The United States Of America's Economy

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The United States of America’s economy is one of the largest and the most differentiated national economies of the world. For this reason, the US is considered the engine of the world economy. A key feature that separates the US economy from others is the focus on making technological advancements and scientific progress. This often leads to dependence of other countries from the United States in science and technology and determines foreign policy of the state (Block, 2009).
United States’ Brief History At the end of the World War 2, the “golden era” for the U.S economy had begun. This was the time frame in which the economic productivity and activities were raising, which gave birth to the baby boomer generation and increased the income of the middle class families. The US GDP grew at an average rate of about 4% from the late 1940s to the early 1970s. During the 1970s, there were many structural changes in the economy ranging from services to industry and manufacturing. Nonetheless, after couple decades of growth in the economy, the US began to show signs of slowing. After the increased global competition and the oil crisis of the 1973, the US economy entered a period of inflation and stagnating growth which is referred to as “Stagflation.” The decade following this, 1980s, President Ronald Reagan encouraged a more supply sided economic growth. The main goals of these series of polices was to lower the government regulations and spending, along with tighter money supply
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