The U.S. Economy and its Effect on Global Markets

Paper Summary:

In this essay, the writer points out that the United States economy has once again emerged as a growing economy, dramatically and irreversibly impacting the global market. The writer notes that the impacts to the global market lie in the areas of employment, globalization, agriculture, intellectual property, the War on Terror, and the overall U.S. trade deficit. The writer maintains that some of these impacts have been positive for the global market, such as outsourcing and inflated gasoline imports. However, the majority of the impacts caused by the U.S. economy have had devastating effects for third world countries in the areas of technological developments and intellectual property protections. This paper addresses the impacts that the U.S. economy has had on other markets in the world, and concludes with a brief summary of the issues.

From the Paper:

"In the area of technological innovation, the United States is also impacting the global market. In the agricultural industry, one quarter of the U.S. economy previously revolved around it; currently, agriculture comprises less than one percent as a result of efficiencies and breakthroughs in technology. Globalization has sparked a revolution in information and communication technology, resulting in the emergence of an Information Age that boasts the arrival of new levels of global interconnectedness. However, this global inter-connectedness has widened the gap between the information-rich and the information-deprived. The technological innovations made by the U.S. has forced individual countries to improve their efficiency or at least reduce the government's role in the economy. Thus, it can be argued that globalization has made the world more interdependent and has increased the damage that internal problems within individual countries can cause."

Sample of Sources Used:

• American Friends Service Committee. (2005). World Trade Organization. Retrieved November 21, 2006 from http://www.afsc.org/trade-matters/trade-agreements/wto.htm
• Forbes, Steve. (2004). The U.S. Economy in the Election Year and its Impact on Global Markets. Retrieved November 21, 2006, from http://fpc.state.gov/fpc/33646.htm
• MSN Encarta. (2006). United States Economy. Retrieved November 22, 2006 from http://encarta.msn.com
• PIPA. (2000). Americans on Globalization: A Study of US Public Attitudes. Retrieved November 21, 2006, from http://www.pipa.org/onlinereports/globalization/4.html
• Soros, George. (2002). On Globalization. New York: Public Affairs.

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