Economy of the United States: Difference between revisions
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[[File:NYSE Wall St 2002.jpg|thumb|[T]he chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world. ~ [[Calvin Coolidge]]]]
[[File:Usa-world-trade-center-skyscrapers-reflection-night-skyline-cityscape.jpg|thumb|Only during two periods since 1776 has the government mostly left the economy alone: during the early years of the federal republic; and in the two decades previous to the Civil War. The political economist Condy Raguet called the first period of economic freedom, from 1783 to1807, "the golden age" of the republic: Trade was free, taxes were low, money was sound, and Americans enjoyed more economic freedom than any other people in the world. Sumner thought the years from 1846 to 1860—the era of the independent treasury, falling tariffs, and gold money—was the true "golden age." ~ Scott Trask]]
The '''[[w:Economy of the United States|economy of the United States]]''' is a highly developed mixed economy. It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP). It also has the world's eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) in 2018.
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==Quotes==
===A===
* As [[Institutional theory|institutions]] influence [[Human behavior|behavior]] and incentives in real life, they forge the success or failure of [[nations]]. [[Individuality|Individual]] [[talent]] matters at every level of society, but even that needs an institutional framework to transform it into a positive force. [[Bill Gates]], like other legendary figures in the [[information technology]] industry (such as [[Paul Allen]], [[Steve Ballmer]], [[Steve Jobs]], [[Larry Page]], [[Sergey Brin]], and [[Jeff Bezos]]), had immense talent and ambition. But he ultimately responded to incentives. The [[Education in the United States|schooling system in the United States]] enabled Gates and others like him to acquire a unique set of skills to complement their talents. The economic institutions in the United States enabled these men to start [[companies]] with ease, without facing insurmountable barriers. Those institutions also made the financing of their projects feasible. The U.S. labor markets enabled them to hire qualified personnel, and the relatively [[Competition|competitive]] [[market]] environment enabled them to expand their companies and market their [[products]]. These [[entrepreneurs]] were confident from the beginning that their dream projects could be implemented: they trusted the institutions and the [[rule of law]] that these generated and they did not worry about the security of their [[Right to property|property rights]]. Finally, the political institutions ensured stability and continuity. For one thing, they made sure that there was no risk of a [[Dictatorship|dictator]] taking power and changing the rules of the game, expropriating their wealth, imprisoning them, or threatening their lives and livelihoods. They also made sure that no particular interest in society could warp the government in an economically disastrous direction, because political power was both limited and distributed sufficiently broadly that a set of economic institutions that created the incentives for prosperity could emerge.
** Daron Acemoglu and James A. Robinson, Why Nations Fail: The Origins of Power, Prosperity, and Poverty (2012)
===B===
* [[Banking|Banks]] are the temples of America. This is a holy war. Our economy is our [[religion]].<ref>"Book of Business Quotations". Ridgers, Bill, ed. The Economist. July 31, 2012.</ref>
** [[Giannina Braschi]] (November 28, 2011), in the text "United States of Banana"
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** [[Giannina Braschi]] (November 28, 2011), in the text "United States of Banana"
*Only "America," of all national designations, took on the combined force of [[eschatology]] and chauvinism. Many forms of [[nationalism]] have laid claims to a world-redeeming promise; many [[Christianity|Christian]] sects have sought, in open or secret [[heresy]], to find the sacred in the profane; many [[Europe|European]] [[Protestantism|Protestants]] have linked the soul’s journey and the way to wealth. But only the "[[American Dream|American Way]]," of all modern symbologies, has managed to circumvent the contradictions inherent in these approaches. Of all symbols of identity, only "American" has succeeded in uniting [[Nations|nationality]] with [[Universalism|universality]], civic and spiritual [[Individuality|selfhood]], sacred and secular [[history]], the country’s past and the paradise to be, in a single transcendent ideal.
**[[Sacvan Bercovitch]], as quoted in [http://archive.is/Hh60z#selection-447.121-451.365 "Donald Trump Hates America: The rest of us can love America well"] (18 July 2019), by [[David Brooks]], ''The New York Times''
*[T]he stakes for America are never small. If our country does not lead the cause of [[freedom]], it will not be led. If we do not turn the hearts of [[children]] toward [[knowledge]] and [[character]], we will lose their gifts and undermine their [[idealism]]. If we permit our economy to drift and decline, the vulnerable will suffer most.
**[[George W. Bush]], [http://www.bartleby.com/124/pres66.html inaugural address] (20 January 2001), Washington, D.C.
===C===
* The story of [[neoliberalism]] is quite familiar to the millions across the USA whose lives have been ravaged by the "{{w|2007–2008 financial crisis|financial crisis of 2007-2008}}," which led to countless families losing their life savings, homes, and businesses. Commercial media attempted to neutralize the nastiness of neoliberal policies that led directly to this unseemly situation by calling the global emergency "a financial crisis" or "economic downturn," as if these events were unfolding as part of a historical movement or a cyclical part of economic laws. Yet, it was clear that the situation was a direct and logical outcome of the corporate wilding of America, where years of neoliberal policies have resulted in the greatest wealth gap to date in this country. The resulting scenario is ''violence'' - but not necessarily the type of violence that media outlets portray. I am not talking about muggings, robberies, or even shootings. I am pointing to a much deeper and sinister type of violence: the type of violence that can be prevented easily, such as the violence of forcing people, especially children, to go perpetually hungry in a society of great abundance; the violence of having people {{w|Homelessness in the United States|sleep on the streets}} unprotected from the harsh elements when millions of homes are vacant across the country; and the violence of paying people such low wages that they are unable to secure basic human needs such as clean water, healthy food, dental and medical care, a decent home, affordable transportation, and quality education.
