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6 American Economy


Lecture 6

American Economy
I. Introduction
?The

economy of the United States is a ____________ economy, also known as capitalist economy. ?In market economy, production is regulated by market and prices fluctuate according to _____________ and demand. ?The United States has the world’s ____________ economic resources and leads the world in technological development. ?American economy experienced a long period of fast growth in the 1990s and it had a gross ____________ product (GDP) of $10,446 billions in 2002, which ranked ________ among all nations in the world. Its per ________ GDP for the same year was $37,600. ?However, the American economy entered a period of ________________ (stagnation + inflation) in the early 21st century, especially after the terrorist attack on September 11.

II. Survey of the US economic development
From colonial time to World War I
?Throughout

the colonial period, ________________ was the chief occupation, and industrial and commercial activities were revolved around materials extracted from the land. ?After the American Revolution (1776-1783), the spread of market economy, represented by the high degree of competition in __________________ between waterways, roads and railways, and the rapid growth of specialization and ______________ of labor in production, with southern specialization in cotton and northern concentration in manufacturing. ? The ___________________ process was temporarily halted by the outbreak of the Civil War (1861-1865); ? Modern characteristics of the American economy (50 years before the 20th century): The most impressive change: Agricultural economy → __________________ economy ? The increase of productivity; ? Technological development; ? Discovery of new ____________ sources; ? Investment in human capital ? Economies of ______________ 1880-1920 the leading manufacturer (both in production & output per worker)

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The Great Depression & New Deal
?The
? ?

economy hit bottom in March _________

National output was one third what it was in 1929 Official unemployment was _____ percent ? 16 million Americans were out of work ?The population was less than ? its present size

The New Deal
? ? ? ? ? ? ?

New Deal – the most liberal reform in American history (proposed by President Franklin D. __________________). Agencies was set up to Provide relief for destitute families, and employ millions of people in road building and flood-control projects; Provide supervision over the ___________ market; Supervise “fair practice” in industry; Raise farm price by _________________ the supply of farm commodities; Provide federal ___________________ program to the aged, the needy, the dependent and the blind; Create _______________ demands.

What Went Wrong?
?The

Federal Reserve greatly tightened credit ?This reduced the ___________ supply ?The Roosevelt administration suddenly got the urge to balance the __________ ?This would have made sense during an economic boom but not when the unemployment rate was 12% ?This caused ?Industrial production to fall by ____% ?Five million more people to be put out of work ?In April, 1938 the Federal ______________ (the Fed) and the Roosevelt Administration reversed course ?War broke out in Europe ?America mobilized in 1940 – 41 and then entered the war on December 7, _____ ?America was back on the road to recovery

What Finally Brought the United States Out of the Great Depression? ?The massive federal__________________________ that was needed to prepare for and fight World War II
? ?

This was _________ spending (borrowed money) In other words the federal budget ran a deficit

The End of World War II
?The

country that emerged from WW II was very different from what it had been four years earlier

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Prosperity had replaced depression; ?__________________ was now the number one economic problem; ?The U.S. accounted for ? of the world’s manufacturing output; ?With just ____ percent of the world’s population ?The U.S. and the ____________ Union were the only superpowers left standing
?

Postwar Economy
?Business

entered a period marked by consolidation. Firms merged to create huge diversified _______________________. ?During the 1959s, the number of workers in ______________ industry equaled and exceeded that of workers in ________________ industry. And by 1956, a majority of US workers held ___________-collar rather than blue-collar jobs. ?As farming became a big business, gains in productivity led to agricultural _____________________, and more and more farmers left the land. As a result, the number of people employed in the farm sector declined from 7.9 million in 1947 to _____ million in 1988.

The Suburbanization of America After WW II
?Twelve

million men and several hundred thousand women returned to ______________ lives ?There was a tremendous shortage of housing ?The only place to build was _________ cities ?This required roads and cars ?The Federal Government subsidized an interstate highway network along with state freeways, state highways, roads, and local streets ?Growing demand for single-family ___________ and the widespread ownership of __________ led may American to migrate from central cities to ____________.

