized feature of American economy. e. Small enterprises are very important and essential.

  8. V. Recent Development 1. In 1997, the American economy is entering its seventh consecutive year of growth. 2. Since 1980s, the U.S.A. has sped up its process of importing and exporting. 3. It is the first country to recognize the importance of computer and information technology. 4. An important aspect of modern American economy is the stock market.

  9. VI. Potential problems 1. Banks will refuse to loan in order not to risk any danger of not getting back money, which further restricts consuming and investing scope of corporation. 2. In order to face new international economic situation, American economy has to make adjustment.

  10. The End

  11. Involvement of American Government • The modern American economy is described as “free market” system, but never completely free. • Traditionally U.S. government has been reluctant to intercede in economic development. • With the development of industrialization, federal became more and more involved in regulating economy. • The Great Depression helped increase the government interference.

  12. In the postwar years the government function increased in running economy. • 1980-1988 “ free market principles” • Now the American economy is characterized by monopoly with high degree. Back

  13. The three industrial revolutions • The first Industrial Revolution brought great changes to England from the middle of the 18th century to the middle of the 19th century. The first industrial revolution: mechanization of production systems results in a shift from home-based hand manufacturing to large-scale factory production.

  14. The second Industrial Revolution (1871–1914) involved significant changes to Western society and to the rest of the world. The second phase of the industrial revolution had the internal combustion engine and electrical motors and generators at its core.

  15. The third Industrial Revolution (1940s-50s) is now making its appearance in the United States and other industrial countries. It is an "information revolution“, a period of rapid technological advance associated with the introduction of information technologies. Back

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