*[T]he chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.▼
** Jung Min Choi, "Neoliberalism and Education: The Disfiguration of Students," published in ''Neoliberalism, Economic Radicalism, and the Normalization of Violence''. {{w|Springer Science+Business Media|Springer}} (2016) {{ISBN|978-3319251677}}
▲*[T]he chief business of the American people is [[business]]. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.
**[[Calvin Coolidge]], [https://archive.org/stream/foundationsofrep00unit/foundationsofrep00unit_djvu.txt address before the American Society of Newspaper Editors in Washington] (17 January 1925)
===D===
* The object of this new American industrial empire, so far as that object was conscious and normative, was not national well-being, but the individual gain of the associated and [[Corporations|corporate]] [[Monarchy|monarchs]] through the power of vast profit on enormous [[capital]] [[investment]]; through the efficiency of an [[Industry|industrial machine]] that bought the highest [[Management|managerial]] and [[engineering]] [[talent]] and used the latest and most effective methods and machines in a field of unequaled raw material and endless market [[demand]]. That this machine might use the profit for the general weal was possible and in cases true. But the uplift and well-being of the mass of men, of the cohorts of common labor, was not its ideal or excuse. Profit, income, uncontrolled power in My Business for My Property and for Me—this was the aim and method of the new [[Monarchy|monarchial]] [[dictatorship]] that displaced [[democracy]] in the United States in 1876.
** [[W. E. B. Du Bois]], ''Black Reconstruction in America, 1860-1880'' (1935), p. 586
===G===
*From the moment they took a [[republic]] rather than a [[monarchy]] as the shape of their [[government]], Americans prided themselves on being a nation of peace, dedicated to the arts of commerce rather than the rapacity of [[empire]] and "the spirit of war."
**[[Allen C. Guelzo]], [https://books.google.com/books?id=i5u1P0Fq4GYC&printsec=frontcover&dq=0307594084&hl=en&sa=X&ved=0ahUKEwj17N6CovLcAhUPUt8KHTa1CrgQ6AEIKDAA#v=onepage&q&f=false ''Gettysburg: The Last Invasion''] (2013), New York: Alfred A. Knoff, p. 9
=== H ===
* The United States is the most extreme case of the subjection of society to the brute force of the market.
** {{w|Jonathan Hopkin}}, ''[https://academic.oup.com/book/33608/chapter-abstract/288103592?redirectedFrom=fulltext American Nightmare: How Neoliberalism Broke US Democracy]''. {{w|Oxford University Press}} (2020)
=== L ===
* We do not believe that the American economy is a zero-sum game―in other words, if I have more, that means someone else will have less. What we said in that forum is that we believe in a growing pie. Just because I have a certain slice of the pie does not exclude anyone else from it by design. Unfortunately, the opposite view is held by many people in the [[w:Western world|West]] today. They do think it is a zero-sum game, that there's only so much to go around and that it has to be shared more fairly. They do not comprehend expanding [[wealth]] or creating wealth; they view it as limited and finite and want to [[Redistribution of income and wealth|redistribute]] it. It pains us greatly that we are not able to get our message across that the great [[prosperity]] so many people in this country enjoy is available to everybody―if you are just taught to avail yourself of it, how to believe in yourself, how to be [[Self-sufficiency|self-sufficient]], and how to escape government [[dependency]].
** [[Rush Limbaugh]], ''The Way Things Ought to Be'' (1992), pp. 26-27
===M===
* The U.S. economy was organized differently from the [[New Deal]] until 1973. As incomplete, uneven, and [[Racism in the United States|racist]] as it was, [[Social programs in the United States|social welfare]] and [[w:Public_housing_in_the_United_States|public housing]] worked to ameliorate the grossest injustices of the capitalist system. [[Capitalism]] was organized in a way that was less mean than it is now. The world can be organized such that it doesn’t simultaneously produce the people we call {{w|Homelessness in the United States|homeless}} and the thinking that we have to get rid of them.
** {{w|Don Mitchell (geographer)|Don Mitchell}}, "[https://www.bloomberg.com/news/articles/2020-05-13/what-causes-homelessness-start-with-capitalism How the Streets Got So Mean]." ''Bloomberg''. May 13, 2020.
===N===
* The blood, sweat, tears, and suffering of [[Black people]] are the foundations of the wealth and power of the United States of America. We were forced to build America, and if forced to, we will tear it down. The immediate result of this destruction will be suffering and bloodshed. But the end result will be perpetual peace for all mankind.
