unit-5-economyunit-5-economyFramework of This UnitA Historical PerspectiveAgriculture,Industry and ServiceLabour and Labour UnionAmerican American EconomyEconomyPart one: brief introduction of US economy It is currently both an economic and technological giant, especially in some advanced fields.Economic system includes privately-owned businesses while the federal government also plays an important role in it.Private ownership arise because of the belief of personal freedom. uWe know that America is a young nation with a history of only about 230 years. During the process of its development, the country went through a lot which were difficult and complicated. uIn all, it consists of three sections: the Colonial Period, since America independence, the 20th century. Now lets begin to learn the history of its economy.4Part two: history of American economySection one: the Colonial PeriodReasons for the development of the would-be US.charter companies:These companies were given a charter or grant conferring as well as political and judicial authority to seek economic gain. However, they often turned over those charters to the colonists. This meant that the colonists started to construct their own new nation. the development of secondary industries. Main industries were shipbuilding, plantation, crops and furs. All these contributed lots to its increasing wealth. American RevolutionWith the development of its economy, the colonists in North America were ready for self-government. In the end the War of Independence broke out with the motto of “inalienable rights to life, liberty, and property.” Section two: since American IndependenceTwo important persons in the periodAlexander Hamilton Hes one of the founding fathers of the nation and its first Secretary of the Treasury. He advocated an economic strategy. Thanks to his efforts, tariffs became an essential part of American foreign policy, which lasted until the middle of the 20th century and the first bank of the US founded.Abraham LincolnBefore Lincolns presidency, the Industrial Revolution began in Europe and spread to the US later. During the time, economy included manufacturing, textile, and machinery. l Lincoln and his officers successfully pushed the adoption of a protective tariff. l And also, the Civil War broke out in the 1860s. It ended with the victory of the North. This victory decided the destiny of the nation and the economy system, which indeed was industrial economy.Abraham LincolnSection three: the 20th centuryIt prospered in the early 20th century but then suffered the Great Depression in 1929, which is the worst one in American history.During the presidency of Roosevelt from 1932 to 1945In order to tackle the depression, the famous president Roosevelt started his New Deal in 1933.Measures been takenClosed all banksSet up the New York State Emergency relief commission.Relieved the misery for the unemployed.Results:Began the time of governmental intervention for economy.Dampened the effects of inflation and stimulated growth.Established the International Monetary Fund and World Bank.It indeed won success in helping change the situation.During the presidency of Johnson from 1963 to 1969 In order to build a “Great Society”, the president launched various programs that drastically increased the federal spending.Results: economic growth decreased in the 1970s. During the presidency of Reagan from 1981 to 1989The administration adopted new monetarist policies.Results: brought inflation and unemployment under control.From 1990s to the early 21th centuryIt saw a recession during the administration of president George H. W. Bush.It slowly and continuously grew since 1990s.Part three: current American economySection one: agricultureuUS has a rather advanced agriculture that largely depend on its geographical features and technology. It has abundant rainfalls, well irrigation and large areas of level or gently rolling land.Large capital investments and the use of highly trained labor also contribute to the success of US agriculture.Thanks to American agricultures productivity, the nation exports lots agricultural goods to other countries. According to the statistics, US ranks the first in export of agricultural products.Section two: manufacturingTheres no doubt that US is one of the strongest countries in manufacturing. The industry helps to employ more than 24 million workers. Section three: service industryService industry is significant to the American economy.It involves three categories: services for the affluent, welfare services services provided by the poor. Section four: high-tech industryThe American technological and scientific researches go furthest in the world and it makes America the most advanced country.These fields include computers, engineering, information technology, etc.Section five: foreign tradeChanging periodIt changed from a domestic-oriented trade pattern to a more internationally-oriented one since the post-war years.Current tradeIts exports are about 10%of the worlds total. Important products are office machines, household appliances etc.It takes the largest percentage of imports . Importance of American economyIt influences a lot to the worlds economy and it even can determine the trend of the economy in some degree.Thank you!结束结束