Money Makes The World Go Round

To start off, money in the U.S. is perceived as the currency of the soul. It makes the world go round. Lapham writes, “They had been so ‘deflected by the pursuit of money’ that they could turn ‘in no other direction.’. In my opinion, Americans

In the Wealth of Nations, Adam Smith talks about international trade and subsequent government policies which became increasingly significant throughout modern history. Protectionism is the term for economic policies of restraining trade between countries when they want to protect their domestic industries from foreign competition. Trades nowadays have different forms and methods and involve more businessmen as well as consumers, which is why trade diplomats are looking to regional agreements. The US experienced two major economic declines during the 20th century, both of which had much to do with international trade. Smith mentioned tariffs in the 18th century, but the role and forms of protectionism have changed across time, so we should know whether the development of economy should actually be correlated with or decided by the political sector of the society and when protectionism will benefit or hurt economy.

In American society, wealth has played a particularly significant role in shaping the culture and standards set for our country. With every dilemma that has occurred, money was been an underlying deciding factor in the end. John.F.Kennedy makes this very clear in his statement on lowering the prices of steel, all the way Jennifer Price's take on people being obsessed with a money, even Scott Russell’s article on the status quo Americans believe determines one's happiness and success. All of these passages tie together to show just how money influences our very own society.

During the Gilded Age America experienced the “Second Industrial Revolution”. Between the end of the Civil War and the early twentieth century, the United States underwent one of the most rapid and profound economic revolutions any country has ever experienced. There were numerous causes for this explosive economic growth. The country enjoyed abundant natural resources, a growing supply of labor, an expanding market for manufactured goods, and the availability of capital for investment. The uprising of big businesses, railroads, and factory transformed America from being based on small farm work into an industrial powerhouse. During the Second Industrial Revolution the role of “big business” in federal and state governments was a monumental turning point in the history of this country, setting a foundation which has come to play a big role in government policy today. In a time period where the American Government did not have a real system in place for becoming an elected official, a great portion of the government was “corrupted” by people put in place by owners of big businesses and in turn they agreed to pass laws or do other favors for their benefit. Moguls such as John D. Rockefeller, and Andrew Carnegie played major roles big business. The rapid expansion of factory production, mining, and railroad construction in all parts of the country except the South signaled the transition from Lincoln’s America—a world centered on the small farm and artisan workshop—to a

Prior to the 1890’s, the United States followed a foreign policy of seclusion to worldly matters. This idea stemming from George Washington’s Farewell Address to “avoid entangling alliances” became the foundation for American seclusion and detachment, a policy which resulted in this country being able to overcome tremendous internal difficulties facing the rising, fast-changing state of America. The Manifest Destiny enlarged American borders and created speedy industrialization, which made the nation powerful. New interests and concepts also began to change our foreign policies such as social Darwinists, which stressed the significance of forte and evolution, while others assimilated the “little brown brothers” who needed to be taught responsibly. {1-2 sentences on the economics of the Gilded Age before 1898: Panics, economic growth after the Civil War, 2nd Industrial Revolution} Urged by economic benefits, people wanted new markets for their goods, while others ravished the riches of new land. Due to the America’s strive to become the Worlds greatest nation throughout history, the American economy was able to benefit after the Spanish American war and World War II, as opposed to the inflation and lead up to the Great Depression which World War I inflicted on the 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.

Throughout the American History there’s been several people and events that have influenced the economy of the United States both positive and negatively. The Gilded Age, for instance, was a period where the growth of industries quickly took place leaving many great fortunes and wealth. The Robber Barons were businessmen responsible for taking control of major industries; and with so, they took most of the credit due to the fact that they shaped the economic landscape we experience in today’s daily living. Yet many people believe that the Robber Barons where greedy capitalists pigs even with the many opportunities they built such as large industries, technological changes, countless jobs for the Americans, and many other factors that benefited