** [[Huey Newton]], "In Defense of Self-Defense", ''The Huey P. Newton Reader'', p. 137
===P===
* Solving this issue is going to require [[cooperation]] between the [[w:private sector|private sector]], including [[w:rail|rail]] and [[trucking]], [[w:ports|ports]] and [[labor unions]]
** [[w:White House|White House]] press secretary [[
===R===
* We in America reject [[Planned economy|planning]] except for the private sector of the economy, so what we have is [[Democratic socialism|democratic socialization]] for the [[Wealth|rich]] and rugged [[individualism]] for the [[Poverty|poor]].
** [[Bayard Rustin]], American Institute of Planners Conference, Washington, DC, October 5, 1967. Quoted in the [https://www.google.com/books/edition/Congressional_Record/RIfiNSj1JuEC?hl=en&gbpv=1&pg=PA28676 ''Congressional Record, House of Representatives, October 11, 1967, Volume 113, Part 21, p. 28676.'']
===T===
* Only during two periods since 1776 has the [[Federal government of the United States|government]] mostly left the economy alone: during the [[w:Early United States|early years of the federal republic]]; and in the two decades previous to the [[American Civil War|Civil War]]. The [[Political economy|political economist]] [[w:Condy_Raguet|Condy Raguet]] called the first period of economic freedom, from 1783 to 1807, "the golden age" of the republic: [[Trade]] was free, [[Taxation|taxes]] were low, [[money]] was sound, and Americans enjoyed more economic freedom than any other people in the world. [[William Graham Sumner|Sumner]] thought the years from 1846 to 1860—the era of the independent treasury, falling tariffs, and [[Gold standard|gold money]]—was the true "golden age."
** Scott Trask, [https://mises.org/library/ten-recurring-economic-fallacies-1774-2004 Ten Recurring Economic Fallacies, 1774–2004], ''Mises Institute'', 12 February 2022
===W===
* Part of the US success was how its massive economic power intersected with the daily lives of American citizens. Other rising powers in history had seen their rise mainly benefit their elites, while ordinary people had to be satisfied with the scraps left at the table of [[empire]]. The United States changed all that. Its economic rise created a domestic [[Consumerism|consumer society]] that everyone could aspire to take part in, including recent [[Immigration to the United States|immigrants]] and [[African American|African-Americans]], who were otherwise [[Discrimination|discriminated]] against and had little political influence. New products offered status and convenience, and the experience of [[modernity]] through [[goods]] produced by new [[technology]] defined what it meant to be American: it was about transformation, a new beginning in a country where resources and ideas fertilized each other through their abundance.
* We’ve had an economy that never really escaped the [[Financial crisis of 2007–08|crash of 2008]]. In a way, the last 10 years have been an economy on life support: vast amounts of [[money]] [[w:Injection (economics)|pumped]] into the economy; record drops in {{w|interest rate}}s, inviting everybody—business, individuals, governments—to [[w:Loan|borrow money]]—a debt-sustained situation. And after a while, you can’t mount up the debt on the basis of an economy that hasn’t really gotten going. And we’re seeing the eventual break. You know, the [[capitalist system]] has a downturn every four to seven years. It’s had that for centuries. And the last big downturn was 2008 and '09. So, if you do four and seven, and you add it to nine, we're due for one. And every major [[stock market]] observer, bank and so on predicts that we’re having a downturn. So it’s really only a question of exactly when. And the stock market anticipates this. And so we’re having, in a way, economic chickens coming home to roost. And the notion that it’s just the [[w:Federal Reserve#Monetary policy|Fed’s policy]] that explains this is really the kind of remark that would get a student a very low grade in any economics course.▼
** Odd Arne Westad, ''The Cold War: A World History'' (2018),
▲* We’ve had an economy that never really escaped the [[Financial crisis of 2007–08|crash of 2008]]. In a way, the last 10 years have been an economy on life support: vast amounts of [[money]] [[w:Injection (economics)|pumped]] into the economy; record drops in {{w|interest rate}}s, inviting
** [[Richard D. Wolff]], ''[https://www.democracynow.org/2018/12/26/richard_wolff_we_need_a_more Richard Wolff: We Need a More Humane Economic System—Not One That Only Benefits the Rich]'' (December 26, 2018), ''{{w|Democracy Now!}}''
===Y===
* We're the richest country, but if you're living in a shed <br> When does the economy [[Trickle-down economics|trickle down]] <br> Through the corrugated roof above your head?
** [["Weird Al" Yankovic]], "[https://www.youtube.com/watch?v=6fNWHbnIn0g Deja Vu (But Worse)]," 28 June 2024
===Z===
*In the United States (and to a lesser degree, in most of the [[Developed country|advanced world]]) [[money]] is an economic good. Something that has value in and of itself, and so it should be applied with a degree of forethought for how efficiently it can be mobilized. This is why banks require collateral and/or business plans before they’ll fund loans.
**[[
==External links==
*{{wikipedia-inline}}
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