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THE USA ECONOMY

 

The American economy is described as a free enterprise system, which allows private business the freedom to operate for profit with minimum government interference and regulation. The theoretical foundation of the American economic system was provided by Adam Smith, the eighteenth-century Scottish philos­opher whose economic ideas of "laissez faire" (leave it alone) had a strong influence on the development of capitalism. Smith argued that when indi­viduals, motivated by self-interest, are allowed to pursue profit freely, the result is good for all of society. The more people manufacture and trade, the greater the competition. Competition benefits society by allowing the con­sumer to seek the best product at the lowest price. Thus, market forces, which Smith termed "the invisible hand control the efficient allocation of goods while each participant in the market is seeking his or her own self-interest.

These ideas were compatible with the high value America's Founding Fathers placed on individual liberty. Freedom from economic control seemed an extension of freedom from control of religion, speech, and the press.

Throughout the nineteenth century, market forces in America operated with a minimum of government intervention. Since the 1930s, American capitalism has undergone substantial change. Although private enterprise still flourishes, government regulation now exists in many areas of business ranging from product safety to labor conditions.

Political conservatives frequently complain of too much government regu­lation. Liberals, on the other hand, are generally more willing to accept government's role in business and the economy. Americans on both sides of the political spectrum generally support "free" private enterprise, and there is no serious political debate focusing on alternate economic systems.

The country's reliance on private initiative and enterprise has produced impressive growth. The United States today is a leading economic power, with a high standard of living and enormous productivity in industry and agriculture.

The United States is one of the most affluent nations in the world. The average annual income for American families in 1985 was $27,700, and 60 percent of all families and individuals are in the middle-income or high- income ranks. Although the generalization can be made that America is an affluent society, in 1985 about 14 percent of the population (11,4 percent White, 31.3 percent Black, and 29 percent Hispanic) lived below the official poverty level, which was then $10,989 for a family of four. Industrial and technological production is high. The United States is the world's leading producer of electrical energy, aluminum, copper, sulphur, and paper, and one of the top producers of natural gas and automobiles. No other nation exports as much high technology as the United States.

Technological advancement has accelerated changes in American agriculture. Farming is highly mechanized and commercialized. In productive terms, the achievements of this sector of the economy are extraordinary. U.S. farmers produce enough food for domestic consumption and still supply 15 percent of the world's food needs.



Besides agricultural products, principal goods in America's export trade are machinery, automotive products, aircraft, and chemicals. The leading U.S. imports are petroleum products, foods and beverages, machinery, and iron and steel products. The United States is the world's largest importer and exporter. Despite its huge domestic production, the U.S. economy depends heavily on foreign imports. Until recently, the United States consistently exported more goods than it imported. However, since 1971, the U.S. has been operating under a trade imbalance, importing more goods than it exports.

While the profile of the modern U.S. economy shows the U.S. to be a formidable economic power, the strength of the U.S. economy in the last 15 to 20 years has waned. Within the past two decades, the U.S. has slipped from a better than 3 percent per year increase in productivity to an annual increase of below 1 percent. Declining growth rates are a major concern.

Confidence has also been shaken by the declining competitiveness of U.S. goods abroad, indicated by the increasing trade deficit. Foreign manufacturers are now selling roughly 50 percent more in this country than Americans are exporting abroad. Most of America's television sets, cameras and typewriters are made by foreign companies.

High productivity of Japanese industries has increased the appeal of lower- priced Japanese goods. In 1980, for the first year ever, the Japanese manu­factured more automobiles than the United States. Steel production in Japan is now higher as well. Stiff foreign competition challenges U.S. manufacturers to step-up productivity levels, modernize their factories, and provide better worker training.

Despite high productivity in farming, agricultural exports began to decline in the early 1980s. American farmers had difficulty exporting their goods because of import restrictions imposed by foreign countries and because of the high value of the American dollar in the early 1980s.

SUBURBANIZATION. One rather recent trend which reconciles the ambivalence Americans have heavily populated areas at the edge of the city, both the spaciousness of rural life and the bustling activity of urban life are available.

Since the mid-1960s many central cities have experienced a decrease in population, while the suburbs have continued to expand as a result of America's increasing prosperity and desire for cleaner air, more space, and a private house and yard. Of the 80 percent of Americans who live in urban and metropolitan areas, about two-thirds now live in suburbs. Suburbs are regarded as part of a city's structure. As suburban rings spread farther and farther out, metropolitan areas, in the past ten or twenty years, have become enormous. The metropolitan areas of each of the country's six largest cities, New York, Chicago, Los Angeles, Philadelphia, Houston, and Detroit, have populations of over a million. Many metropolitan areas have become so large that they have begun to merge into other metropolitan areas, forming a megalopolis, which is the term used to describe the urban network that results from such expansion. One megalopolis extends along the Atlantic coast from Boston through New York to Washington, D.C. It is estimated that by the year 2015, 80 percent of Americans will live in 28 or so of these megalopolises.

 

ENTREPRENEURS. The high-tech era has produced a new generation of entrepreneurs. One example from the 1970s is that of two young men who worked together to design a new and better computer. They gathered money needed to pay for large-scale production, and in 1977 Apple Computer Corporation was started. By the end of 1984, that company, started by two business-minded entre­preneurs, was one of the largest computer makers in the United States.

