Global Economy Vs United States Essay

America during the 1920’s is often described as a time of prosperity and change that allowed the United States to peak. However, what is commonly overlooked is that this era was conflict filled in which society was blinded by luxurious lifestyles and the entertainment industry; preventing any solutions from being formed that could deal with the various issues. It was the people’s ignorance and the problem filled cities that slowly pushed America into the great depression within a decade. After World War I finally came to an end on June 28, 1999 through the Treaty of Versailles, the United States became the most powerful nation in the world since it was the least affected by the war compared to Europe. In fact, American industry and economy

The ascendency of the United States (U.S) into the world’s hegemonic was one like none other. The start of the twentieth century brought upon revolutionary technological advancements that propelled the U.S into the leading economic superpower it remains today. Following the turbulent economic climate of the country following World War I, the development of mass production not only revolutionised the industrial sphere, but also remains widely accredited for being the key driving force behind the economic boom in the 1920s. Existing social values were reformed; free-market capitalist practices were endorsed, and American society aspired to ideals of excessive material wealth and excess. A revolution of mass consumption’ took place in this era, transforming the U.S economy one of global superiority and enabling it to exercise diplomatic authority over the rest of the world. However, it must also be considered that such developments only brought upon temporary prosperity, ultimately leading to the globally devastating Great Depression in the 1930s, and this prosperity was only enjoyed by a fraction of the population. Additionally, the importance of other factors, such as the nation’s role in WWII, and the fiscal policies implemented by the Republican government, when regarding the nation’s rise to global hegemon is fundamental.

In the decade following the end of World War I, the American middle and working classes benefitted significantly from economic

Modern America can be considered one of the world’s economic and industrial leaders. This didn’t happen instantaneously. It was a long process that took centuries to occur from when America was first colonized by England. America started slow and far behind England and other European countries in the technology race but a diverse culture and the work ethic of American people all helped to push this country forward. From antebellum America in the 19th century, to the Progressive Era in the late 19th century and early 20th century, and finally to the New Deal period in the 20th century, many changes occurred as millions of people lives were affected greatly during this time. Throughout these eras in U.S. history, there was a general

In the wake of the World War II, America emerged as an industrial superpower. The surge of

From the early to mid 20th century, the U.S. underwent severe economic changes due to the internal problems. A system of laissez faire does not protect the people in the most damaging recession, the Great Depression. A shift from Hoover to FDR, leads to reform in the New Deal. Later in World War II, the U.S. will isolate itself to focus on the internal economy. The changes in the economy reflected back into the world and into domestic policy. Internally, reform and relief will bring back the nation and the focus of internal economy would create global problems. The U.S.’s economic policy shaped the nation as a welfare state from FDR’s New Deal and proved to be a world power from the causes and post war effects of World War II .

Post-World War I was a time for reevaluation: of alliances, of war tactics, and of what it meant to be a part of humanity. The so-called Great War left people around the world feeling exhausted, disgusted1, and yet stubborn in the desire for just compensation for their losses2. The United States found itself in a peculiar position born of Wilsonian neutrality ideals and immense war debts from the Allies; foreign policy decisions were entrenched in an internal battle between isolationists and internationalists3. While the 1920s are often said to have been dominated by the isolationists, perhaps American leadership through economic manipulation played larger role than it has been given credit4. The United States was not an isolationist nation after WWI, and its economic foreign policy decisions had global consequences.

The period immediately following WWII began a time of prosperity and abundance never experienced before. The GDP rose 250 percent from 1945 to 1960, and per capita income increased by thirty-five percent (Coontz, The Way We Never Were 24). By 1955, sixty percent of the population was considered middle class, with household purchasing skyrocketing (Coontz, The Way We Never Were 24). For the first time Americans found themselves with access to a myriad of goods and services above and beyond necessity and the financial means with which to avail themselves of them.

This great nation’s economy is powered by the almighty power of capitalism. We are number one when it comes to the size and importance of our budget (US Economy). Ipso Facto during the United States’ prime, many countries wanted to emulate the United States due to their extraordinary financial standing compared to the rest of the World (McBride). This want to push towards United States levels of success has caused many countries to shift to a more capitalistic way of thinking. Capitalism is “a system in which goods and services are offered on the free market, with buyers and sellers coming together to determine the price of those goods and services” (US Economy). During the 1920’s, the amount of

By the end of World War I (WWI) in 1918, America as a whole was changing. Over the last eighteen years, Henry Ford had released the Model T car, the Wright Brothers flew an airplane, and women were demanding more rights. America entered WWI in 1917 and came out strong, but lost billions of dollars and thousands of military men. By the time the 1920’s came around, Americans wanted to forget the horrors of the war and began to be more carefree. They put large amounts of money in the stock market and bought property using margin buying, which promoted a happier lifestyle of new technologies and ways of entertainment. All the inflated money in the stock market came crashing down in October 1929, changing America’s economy and culture for the

American economy after the birth of the republic was by no means simple. In fact, after winning independence from Britain in the Revolutionary War, both the vast size of our country longitudinally and the ever-changing policies of our government caused a wide variance across the nation in how citizens were able to make a living. This was mainly due to a group of factors consisting of: geography, slavery, land acquisition, the Industrial Revolution and the Transportation Revolution. Because of these factors, we can separate the American economy into three different regions: the North, the South, and the West.

Post-war government spending reached 10.2 percent of the GDP during the half decade following World War II (See Figure 1 for 1950 example). Defense was still a major piece of the government spending pie, generating manufacturing prosperity nationwide. At the same time, labor unions negotiated contracts that linked wage increases to productivity growth and to cost of living increases. The wage norms in the private sector reinforced the underlying postwar social contract. Until the 1970s, labor unions led the wage improvement with that particularly benefitted less-skilled, less-educated workers. A spillover effect from union-negotiated wages and benefits was felt by nonunion workers and managers across the economy. Wages and salaries were increasing people had more discretionary income and could afford options like moving to the suburbs and furnishing larger home, and buying cars. The transportation sector had to move the goods nationwide to consumers. The interstate highway system which was originally conceived to move troops and tanks across the country enabled the nation to profoundly improve economic efficiency and productivity. By increasing speed and expanding access, freight costs were substantially reduced. Tractor-trailer operating costs are estimated to be 17 percent lower on interstate highways than other highways.

This economic medium however, could not ideally define in economic terms how America and Americans turned the corner of a significantly bad time in American history. This return to economic affluence could be credited to two things, America’s role in the war and the role of the American people. Apart from the venture into World War II which could ideally be credited with America’s return to economic prosperity. America’s contribution to the war by supplying the actively participating countries with supplies and weaponry had the effect of galvanizing and energizing the American economy. An even more consequential factor that can be considered for American economic resurgence is American ingenuity found in American women and minorities who became very

The post WWII period in American history is typically recognized as the financial buck that catapulted the U.S. to the economic power house it is today. America continues to harvest the economic success of big business post WWII, like those of the automobile market, which were a powerful force in the economy during this period. The stimulated

be the risky nature of the financial markets, and the fact that they are still unstab