1940s and 1950s
?One ?The

big construction _____________ automobile industry prospered ?Supplied America’s pent-up(压抑的)demand and became the world’s leading ______________ of cars ?Birth rates shot up (baby boomers) ?Congress passed the G.I. Bill of Rights (1944) ?Provided _________ for home mortgages, business, and education

The 1950s: The Eisenhower Years
?The ?The

advent of _______________ and the Korean War stimulated the economy Eisenhower administration ?Ended the Korean War and inflation ?Made no attempt to ________ the legacies of the New Deal ?The role of the federal government as a major ________________ player became a permanent one

The Soaring Sixties: The Years of Kennedy and Johnson
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?The

country was in __________________ when John F. Kennedy (1961-63) was elected. Kennedy sought to accelerate economic growth by increasing government ________________ and cutting taxes, and he pressed for medical help for the elderly, aid for inner cities, and increased funds for education. ?He was assassinated and replaced by President _______________ in 1963 ?Lyndon Bainers Johnson (1963-69) enacted a tax ______ planned by Kennedy ?The tax cut and the spending on the _____________ war ended the recession ?President Johnson sought to build a “Great Society” by _______________ benefits of America’s successful economy to more citizens. Federal spending increased dramatically, as the government launched some ________________ in 1965 that would have profound long-term effects
_________________ (health care for the elderly) Medicaid ?Food _______________ (food assistance for the poor) ?Numerous education initiatives
? ?

The Sagging Seventies: The Stagflation(滞胀)Decade
?Nixon became President in 1968 ?The decade began with the problems

of ________________ and ending the

Vietnam war ?Wage and price controls were initiated ?By the end of 1960s, the government’s failure to raise __________ to pay for the war on poverty and the war in Vietnam led to accelerating inflation. ?1973 Economic disaster began ?OPEC quadrupled oil prices ?The U.S. was hit by the worst ___________________ since the 1930s ?The U.S. faced double digit inflation ?The U.S. experienced _______________________ ?Economic stagnation + inflation ?Jimmy Carter was President in 1976 ?He presided over mounting budget ________________ ?The money supply grew rapidly ?_______________ rose almost to double digit levels ?He faced the Iranian revolution in 1979 ?Gasoline prices went through the ceiling ?In October, 1979 the Federal Reserve (Fed) stopped the growth of the ________ supply ?By January, 1980 the country was in recession ?The inflation rate was ____ percent ?The nation’s productivity growth was at one percent, one third the postwar rate

The1980s: The Age of Reagan
?Supply-Side

vs. Keynesian economics ?The objective of both is to stimulate _________ ?Keynesian economics (John Maynard Keynes) ?The government should ___________ more money ?This would give business the incentive to produce more

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?Supply-Side
?

economics(供应经济学) The government should _______ tax rates ?Consumers would then have ?More incentive to work ?More of their own money to __________ and business would produce more ?The country was in a severe _____________ 1981 ?It was the worst since WW II ?Unemployment reached nearly 11 percent in 1982 ?Inflation had been brought under control ?Unemployment rates began ____________ ?They seemed to stick around 6 percent ?___________ were a problem: $79 billion in 1981 and $290 billion in 1992 ?Personal income taxes were ___________ ?Business taxes were cut

The “New Economy” of the Nineties
?It

was a decade of major technological change ?Marked by low inflation, low ____________________, and rapidly growing productivity ?In the 1980s and 1990s, the ______________ sector (business services, health services, legal services, catering services, educational services, entertainment services, etc.) had become the _________________ of the U.S. economy. ?One of the most prosperous decades ever ?The stock market ____________ (the Dot-com boom) ?The length of the economic expansion ended in March 2001 (a period of 120 months) an all-time record ?The last two decades the economy has become increasingly _______________ with the global economy ?This has resulted in ?An ____________ of jobs – making shoes, electronics, toys and clothing to developing countries ?Service work like writing software code and processing credit card receipts _____________ to low-wage countries ?White collar jobs now moving offshore ?Routine service and engineering tasks are now going to _________, China, and Russia ?Educated workers in these countries are paid a ________________ of what their American counterparts earn

The “American Economy” in the New Millennium
?2001
?

was not a good year for America March 2001 the 10 year economic ______________ ended (a recession started) ?The stock market started _________ ?Unemployment began to creep up ?9/11 attack occurred ?Unbridled optimism gave way to _________________

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?Following

the recession in 2001, the US economy had a solid ________ of 3.35% in 2003, and 4% in 2004. ?In 2002, its GDP reached 10,300 thousand million dollars, and 11,300 in 2004. ?Through 2001 to 2007, the red-hot housing market across the United States fueled a _________ sense of security regarding the strength of the U.S. economy. ?In 2008, the National Bureau of Economic Research (NBER) declared that the U.S. had been in ______________ since December. The recession is considered the __________ since the Great Depression of the 1930s. ?By late 2008 distress spreading beyond the financial and __________ sectors, especially as the “Big three” of the automobile industry (General Motors, _______, and Chrysler) were on the verge of bankruptcy. ?President Barack Obama has signed the American _____________ and Reinvestment Act of 2009, a bill that $ ______ billion in stimulus through a combination of spending and tax cuts.

