|Type of paper:
|United States Macroeconomics International business Sustainable development
The economic and political stability of the United States is characterized by the important developments from the time of colonization to the present. The achievement of American stability relies on the political and economic performance brought about by the development of technologies and peace following various conflicts that improved productivity. At the beginning of the 20th, there was a rapid economic growth of about 4% partly due to the increase in population (Drury, 2014). However, between the year 1910 and 1929, the economic growth rate slowed down to 2.8% (Drury, 2014). To date, the economist remains uncertain on what caused the instability in the market thereby causing an unstable economy. In the latter part of the century, there was an increase in economic growth rate due to the development of technology. The electrification was the main driver of economic growth as most of the industries used energy to facilitate production processes. The revolution in the design of energy powered factories or manufacturing processes led to an increase in the rate of production of different goods for trade. In other words, there was an increase in the manufacturing processes from different sectors. Additionally, in the later part of the 20the century, large growth in the electric utility productivity and industry was high. At the beginning of the 20th, there was the development of electric motors mainly used in the development of transportation services (Drury, 2014). These motors powered street railways and industries. Currently, America is regarded as one of the most stable economy globally, it is also the economic powerhouse, it dominates the international trade and controls the global financial system, and all these started at the beginning of 20th (Drury, 2014). The paper, therefore, discusses the extent to which America regain stability in the final decade of the 20th Century.
In the earlier part of the 20th century, the US economy was unstable due to the lack of an effective production process. In addition, there was a lack of clear policies that could control trade and enhance collaboration with another market in the international market (Drury, 2014). In the last decade of the twentieth century, the country regains economic stability due to the inventions in technologies and changes in the policies and manufacturing processes. The American economy became stable as a result of the rapid development in infrastructure that stated in the mid-20th century (Drury, 2014). With the increase in the railway networks and road services, moving well from the industries became easier and faster. In addition, the manufacturers were able to apply technology such as electric power in the production processes. With the increase in the number of goods from factories as well as the effective transportation system, trade increased a situation that made the economy to grow and become stronger unlike in the previous decades and centuries. The inventions in technology led to further innovation. A situation that led to constant development and a further improvement in economic activities.
The stability in the United States economy towards the end of the 20th century was also attributed to the development of policies and legislation that guides the business operations and working processes (Drury, 2014). For instance, the Pure Food and Drug Act formulated in the year 1906 is regarded as the first among the series of legislation that encouraged the establishment of Food and Drug Administration (FDA) (Drury, 2014). In most cases, a stable economy is defined by functioning legislations and policies. With the increase in the production processes and subsequent growth in trade, America needed policies to safeguard industrial activities. Therefore, strengthen the economic status by increasing the reliability in the economy. The Federal Meat Inspection Act was another legislation formed at the beginning of the 20th Century. The law assisted large packers and eradicated the small business operations that did not have quality control or economy of scale. In the year 1913 (Drury, 2014). There was the Sixth Amendment in the American Constitution that enabled the government to tax the incomes from different companies, workers, and traders in the market. With taxation, the government was able to produce a budget for the nation and plan for different economic activities that would ensure a stable economy. In the last decade of the 20th century, the system of taxation was fully implemented and the government was able to collect revenues and use them in the development processes (Bush, 1992).
Effective infrastructure development experienced from 1900 determined the stability in the US economy towards the end of the century (Bush, 1992). Most of the infrastructural projects were undertaken by the government to ensure an increase in trade that would later lead to economic stability. At the beginning of the 20th century, there was an increase in the middle class that was suspicious of both the businesses and the elite. In addition, there was also the rise of radical political movements of laborers and farmers in the United States (Bush, 1992). The movements were called progressives and they favored governments policies, businesses, and regulations. These laws established the free enterprises that would ensure completion among the traders, manufacturers, and industries operating in the United States of America. The economic stability was facilitated by the policy of the New Deal. The New Deal refers to the sequence of projects and programs that became useful during the Great Depression. President Franklin Roosevelt saw the need to restore prosperity among the American people. After getting into the office in 1933, stabilization of the US economy was the top agenda, this forced him to formulate series of programs and projects, create jobs and provide relief the population that was significantly affected by the global economic meltdown (Bush, 1992). The New Deal involved restoring measures of prosperity and dignity to the American people. The programs involved the creation of employment to the citizens through reviving industries that had collapsed. There was the formulation of different governmental organs, for instance, the Works Progress Administration concentrated on building bridges, post offices, parks, schools, and highways.
The stability of a nation is determined by the social, economic and political factors. In other words, these are the major components of a stable country. In the latter part of the 20th century, the development of policies led to the creation of effective governance that was able to control the economic developments. The later decades of the 20th century, there was a remarkable improvement in the quality of life in America. In addition, the government ensured improvement in housing; the sanitation was greatly improved through the development of sustainable water resources and the sewerage system. With the development and increase in the exports, the country was able to ensure stability through improvement in trade services and high-income tax from different businesses. The concept of imperialism and empire that started in the later part of the 20th century has earned recognition in the 21st-century economy mainly because of the global supremacy of the United States and the influence of the Bush's administration as well as the military domination over other world powers. The United States has had steady economic growth since the recession. The country enjoys the largest and most diverse economic environment. The US economy operates a free market and a private enterprise system that is only checked by the government in sectors of healthcare, retirement, and transportation. The companies in the country are among the best performing around the globe. Today, the US macroeconomic indicators show that the economy still has room for improvement for the years to come. The country's unemployment rate reduces annually, implying that the government's revenue collection increases annually, besides increased supply as labor is a function of supply.
Bush, G. H. (1992). Address to the Nation on the Civil Disturbances in Los Angeles. California, May, 1.
Drury, S. A. M. (2014). Defining national security as peace through strength: Ronald Reagan's visionary rhetoric of renewal in the 1980 presidential campaign. Argumentation and Advocacy, 51(2), 87-102.
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