This success story is similar to others in American history. The Coca-Cola company began when an American pharmacist mixed together the first Coca- Cola drink and began selling it in Atlanta, Georgia, in the 1890s. The famous Heinz food company, which specializes in mustard, pickles, and ketchup, began wrhen a teenager started to sell various food items on the street. While most people who start businesses do not become millionaires, Americans do believe in the potential for individual success that exists exists within their free enterprise system.

Americans are known for being highly success-oriented and dedicated to hard work. Today's baby boom generation has acquired a reputation for its relentless drive for material success. The term "yuppie," meaning young upwardly-mobile professional, has been coined to describe those people be­tween the ages of 25 and 45 who, according to the stereotype, devote them­selves to careers and status. labor unions Whereas the drive for success is firmly entrenched in American ideology, what is curiously absent is focused ideological support for America's labor unions. Although a legal framework for worker representation and collective bargaining was established by legislation in the 1930s, labor unions in America do not have the power or political direction of their counterparts in Europe.

EDUCATION.

CURRICULUM. Although there is no national curriculum, certain subjects are generally taught in all public school systems across the country. Almost every elementary school instructs children in penmanship, science, mathematics, music, art, physical education, language arts (which includes reading, writing, and grammar), and social studies (which includes geography, history, and citizenship). Most secondary schools require students to take English, mathematics, science, social studies, and physical education. In addition to this "core" curriculum, students choose "elective" courses in their areas of interest.

Structure. U.S. educators frequently use the terms K-12 education, and sometimes PK-12 education, to refer to all primary and secondary education from pre-school prior to the first year or grade through secondary graduation. One of the following three patterns usually prevails in the community:

• Elementary school (K-5), middle school (6-8), high school (9-12);

• Elementary school (K-6), junior high school (7-9), senior high school (9-12); or

• Elementary school (K-8), high school (9-12).

Ø The majority of U.S. children begin their educations prior to entering regular school. Parents who send their children to pre-schools/nursery schools (age 2-4) and kindergartens (age 5-6) have to finance these institutions privately. Children learn the alphabet, colors, and other elementary basics.

Ø U.S. children enter formal schooling around age 6. The first pattern is the most common one. Elementary students are typically in one classroom with the same teacher most of the day.

Ø After elementary school, students proceed to middle school, where they usually move from class to class each period, with a new teacher and a new mixture of students in every class. Students can select from a wide range of academic classes and elective classes.

Ø In high school, students in their first year are called freshman, in their second year sophomore, in their third year junior, and in their last and fourth year senior.

There is an even greater variety of subjects than before. Students must earn a certain number of credits (which they get for a successfully completed course) in order to graduate and be awarded with a High School Diploma – there is no final examination like in many other countries.

High/Secondary School.
Upon completion of five grades of education in primary school, students will enter high/secondary school. The tenure of secondary school will be about 6 to 7 years, by which students will be completing their 12 grades. After completion of their secondary education, successful students will be obtaining a high school diploma which gives eligibility to get admission in any college or university. International students applying for graduation in U.S should have an equivalent grade of this diploma.

Undergraduate School
After achieving high school diploma, students will join colleges or universities to pursue their undergraduate course of study. They offer two types of degrees:

Associate Degree: This is a two-year program offered, as the name suggests, as an ‘Associate degree, which is of two years duration. The program is mostly offered by Community, Vocational and Junior Colleges. Completion of this program enables the students to seek a transfer into the third year of the four-year Bachelor’s degree either in 4-year colleges or universities. Taking this route to study the first two years is very inexpensive for both American and International students, since the tuition and fees are very low when compared to other types of colleges.

Most colleges require good score in TOEFL (for establishing English proficiency) and Scholastic Aptitude Test (SAT) Reasoning scores for admission in their Associate Degree programs. In some colleges, admission is also possible with just a TOEFL score and good academics in 12th class. Note: For some top universities (like in Mathematics, Languages, Biology etc.), a good score in the relevant SAT Subject Test is required in addition to the SAT Reasoning Test score.

Bachelors Degree: This is a four-year program at the undergraduate level. Most international students from wealthy countries such as Japan and China prefer to start their education in USA from this level. This is the first degree with which most students plan their career or profession. Hundreds of ‘majors’ (or specializations) in all the fields are offered at the Bachelor’s level, which makes education an attractive proposition for students all over the world.

Professional School. For professional programs like Law, Medicine, Pharmacy, Physiotherapy etc., US universities offer professional programs leading to degrees such as MD (for Medicine), Pharm D (for Pharmacy) Doctor of Physiotherapy (DPT – for Physiotherapy) etc. These are known as the first professional degrees, completion of which entitles the students to practice as professionals in their respective fields (after meeting other requirements). Admission into most of these professional programs are based on good performance in entrance tests such as MCAT (for Medicine), PCAT (Pharmacy), LSAT (for Law) etc., after completion of a Bachelor’s degree in related subjects.

In near future, US universities are considering to convert the Business Administration program into a professional degree, by offering a DBA (Doctor of Business Administration) as the first professional degree.

 

 

 


Date: 2015-01-29; view: 1930


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