III. The Role of Government in the Economy
The idea of laissez-fair
?Laissez-fair

(French) literally means "let do", but it broadly implies "let it be", or "leave it alone." ?In economics, laissez-faire describes an environment in which transactions between private parties are _______ from state intervention, including restrictive regulations, taxes, __________ and enforced monopolies. ?It is based on the belief that the natural economic order tends to secure the ______________ well-beings for the individual and for the community as a whole, when undisturbed by artificial stimulus or regulation. It emphasizes free market and fair ________________. ?Government had a __________ role to play in society (the administration of justice, the construction of public works, and the protection of citizens from foreign invasion).

How the U.S. Economy Works?
?The

U.S. economy combines private ownership with government ___________. policies are made together by producers, __________________ and the government. ?Producers make their decisions on what to produce in order to ______________ profit. ?The American economic activities are carried out by about 20 million companies, commonly known as businesses. Businesses can be either huge ________________ employing thousands or tens of thousands of people or small businesses run by a single family.
?Economic

Small businesses
?Small

businesses play a very important role in the economy. ?It includes a large part of the ___________ industry and most of farms, employing about 52% of all the U.S. labor force.

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?With

their limited financial resources, small businesses are more _______________ than large corporations in times of economic recession. ?However, they also have certain advantages. Since they require small investment, they can _________ quickly to the changing economic conditions and move to new fields to meet the demands of market.

Large Corporations
?Despite

the huge number of small and medium-sized businesses, large corporations play a ________________ role in the American economy. ?Many of these corporations are national or ________________ corporations. ?To raise the funds, corporations sell ___________ to the public. A large part of these funds come from major financial institutions, but a growing part comes from individuals. ?Large corporations have ______________ impact on American economy. The great influence of big corporations on economy has caused the government to pass ______ protecting their interest and to provide help when they are in trouble.

The Role of Government
?The

role of government in the U.S. economy has been growing. Starting from the late 19th century, the American government was urged to ______________ in the economy to protect the small businesses from _____________ by increasingly big powerful corporations. ?The government passed the Sherman _____________ Act in 1890 and prevented the merger of big companies in order to prevent _________________. ?New Deal legislation extended federal authority in banking, agriculture and public welfare. ?Federal government regulation falls into two general categories: ____________ regulation and social regulation. ?The government also provides services and _______________ that the market cannot provide effectively. ?Among these are national defense, the maintenance of transportation systems, education, libraries, hospitals, public police and fire protection, public __________ system and the benefits of Social Security. ?Overall, the American federal government, through its _________________, guides the pace of American economy. ?It can help decelerate or accelerate the growth rate of economy by two means: the financial policy and the ________________ policy.

IV. The Basic Ingredients of the US Economy
The Basic Ingredients
?1st

ingredient: abundant _____________ resources (a land rich in mineral resources and fertile farm soil together with a moderate climate); ?2nd ingredient: sufficient amount of available ____________ ?3nd ingredient: good quality of available labor (a skillful and willing labor)

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V. A Free Market Economy
Fiscal Policy
National fiscal policy focuses on the taxing, spending, and ______________ activities of the national government. The principal instrument of U.S. fiscal policy is the federal budget. ? 3 major elements of the budget: 1. spending 2. _______________ 3. the surplus or deficit
?

Monetary Policy
?In

1913, Congress decided to delegate authority over monetary policy to the Federal ____________ System(美国联邦储备系统). At the top of the System is the Federal Reserve ____________ (the Fed), which is an independent agency over whose actions neither the president Nor Congress has any direct control. ?As the central bank of U.S. the Fed’s influence over the economy is mainly through _______________ policy (to expand the amount of money and credit or _____________ the money supply).

