Chapter 3 American Economy
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American Economy
Contents: 1. Industrial Revolution 2. General Survey 3. Industries 4. Agriculture
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American Economy
Industrial Revolution
Position of the American Economy 1. “superpower” in world affairs 2. dominant position of the dollar
“Bretton Woods System”
布雷顿森林体系/布莱登国际货币制度
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American Economy General Survey
Bretton Woods System 1. most major currencies are pegged to the US dollar 2. the dominant position of the dollar was formally
established in the Bretton Wood system which was held in 1945 at Bretton Woods in New Hampshire and attended by 45 countries. 3. The conference also set up the IMF (International Monetary Fund), the World Bank, and GATT( the General Agreement on Tariffs and Trade), later known as WTO, it is a world trading system.
1. Sectors of American Industries 2. Distribution of industries 3. Major Industrial Cities 4. Factors of the Development of
Industries
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American Economy Industries ------Sectors 1. Manufacturing 2. High Technology 3. Heavy Industry 4. Aviation 5. Car Industry
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American Economy
Industrial Revolution
“The Wealth of Nations”
Adam Smith
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American Economy General Survey
1. The structure of the economy 2. The position in the world 3. Inflation and Deficit
Adam Smith Alexander Hamilton Early American industries Second development A Third development A fourth development New era for the United States
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American Economy Industries ------Sectors
Manufacturing
The US manufacturing industry is the largest in the world, almost 3 times the size of Japan.
1. one quaan Economy General Survey
Structure of the economy
1. Privately-owned business 2. State-owned business 3. non-profit organizations
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American Economy General Survey
structure of the employees 1. self-employed (75%) 2. government workers (21%) 3. employees of nonprofit organizations
(4%)
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American Economy General Survey
4. By 1998 the gross federal debt has reached $ 2 trillion
5. interest on the federal debt is over $ 150 billion a year.
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American Economy Industries
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American Economy General Survey
Deficit
American economy is deficit financing.
1. $23 billion during WWⅠ
2. $13 billion more during the 1930s
3. $200 billion more during WWⅡ
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American Economy General Survey
Inflation Inflation is a general rise in the prices
of goods ad services, the real or purchasing power value of money is reduced. E.g. Three dollars are necessary today to buy what two dollars bought yesterday.
2. one quarter of the national income