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American Economy

Chapter 3

? Industrial Revolution ? Free Enterprise ? The Roots of Affluence ? American Agriculture

Basic information
? Currency: United States Dollar (USD) ? Fiscal year: 1 October,2008 - 30 September,2009 ? 1st Quarter: October 1, 2008 – December 31, 2008 ? 2nd Quarter: January 1, 2009 – March 31, 2009 ? 3rd Quarter: April 1, 2009 – June 30, 2009 ? 4th Quarter: July 1, 2009 – September 30, 2009 ? Trade organizations: NAFTA, WTO, OECD, G20 and others

? GDP $14.26 trillion (2008) ? GDP growth 1.1% (2008) / -6.2% (Q4 2008) ? GDP per capita $46,800 (2008) (10th) ? GDP by sector agriculture (0.9%), industry (20.6%), services (78.5%) ? Inflation (CPI) 0.0% (Jan 2008 to Jan 2009)

? Population below poverty line 12.5% (2007) ? Labor force 154.5 million (includes unemployed) (May 2008) ? Labor force by occupation managerial and professional (35.5%), technical, sales and administrative support (24.8%), services (16.5%), manufacturing, mining, transportation, and crafts (24%), farming, forestry, and fishing (0.6%) (excludes unemployed) (2007)

? Unemployment 8.1% (February 2009) ? Main industries petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, culture, electronics, food processing, consumer goods, lumber(木 材), mining, defense

Some Western economists say, ―When the United States coughs, the rest of the world catch cold.‖ -----Economic influence of the US to other countries

1.the biggest industrial country in the world. ? both an economic and technological giant. ? The American people enjoy a better standard of living than most of the nations in the world. 2. less than 6% of the world’s population. produces about 25% of the total world output.

Industrial Revolution
The birth of the United States and the publication of Adam Smith’s book came at a time when yet another kind of revolution was taking place, the Industrial Revolution.

Reasons for Industrial Revolution
? Some early decisions by American social and political leaders planted the seeds of industrial growth. ? A tariff high enough to discourage imports and give domestic industries time to grow. ? Other Hamiltonian measures gave great encouragement to business in general. ? The Industrial Revolution in England brought many changes to American industry between 1776 and 1860.

Five Developments of Industrial Revolution in US:
1.One key development was the introduction of the factory system, which gathered many workers together in one workplace and produced goods for distribution over a wide area. ? Samuel Slater: build a cotton cloth factory in 1793

Who was Samuel Slater?
? In 1793, Samuel Slater(塞缪尔· 斯莱特) built the first factory in the U.S --- a cotton cloth factory in Pawtucket, Rhode Island. He built the factory from memory, because it was a crime to carry factory plant out of England. The success of his factory started a process of change that turned the northeastern region of the United States into an important manufacturing center and helped the nation become a major cotton producer.

Development of Industrial Revolution 2. "American system" of mass production: (1)firearms industry requiring precision engineering
(2) Eli Whitney: inventing the cotton gin to remove the seeds from the bolls of cotton quickly; manufacturing rifles (3) Henry Ford: introducing the "moving assembly" line in 1913 (4) Introduction of the concepts of "scientific management" : helping to lower the costs of production still further

? Eli Whitney(埃尔· 惠特尼 ,an American inventor, invented the cotton gin(轧棉机), which made removing the seeds from the bolls (棉桃) of cotton much easier. He also began manufacturing rifles with machinery, using interchangeable(可互换的) part. This contributed to the American system of mass production.