Federal Reserve System
?All

commercial banks have to put a certain percentage of their ____________ in the 12 Federal Reserve Banks. ?The Federal Reserve System issues national currency and decides monetary policy such as __________ rate. ?It has been an independent agency of the U.S. government with unique autonomy and authority to _______________ and implement monetary policy free from short term partisan political pressures. As the nation’s money manager, the Fed controls the _______ of money and ___________ in the economy. ?It is the ________ bank of the U.S. financial sector. It serves as the banker for the federal government by providing financial services for the U.S. Department of Treasury, and regulates and ______________ the nation’s banking and financial system. ?It also acts as a ____________ to supervise and regulate the nation’s financial services sector to ensure financial firms’ soundness and compliance with banking, consumer, and other applicable laws.

Federal Revenues ? Five sources of federal revenues:
1. 2. 3. 4. 5. Individual ___________ taxes: the government’s largest source of revenue; ____________ income taxes Social security taxes ___________ and gift taxes Customs duties and excise taxes(消费税)

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VI. Some major sectors of U.S. economy
Classifying economic activities
?Private
?

industries can be divided into 2 groups:
agriculture, forestry and ______________ mining ________________ manufacturing real estate _____________ services

The __________-producing group
? ? ? ?

?

The ______________-producing group
? ? ?

The service-producing section VS the goods-producing section
?The

service-producing sector has significantly _____________ its weight in the U.S. economy, with its GDP share increasing from 44.7% from 1948 to _______% in 2000. ?The goods-producing sector, however, ____________ its GDP-share from 44.7% in 1948 to _________% in 2000. ?Consequently, the relative economic strength has shifted from the goods-producing sector to the _______________-producing sector. ?In the last 5 decades, the agriculture, mining and construction industries were no longer the leading sector for economic growth in U.S. as they used to be ; ?On the contrary, ________________ technology-related manufacturing industries such as semiconductor, computer, and _____________________ equipment manufacturing have played crucial role in creating advanced technologies and in accelerating their applications and adoptions in American corporations, governments, universities, communities and society.

Service Industry
?A

country’s level of development is very often judged by the development of its _______________ industry. ?In the United States, the service industry by far is the ______________ branch of the economy. This sector produced about _____% of the GDP in 2002. ?The services sector includes a variety of private businesses that provide the public with a wide range of services, such as personal services, business services, _________ services, legal services, education services, _____________ services, government services, entertainment, food services, etc.

Categories of the services sector

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? ? ? ?

Transportation, communications, and utilities; Finance, insurance, and real estate; Narrowly defined services The U.S. is the world’s largest ____________ of services, exporting more than $ _____ billion worth of services in 2006.

Information industry
?

3 types of establishments _________________ establishments; ? Telecommunications and broadcasting establishments; ? Various kinds of information-related establishments ? _____________ publishing, motion picture production, data processing, on-line information services and libraries
?

Microsoft Corporation
?Microsoft

Corporation is an American ______________ software corporation headquartered in Redmond, Washington that develops, manufactures, licenses, and supports a wide range of products and services related to ______________. The company was founded by Bill Gates and _________________ on April 4, ___________. Microsoft is the world's largest _____________ maker measured by revenues. It is also one of the world's most valuable companies

Basic info about Microsoft
Type: Public Traded as NASDAQ: MSFT Dow Jones Industrial Average Component NASDAQ-100 Component S&P 500 Component ?Industry: Computer software ?Founded: Albuquerque, New Mexico, United States (April 4, 1975) ?Founder(s): Bill Gates, Paul Allen ?Headquarters: Microsoft Redmond Campus, _____________, Washington, U.S. ?Area served: Worldwide ?Key people ?Bill Gates (Chairman) ?Steve Ballmer (________)
? ?

Products Microsoft Windows ?Microsoft Office ?Microsoft Servers ?Microsoft Dynamics ?Windows Phone ?Video games ?Services: ?Online services ?Revenue US$ 73.72 billion (2012), Operating income US$ 21.76 billion (2012), Net
?
?

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income US$ 16.97 billion (2012) ?Total assets: US$ 121.2 billion (2012)[1] ?Total equity: US$ 66.36 billion (2012) ?Employees: 97,000 (2013) ?Website: Microsoft.com

Apple Inc.
Apple Inc., formerly Apple Computer, Inc., is an American multinational corporation headquartered in _________________, California that designs, develops, and sells consumer electronics, computer software and personal computers. Its best-known _________________ products are the Mac line of computers, the _________ music player, the iPhone smartphone, and the iPad ____________ computer. Its software includes the OS X and iOS operating systems, the iTunes media browser, the ____________ web browser, and the iLife and iWork creativity and production suites. ?The company was founded on April 1, ________, and incorporated as Apple Computer, Inc. on January 3, 1977. The word "Computer" was removed from its name on January 9, 2007, reflecting its shifted focus towards consumer _________________ after the introduction of the iPhone.
?

