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The United States of America, the wealthiest, most powerful nation on the planet by a very respectable margin. The sheer scale of the united states wealth and influence is really really hard to fathom, even for macro-economists, sure there are GDP figures, trade balances and labor force figures, but they are best for telling the story of a normal national economy, and the United States are far from that, its consumer retail sector is bigger than all but 9 of the largest national economies in the world, California, one of its states has a bigger GDP figure than the united kingdom and the US has fifty states.
The U.S. economy goes beyond this though, it is the foundation for the world economy in the 20th and 21st centuries, and this influence isn’t caused by something so old fashioned as an empire, but rather industry. Today US companies can be seen dominating industries in economies all over the world, and at the same time, foreign companies from Europe and Asia fight endlessly to break into the US market, the largest and most influential consumer market in the world.
The U.S. economy is too large with too many facets to explore in a single video, so this will be made as a video series but for now, in this video, I want to explore how the United States of America got to where it is today.
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📚 Want to learn more about the economy of the U.S.A? We recommend reading "An Empire of Wealth: The Epic History of American Economic Power", by John Gordon
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#America #Monolithic #Economics
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Sources & Citations -
McCusker, J.J., and Menard, R.R., 2014. The Economy of British America, 1607-1789
Katz, S.N., 1976. Thomas Jefferson and the right to property in revolutionary America. The Journal of Law and Economics, 19
Teich, M., Porter, R. and Gustafsson, B. eds., 1996. The industrial revolution in national context: Europe and the USA. Cambridge University Press.
Taylor, L., Proano, C.R., de Carvalho, L. and Barbosa, N., 2012. Fiscal deficits, economic growth and government debt in the USA. Cambridge Journal of Economics, 36(1), pp.189-204.
Morriss, A.P. and Nard, C.A., 2011. Institutional Choice & Interest Groups in the Development of American Patent Law: 1790-1865. Supreme Court Economic Review
De Haan, J. and Siermann, C.L., 1996. New evidence on the relationship between democracy and economic growth. Public Choice, 86
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