Development of Industrial Revolution
3. the application of new technologies to industrial tasks. (P.69 Para. 3-4) 4. the emergency of new forms of business organization, notably the bank and the corporation, which facilitated the growth of industry. The first American commercial bank appeared in the 1780s. Not until 1863 did the US create a truly national banking system with a standard paper currency

? Corporation is a form of business organization. Compared with the sole proprietorship(个体经营) and the partnership(合伙经营), the corporation may survive the death of its founder or founders(股份(有限)公司在其创业者去世 后仍然可以继续下去). Because it could draw on a pool of investor, it is a much more efficient tool for raising the large amounts of capital needed by expanding business.(由于它可以吸 引众多投资者,可以很有效地在业务发展时筹到 资金。) And it enjoys limited liability, so inventors only risk the amount of their investment and not their entire assets.(它具有 债务有限的特点,这样投资者的风险仅限于其投 资的数额,不涉及其全部财产)

Developments of Industrial Revolution 5. The construction of railroads marked the start of a new era for the United States. 6. Rise and decline of a succession of industries in 20th century and the transference of employment from manufacturing industries to Service Industries: from banking to telecommunications to provisions of meals, e.g. Kentucky, Mcdonald's

Service industries
? industries that sell a service rather than make a product,which now dominate the economy. Service industries range from banking to telecommunications to he provision of meals in restaurants. As more and more people are employed in service industries in the US, it is sometimes said the US has moved into a ―post-industrial era‖(后工业时代)

Free Enterprises
Laissez-faire Era: economic freedom of capitalism (1) stock exchange (2) loan from banks

(3) stimulating economic growth
(4) discrimination in employment (5) monopoly of production and prices and eliminating competition

? The best-known stock exchange is the New York Stock Exchange(纽约证券交易 所), located in the Wall Street area of New York City, the nation’s largest city and a major business center.

The Roots of Affluence
1.the vast dimensions and ample natural resources 2. a remarkable mobility in the American population----a mobility that contributes a useful flexibility to business life. 3.entrepreneurial spirit: two contrary views ( pleasing God; material acquisitiveness)

The Roots of Affluence
3. a variety of institutional factors: the founders of America's political institutions sought to limit governmental powers while widening opportunities for individual initiative; The relative reluctance of American political leaders to intervene in economic activities gave great freedom to market forces. One result was a rapid accumulation of capital, which could then be used to produce further growth.

American Agriculture
1. The importance of agriculture and the extolling ( 赞美 ) comments to American farmers 1) agriculture and its related industries serve as the foundation of American economic life, accounting for a larger portion of the U.S.A's GNP 2) "Cultivators of the earth are the most valuable citizens. They are the most vigorous, the most independent, the most virtuous, and they are tied to their country and wedded to its interests by the most lasting bonds." (Thomas Jefferson); spirit of individualism and egalitarianism

2. Success of Agriculture
1) richness and variety in agriculture unmatched in most other parts of the world 2) Produces as much as half of the world's soybeans and corn for grain, and from 10 to 25 percent of its cotton, wheat, tobacco and vegetable oils. 3) Agribusiness: reflect the large-scale nature of agricultural enterprise, including farmer cooperatives, rural banks, shippers of farm products, commodity dealers, firms that manufacture farm equipment, food- processing industries, grocery chains and many other businesses 4) High living standards of American farmers

3. Reasons for agricultural development
1) vastness of the nation 2) generosity of nature: abundant land and ideal weather 3) readiness of many farmers to adopt new technology 4. Dark side: 1) go through prosperity and recession 2) passive influence upon environment

? While the high productivity of American agriculture has kept food prices low for consumers, farmers have been perhaps too successful. Crop surpluses and low prices have made it too hard for many farmers to make a profit. ? A period of economic difficulty began in the early 1980s. Agricultural exports declined, partly due to the high value of the United States dollar (which raised the cost of American products to foreign buyers). Crops prices fell and interest rates rose.

? In 1987, there were slightly more than 2 million farms in the United States—down by about 7 percent from the number just five year earlier. ? Many farm owners, especially owners of smaller farms, do not work on the farms full time. ? Critics accuse both corporate and family farmers damaging the environment.

migrant workers
? Many big farms hire temporary workers only for a specific chore—such as picking crops. Many of these seasonal workers travel from farm to farm, staying only until the crops are picked. They are known as migrant workers.

? 1.Do you agree that ― cultivators of the earth are the most valuable citizens‖? Give your reasons. ? 2. It is known to all that buying and selling stocks is a risky business. Why do you think there are still many people involved in it? ? 3. Give examples of industries which are declining, and industries which are fast developing in the United States.

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