Unit 5 American Economy

1. Unit 5 American Economy Your Subtitle Goes Here

8. How does US become a superpower ? • As we know, the economy of the United States is the world's largest one. However, as a newly established nation, it has a history of less than 300 years. How does US become a superpower in the world in such a rapid speed?

9. OBJECTIVES • 1.Developments brought by American Industrial Revolution • 2.Corporation    • 5.Service industries     • 6.Stock • 7.Agribusiness    • 8.Migrant workers

10. Your Topic Goes Here Industrial Revolution FreeEnterprise The Roots of Affluence AmericanAgriculture

11. 1. INDUSTRIAL REVOLUTION • Background (Para1-3) • Benefits (Para4-16) • Achievements(Para17-20)

12. 1. INDUSTRIAL REVOLUTION 1.Background (Para1-3) a). ___________ and _________ came in US with the industrial revolution in England. b). After independence, what kind of country does this newly born land belong to? c). What did some political and social leaders do to facilitate the American industrial revolution ?

13. After the American revolution, what kind of country does this newly born land belong to? Industrial country or agricultural country? * ( when we differentiate between these two kinds of country, we judge it by the proportion of GDP, ie, when agriculture accounted for a relatively large part, it is a agricultural country; and when industry accounts for a relatively large part, it is a industrial country.)

14. After independence(1776), America was principally an agricultural country, which remained for another century.

15. Industrial Revolution • But some early decisions by American social and political leaders planted the seeds of industrial growth (the first Secretary of the Treasury Alexander Hamilton, persuaded the Congress to establish a protective tariff, which and other Hamiltonian measures encouraged business in general. )

16. The Industrial Revolution in England during the 18th century brought many changes to American industry between 1776 and 1860. ?

17. One key development was the introduction of the factory system. • Samuel Slater—the father of American Industrial Revolution • the first factory in the U.S

18. In 1793,Samuel Slaterbuilt the first factory in the. He built the machines from memory. The success of his factory started a process of change that turned the northeastern region of the United States into an important manufacturing center and helped the nation become a major cotton producer. Slater Mill and American Textile History Museum

19. A second development was the “American systems” of mass production, which first was used in firearms industry. • Eli Whitneyis an American inventor who invented the cotton gin, which made removing the seeds from the bolls of cotton much easier. He also began manufacturing rifles with machinery, using interchangeable part. This contributed to the American system of mass production. Eli Whitney and the cotton gin

20. A video of 4mins

21. A third development was the application of new technologies to industrial tasks.

22. A fourth development was the emergence of new forms of business organization --- the bank and the corporation. • bank The first American commercial bank appeared in the _________. Not until ________ did the US create a truly national banking system with a standard paper currency. 2. corporation

23. 2. corporation forms of business organization in US: proprietorship 个体经营 the partnership 合伙经营 the corporation 股份（有限）公司 (advantages and disadvantages?)

24. 1. the corporation may survive the death of its founder or founders.股份（有限）公司在其创业者去世后仍然可以继续下去. 2. Because it could draw on a pool of investor, it is a much more efficient tool for raising the large amounts of capital needed by expanding business.由于它可以吸引众多投资者，可以很有效地在业务发展时筹到资金。 3. And it enjoys limited liability, so investors only risk the amount of their investment and not their entire assets.它具有债务有限的特点，这样投资者的风险仅限于其投资的数额，不涉及其全部财产.

25. Finally, the construction of railroads beginning in the 1830s, marked the start of a new era for the United States.

26. Achievements of IR in US: • By the time WWII ended in 1945, the United States had the ____________ of all of the world’s nations. • The emergency of third industry What is “Service industries” in US?

27. Service industries-- industries that sell a service rather than make a product，which now dominate the economy. Service industries range from banking to telecommunications to the provision of meals in restaurants. As more and more people are employed in service industries in the US, it is sometimes said that the US has moved into a “post-industrial era”(后工业化时代,指不以制造业,而以服务业为主的时代.)

28. What is the key reason for the rise of the nation’s economy? • economic freedom of capitalism • Or: Free Enterprise • Or: Lack of government oversight 政府不干预经济,自由放任. Under the Free Enterprise, it appears two terms “Capital” and “stock trading” What is “capital”?

29. What is “capital”? • The story of American economic growth is a story of people inventing new devices and process, starting new businesses and launching new ventures. When starting new businesses and launching new ventures money is needed. That money is known as capital. • Case: Samuel Slater’s story • What about the majority of us company? • The increase in the selling of stock

30. The increase in the selling of stock People in the United States made money by lending it to those who wanted to start of expand a business, which led to the creation of an important part of the current economic scene: the selling of stock, or shares, in a business.

31. Stock --- When starting or expanding business, corporations need to borrow money. They may issue stocks for people to buy. When people buy stock, they become part owner of the company. If the company makes a profit, they receive a share of it.         • Likewise, if the company loses money, the stockholders will not make a profit or the value of their shares will drop—they lose money. Therefore buying stock is a risk.                               

32. The best-known stock exchange is the New York Stock Exchange, located in the Wall Street area of New York City, the nation’s largest city and a major business center. New York Stock Exchange

33. the New York Stock Exchange a movie in 2006 which presents a story of a homeless salesman who turned to a stockbroker股票经纪人 Video clips

34. The Roots of Affluence • What makes the success of American business and industry? No single factor is responsible for the successes of American business and industry. • Bountiful resources, the geographical size of the country and population trends. • Religious, social and political traditions; • The institutional structures of government and business; • Courage, hard work and determination of countless entrepreneurs and workers.

35. para1 What do American farmers plant?

36. American Agriculture

37. maize, yellow corn 1

38. maize, yellow corn 2

39. maize, yellow corn 3

40. Beans --1

41. Beans --2

42. soybean

43. Beans

44. Squash/Pumpkin

45. PARA 2 • What role do Agriculture and its related industries play?

46. Instance one: Jefferson’s words(para3) • Instance two: agricultural value(para4-5)

47. What does American agriculture assume? • Why does this conclusion happen to the native farmers?

48. Niagara Falls

49. PARA 6-9 • What success did American agriculture make? • What does agribusiness include? • What about American farmers’ living standard?

50. Agribusiness 农业产业 American agriculture is big business, people coined the term “agribusiness” to reflect the large-scale nature of agricultural enterprises in the modern US economy. The term covers the entire complex of farm-related business, from the individual farmer to the multinational maker of farm chemicals. It also includes farmer cooperatives, rural banks, shippers of farm products, commodity dealers, firms that manufacture farm equipment, food-processing industries, grocery chains and many other businesses. American Agriculture