While this may be detrimental to a smaller country, it is a casual sacrifice for the developed nation encouraging said liberalization. Due to their economic size and power, their cost of closure-the cost incurred on a nation by the termination of a trade partnership, measurable through direct income loss and adjustment costs of reallocating factors of production-is much smaller than that of the developing nation (Krasner, 21). Ideally, the smaller market is opened to a point of maximum advantageous trade, at whatever internal cost, and held there. The chances of the resultant instability overwhelming the capabilities of the nation are low, but if it does occur, the cost of closure for the larger nation is small. Thus, the instability is a worthwhile risk if it increases relative power. As a result, today large powers ubiquitously push economic liberalization upon smaller nations across the world in the name of the globalization

The United States has come to be known as a major world superpower throughout history. One of the main parts of America that has contributed to its renowned strength has been its economy. The United State’s economy has been growing ever since it began. Credit for its strength and progress in development can be attributed to the financial geniuses of their time. John D. Rockefeller became an economical giant during his time when he changed the face of business by developing ground-breaking new strategies to ensure financial success. Rockefeller dramatically changed the business field during The Gilded Age. He did so through the use of his social Darwinistic philosophy of capitalism, inclusion of vertical and horizontal integration,

Trade liberalization that enables countries to trade freely with few or no restrictions. When national economies are privatized and liberalized, they are in a better position to trade with each other. Reduction in transport costs, aversion of tax and non tax hindrances, promotion of vertical integration and expansion of product life cycles would all play a major role towards successful business.

Almost one hundred and fifty years after the birth of the United States of America, the country and its people stepped unabashed into the modern age. Following years of gloom and war, the public desired change. Though it took some years after the close of World War 1, the United States began to evolve. With high tariffs, federal tax cuts, and the increase of mass production among other things, America’s economy began to grow rapidly. Economic growth occurred simultaneously with social and cultural growth and these factors brought WW1 America toward the modern age.

The liberal approach to free trade is heavily associated with the fundamentals of capitalism. Free trade is therefore beneficial to the minority who are capable of manufacturing their goods in societies that have more unskilled labourers and in turn can be compensated less. The labourers in the nations that have the technology to do something better but not necessarily cheaper are at the greatest disadvantage within a liberal free trade political economy.

Free trade has long be seen by economists as being essential in promoting effective use of natural resources, employment, reduction of poverty and diversity of products for consumers. But the concept of free trade has had many barriers to over come. Including government practices by developed countries, under public and corporate pressures, to protect domestic firms from cheap foreign products. But as history has shown us time and time again is that protectionist measures imposed by governments has almost always had negative effects on the local and world economies. These protectionist measures also hurt developing countries trying to inter into the international trade markets.

Ever since the first involvement of government in international trade, many people have posed their opinion about what the role of government should be in it. Different factors are involved when it comes to deciding what this should be. It impacts a lot of people, so in order to do that, trade policy must be properly defined, identify what the roles of government currently are, and their involvement in it, and then analyse what should be their role. Trade policy is how a country carries out trade with other countries (Commercial Policy, n.d). Even though a lot of people support government intervention in international trade, countries would benefit a lot more if the government removes protectionism and promotes free trade instead.

To begin with the benefits of trade liberalization, while country starts to open the country borders for foreign trade with lowering tariffs and import restrictions, basically, the gains from import and export will be rise. Moreover, with the allowance of trading for foreigners who bring with them technology, investment and production skills inside borders of the country, country will achieve to fill up the lack of production skills and increase the amount of manufacturing goods, job opportunities for community, while sometimes foreign firms will benefit only from low labor costs. In the other words, a country will start to earn from comparative advantage as sector specialization and exporting goods while making sectoral transformation due to trade liberalization continuously which is also explained with an expansion of investment on research and development. Additionally, the industrialization degree of the manufacturing will be affected positively by Foreign Direct Investment (FDI) according to the country’s sector of comparative advantage. These processes can cause to make new job opportunities, boost in income per capita, advantages for consumers. All in all, these benefits can be listed as, (Arsalan Hasan,