Basic info about Apple Inc.
Type: Public Traded as ?NASDAQ: AAPL ?NASDAQ-100 component ?S&P 500 component ?Industry ?Computer ____________ ?Computer software ?Consumer electronics ?Digital distribution ?Founded: April 1, 1976 (incorporated January 3, 1977) ?Founder(s) ?_______________ ?Steve Wozniak ?Ronald Wayne ?Headquarters: Apple Campus, 1 Infinite Loop, Cupertino, California, U.S. ?Number of locations: 394 retail stores (as of November 2012) ?Area served: Worldwide ?Key people: ?Arthur D. Levinson (Chairman) ?Tim Cook (CEO) ?Revenue US$ 156.508 billion (2012), Operating income US$ 55.241 billion (2012), Net income US$ 41.733 billion (2012) ?Total assets US$ 176.064 billion (2012) ?Total equity: US$ 118.210 billion (2012) ?Employees: _________ (2012) ?Subsidiaries: Braeburn Capital FileMaker Inc. Anobit ?Website: apple.com
? ?

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Financial Services
?The

US financial sector is run by various kinds of financial institutions such as financial banks, saving banks, credit unions and mutual funds(互惠基金;共有基 金). ?They function as intermediaries in the flow of money, _______________ funds from savers to borrowers. ?Most of the time, people use personal ___________ or credit cards to make payment. ?As a result, most Americans are in _________.

Stock
?Stock

plays a very important role in US economy. It helps business to ________ money and investors to invest their _________ fund in stock shares. ?There are quite a few stock exchanges in the US. The most famous of them is ______________ Stock Exchange (NYSE) on Wall Street. ?Bull market & Bear market

Wall Street
New York Stock Exchange
?The

New York Stock Exchange (NYSE), sometimes known as the "Big Board", is a stock exchange located at 11 __________________, Lower Manhattan, New York City, New York, United States. It is by far the world's ___________ stock exchange by market capitalization of its listed companies at US$14.242 trillion as of Dec 2011. Average daily trading value was approximately US$ ______ billion in 2008.

Agriculture
?The United States possesses some of the best cropland in the world. ?American farmers supply about _______of the grain exports in the whole world. ?The US is the largest producer of __________, soybeans, and sorghum(高

粱), and ranks second in the production of wheat, oats, citrus fruits, and tobacco. It is also a major producer of sugar cane, potatoes, peanuts, and beet sugar. ? Corn production is concentrated heavily in the _______________ region known as the Corn Belt. ?Wheat is mainly grown on the Great Plains. ?Tobacco is mainly grown on the Coastal Plain between Virginia and Florida and Tennessee west of the Appalachians. ?America also produces a lot of meat and ___________ products. ?Agriculture accounted for less than ____% of annual GDP and employed less than 2% of the workforce in 2004. ?Farm operations are highly mechanized and American agriculture has generally been very successful.

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?However,

the success of farming has created a problem of _________________, and American farmers depend on international markets for their products.

Transportation
?A

vast network of railroads, highways and airlines provide convenient transportation of passengers as well as goods. ?The most important means of passenger transportation in U.S. today is _________________.

Trade
?The ?The

United States is a big trading nation. most popular shopping place for Americans is the shopping mall. ?The supermarkets are also very popular, especially for low-income families. (Wal Mart.) ?The United States is the world’s leading trading country.

Manufacturing Industry
?America

is by far the ________________ industrial country in the world. ?The leading manufacturing industries are chemicals, industrial machinery, _______________ equipment, food processing, _________ vehicles, printing and publishing, etc. ?The US industries are unevenly distributed throughout the nation. They have been generally concentrated in the ____________________ part of the country and along the southern shores of Great Lakes. ?Another change in the US industry is its _________________________.

Tourism
?Tourism

is another large service industry in the country. America has a large resource for tourism. Its vast areas of national parks, points of interests and natural wonders attract hundreds of millions of visitors each year. ?For some states, such as Hawaii, California and Florida, the tourism industry has become an economic pillar. 1. 2. 3. 4. 5. Yellowstone National Park (Old Faithful) Grand Teton National Park, Wyoming Olympia National Park, Washington Yosemite National Park, California Niagara Falls, New York State

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