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Economy of the USA
American economy – is a free enterprise system, which allows private business the freedom to operate for profit with minimum government interference and regulation. “Invisible hand” – Adam Smith: when individuals motivated by self-interest are allowed to pursue profit freely, the result is good for all society. (the self-regulating nature of the marketplace). Gross Domestic Product: - The total market value of all the goods and services produced within the borders of a nation during a specified period - GDP - $14660 trillion (2010) - GDP growth 2,8% - GDP per capita - $47132 - GDP by sector – agriculture 1,2%, industry 21,9%; services 76,9% - Inflation- 2,1% February 2011 Ingredients – natural resources, labor, manufacturing and investment Capitalist mixed economy, fueled by abundant natural resources, a well-developed infrastructure, and high productivity - Largest national GDP in the world – 4% less than the combined GDP of the European Union - The largest importer of goods and third largest exporter - Canada, China, Mexico, Japan and Germany – top trading partners - The leading export commodity – electrical machinery - The leading import – vehicles - Recession since December 2007 - The private sector constitutes the bulk of the economy - The economy is postindustrial, with the service sector contributing 67,8% of GDP Exports – commodities: capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products Imports: crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages Coca-Cola and McDonald’s; New York Stock Exchange is the world’s largest by dollar volume; Wall Street
- The USA is one of the leaders in: - Computer manufacturing - Steel manufacturing - Automobile - Oil production - Biotechnology - Chemical products - The world’s number one producer of electrical and nuclear energy, as well as liquid natural gas, sulfur, phosphates, and salt.
Lecture 5 17.05.11
Small businessnes - May be defined as a business with a small number of employees. The legal definition of “small” often varies by country and industry, but is generally under 100 employees in the US. - 36% of all workers employed - 55% of innovation Agriculture: - A accounts for just under 1% of GDP - Farming – industrial and independent - Most important products: corn, cattle meat, cow’s milk, soybeans, wheat and other grains, fruits, vegetables, cotton, hen eggs, beef, pork, poultry, dairy products, forest products, fish Distribution of household income - Lowest – less than $18500 - Middle – between $34738 to $55331 - Top – more than $88030 Social welfare - A social welfare provision refers to any governmental program which is aimed at providing a minimum level of income, service or other support fro disadvantaged groups such as the poor, elderly, disabled and students. - In 2006 more than 48 million Americans received approximately $539 billion in Social Security benefits. Examples: - Compulsory superannuation - Pensions - Tax relief - Free or low cost nursing, medical and hospital care - Free or low cost public education - Financial aid to students attending academic institutions - Welfare money paid to persons who are unable to work.
Science and technology - A leader in scientific research and technological innovation since the late 19th century - In 1876, Alexander Graham Bell was awarded the first US patent for the telephone - Thomas Edison – phonograph, the first long-lasting light bulb and movie camera - Nikola Tesla – alternating current - Wright brothers – flight
- During WWII, the Manhattan Project developed nuclear weapons, ushering in the Atomic Age. - The Space race – advances in rocketry, materials science and computers - US developed ARPANET and INTERNET - Developer and grower of genetically modified food, biotech crops is in the USA – more than half of the world’s Transportation: - In 2003 there were 759 autos per 1000 Americans - Average American adult spend 55 minutes every day per 47 km - Bicycle usage is minimal - 5 largest airlines in the world by passengers – American Airlines-#1 - In world – thirty busiest airports – 16 in America – Hartsfield-Jackson Atlanta International Airport
Energy - Energy market – 29000 terawatt hours per year - Energy consumption – 7,8 tons of oil per year per capita - 40% - petroleum? 23% coal 22% natural gas - The US is the world’s largest consumer of petroleum
American National Character
“Freedom, mobility, individualism, opportunity, energy, pragmatism, progress, renewal, competition” - The concept of a n individual having control over his or her destiny - Freedom for all is an ideal that unifies Americans - Yet this ideal has not always corresponded to reality - God views all humans alike without regard to intelligence, physical condition or economic status - All citizens should play by the same rules, get equal punishments and rewards. Opportunity for the individual: - Encouraged to develop their own goals and treat themselves as separate individuals responsible for their decisions and consequently lives - Child and Baby Care by Benjamin Spock: the parents’ objective in raising a child is to create a responsible, self-reliant individual who is ready to move out of the parents’ house and make his or her own way in life - Individualism in the US is understood as self-reliance and economic self-sufficiency. Achievements and success. Self-help concept - What the person has independently accomplished or in what he or she has been successful - Money is valued for what it buys but also as a means to show one’s achievement - Americans love winners from nowhere and make it on their own - The self-made woman or man is still very much the ideal in 21st century America. Work orientation - Honest work oŕ any kind - Work for survival and work before play - Resume earning as soon as possible - Failure in people’s mind is often connected with character defects rather than misfortune - “no nonsense” attitude towards life has created many people who have come to be known as workaholics Action: - Any action is considered to be better than no act - People think that it is sinful to waste one’s time, to sit around doing nothing or to daydream Free choice: - Absence of political and economic restraint and an opportunity to select from numerous options - Associated with the chance to escape the problems of the past and to create a new life in the New world one has chosen to live in Education: - The key to opportunity, including financial security - What one learns outside the classroom is considered as important as what is learned in the classroom - Lifelong learning is valued which results in many adult and continuing education programs Family: - To bring about the happiness of each individual family member - Values – love and respect for parents, as well for the members of the family - It is allowed for children to disagree, even argue with them – part of developing one’s independence. Informality: - Casualness of American speech and dress - Wear jeans and T-shirts irrespectively of their position. They lean on walls or sit on the table when they talk. - Americans are one of the most informal and casual people in the world, even when compared to their near relative – the Western European Patriotism: - Is revealed in national symbols and flags everywhere, the national anthem played at all sporting events - Demonstrated during national celebrations – Thanksgiving and Independence Day Change and Progress: - Change is seen as an indisputably good condition - Change is linked to development, improvement, progress and growth - Americans “dream of a land in which life should be better, richer, and fuller for every man with opportunities for the each according to his abilities and achievement” (The Epic of America by J.T. Adams, 1931)
Date: 2015-01-12; view: 1226
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