Notes4 - ECON 4337 Comparative Economic Systems USA...

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ECON 4337 Comparative Economic Systems USA
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Economic System in the United States of America What are the main characteristics of the economic system and society in the U.S.?
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Economic System in the United States of America What are the main characteristics of the economic system and society in the U.S.? Land of abundance Rich in resources Dynamic population High levels of innovation and entrepreneurship Technological Leader
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RGDP per capita 2004 in USD (Constant Prices: Chain series) 50,760 36,098 34,759 29,642 29,404 29,276 28,957 28,447 28,398 28,158 27,994 27,899 27,073 26,762 26,479 26,168 25,885 25,606 24,661 Luxembourg United States Norway Hong Kong Singapore Switzerland Ireland Denmark Canada Austria Australia Iceland Sweden United Kingdom Netherlands France Belgium Germany Japan
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Economic System in the United States of America General Look and Historical outline: USA has the oldest constitution in the world Independent judiciary system Democracy Did not have to deal with remnants of feudal system Clearly defined property rights, enforceable contracts
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Economic System in the United States of America Quick Look 1861-1865: Civil War American System: Standardization in production Fordist assembly Lines Railroad Firms: Birth of modern corporations General Motors: Model for multinational multi-branch giant corporate structure
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Economic System in the United States of America Quick Look 1913: “Fordist” assembly line production Establishment of the Federal Reserve System Federal Income tax 1914-1918: World War I (WW I) 1930: Smoot-Hawley tariff (example of protectionism) 1930s: Great Depression 1939-1945: World War II
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Economic System in the United States of America Quick Look: 1944: Bretton Woods Conference IMF, World Bank, UN 1948: General Agreement on Trade and Tariffs (GATT) 1990: World Trade Organization (WTO) Late 1990s: “New Economy” 1990s: High-tech industries, high growth 2000s: Dotcom Bubble, Mortgage crisis
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Economic System in the United States of America Quick Look: For a long time in US people focused on Monopolies Tariffs as the main problems of economic debates After Great Depression role of government on regulating economy became another focus of debate
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Economic System in the United States of America Pros and Cons: High income levels High technological progress Macro instability Weak social safety nets High inequality and poverty
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Economic System in the United States of America The Colonial Period and the Revolution: Mercantilist Britain (protectionism) 1776: The Declaration of Independence 1781: End of independence war
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Economic System in the United States of America From Revolution to Civil War: 1789: The Constitution (George Washington) Problem of State Rights vs Federal Government First National Bank was founded by Hamilton 1793: Hamilton’s “infant industry” argument Slave-based cotton production in South North-South Division
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Economic System in the United States of America From Revolution to Civil War:
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Notes4 - ECON 4337 Comparative Economic Systems USA...

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