The American Economy:Past, Present and Future

Paper Summary:

This paper briefly describes the beginnings of the American economy, explaining that it has almost always been based on big business, and then takes a look at the evolution of the American economy in more recent times. The paper discusses the development of micro and macroeconomics and its influence on the American economy as well as the influence of Japan's economic strength and the role of financial institutions in America. The paper also discusses the general state of the American economy today and what the future holds for the economy, explaining that while there is no guarantee, America's economy in the future looks strong.

From the Paper:

"It is an arguable fact that the initial American economy was built by outsiders....The Irish built the canals and tall new buildings and roads. The Chinese helped build transcontinental railroads. But, without entrepreneurs, some legitimate, some not, all this labor would have gone to waste. There were no true business giants in the rest of the world to compare with the Rockefellers, Morgans, Carnegies and Fords. Yet, the pioneers who settled this country now sat back and let hired imported cheap labor do much of the work. The American economy, as the 20th Century began, created an ever-widening gulf between the Have's and the Have-Nots. There was little sympathy for Communism as the voice of exploited workers. People like Eugene V. Debs and Norman Thomas developed Socialist political parties, but the were a distinct minority. Unions, on the other hand, began to flourish, and with them came the strong and powerful union leadership which, after World War II deteriorated into the same greedy, power-mad elite that they had organized to fight."

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