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The United States of America
Chapter 11
Economy
The United States of America
Foreign Language Teaching and Research Press
Think about these questions before we start:
What industrial developments took place during the colonial period of America?
How did the Civil War affect the American economy?
Why does America try to reduce trade barriers?
Warming-up Activities
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Contents
History of American Economy
Current American Economy
General IntroductionⅠ
Ⅱ
Ⅲ
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US—the current industrial, economic and technological giant ranking first in computer technology, space
technology, nuclear energy, and electronics, etc.;
producing a major portion of the world’s machinery, automobiles, oil, electrical energy, and chemicals.
Mixed economy emphasizing private ownership federal government—regulating businesses
• anti-trust laws
Ⅰ General Introduction
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Private businesses produce most goods and services. Two thirds of the output goes to individuals; One third is bought by government and
business.
“Consumer economy”
Ⅰ General Introduction
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Ⅱ History of American Economy
The Colonial Period
Since American Independence
The 20th Century
1
2
3
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1. The Colonial Period
Massachusetts—settled by Pilgrims to escape religious persecution
Other colonies—like Virginia and Pennsylvania, founded as business ventures contribution to England’s colonizing process
of the would-be United States charter companies King provided a charter or grant conferring
economic rights as well as political and judicial authority
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1. The Colonial Period
Mayflower, the ship that carried the Pilgrims from England to Plymouth, Massachusetts, where they established the first permanent New England colony in 1620.
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1. The Colonial Period
English investors turned over colonial charters to the settlers.
enormous political implications
Colonists were left to build their own lives, communities, and economy, that is, to construct their new nation
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1. The Colonial Period
appearance of sawmills (锯木场 ) and gristmills (磨房 )
shipyards—building fishing fleets and trading vessels
small iron forges (冶炼厂 )
Secondary industries (二级产业 )
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Gristmill Iron forge
1. The Colonial Period
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Clear regional patterns of development by the 18th century: New England—ship-building and sailing; Maryland, Virginia, and Carolinas—tobacco,
rice and indigo (靛蓝属植物 ); New York, Pennsylvania, New Jersey and
Delaware—shipped crops and furs; The field was open for entrepreneurs (企业家、创业者 ) among the colonists to establish themselves.
1. The Colonial Period
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Disputes over taxation and other matters with Britain: Americans—modification (减轻 ) of taxes and
regulations; demand for more self-government Mounting quarrel—leading to war against the
British and to independence for the colonies
American Revolution: bolstered (支持、支撑 ) by an emerging middle class rallying cry—“inalienable rights to life, liberty,
and property”
1. The Colonial Period
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2. Since American Independence
U.S. Constitution established the nation as a unified market. no tariffs or taxes on inter-state commerce; Federal government could regulate
commerce with foreign nations and among the states, establish uniform bankruptcy laws, create money and regulate its value, fix standards of weights and measures, establish post offices and roads, and fix rules governing patents (专利权、专利品 ) and copyrights.
“intellectual property”
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Alexander Hamilton’s economic development strategy
2. Since American Independence
nurture infant industries by providing overt subsidies (公开的补贴 )
impose protective tariffs (保护性关税 ) on imports
create a national bank
assume public debts
Alexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher.
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The new government did make tariffs an essential part of American foreign policy.
President Jackson opposed to Hamilton’s national bank.
When elected for a second term, Jackson opposed renewing the bank’s charter.
Businesses panicked in both 1834 and 1837.
2. Since American Independence
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The Industrial Revolution By 1860, one third of the nation’s income
came from manufacturing;
Cotton cloth production was the leading industry;
Urbanized industry—limited to the Northeast;
Immigrant workers
• Between 1845 and 1855, some 300, 000 European immigrants arrived annually.
2. Since American Independence
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Urban Industrialization Textile Plant
2. Since American Independence
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The South—rural and dependent on the North for capital and manufactured goods
Economic policy under President Lincoln:
2. Since American Independence
In 1861, adoption of a protective tariff
In 1862, the first Pacific railroad was chartered.
In 1863 and 1864, a national bank code ( 银行代码 ) was drafted.
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Northern victory in the Civil War—ensured the destiny of the nation and its economic system slavery system was abolished, making
southern cotton plantations less profitable; Northern industry surged ahead:
• Industrialists’ domination in social and political affairs
• Disappearance of the southern planter aristocracy (贵族 )
“Second industrial revolution”
2. Since American Independence
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“Second industrial revolution” —an explosion of new discoveries and inventions: The discovery of oil; The development of typewriter; The invention of telephone, phonograph (速记法 ), and electric light;
Refrigerated railroad cars came into use; Cars were replacing carriages and people
were flying in airplanes by the dawn of the 20th century.
2. Since American Independence
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3. The 20th Century
Experienced a period of prosperity in the early 20th century
Suffered Great Depression in the 1930s Wall Street Crash in October 1929
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3. The 20th Century
President Roosevelt’s New Deal (新政 )—intervention of the government
ensure that economic opportunities are fair and accessible to the people;
prevent flagrant (公然的 ) abuses of the system;
Dampen (抑制 ) the effects of inflation;
stimulate growth.
His New Deal was popular with the electorate (选民 ) and led to a successful reelection in 1936.
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Reagan Administration’s new monetarist ( 货币主义者 ) policies in the early 1980s control over government spending deficits cutting taxes to enhance economic
development raise of interest rates
George H. W. Bush—slow economic recession
Clinton—economic recovery Appearance of new tycoons ( 企业界或政界巨头 )—Bill Gates
3. The 20th Century
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II Current American Economy
Agriculture 1
Manufacturing Industry2
Service Industry3
High-tech Industry4
Foreign Trade5
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1. Agriculture
Conditions for developing agriculture: vastness of the land generosity of nature rainfall, rivers and underground water allowing
for irrigation where necessary
Average American farm—462 acres (187 hectares)
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Success of agriculture large capital investments highly trained labor new methods for raising
crops
1. Agriculture
Modern farming disease and drought
resistant seeds fertilizers and
pesticides space technology
utilization
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1. Agriculture
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“Agribusiness” a variety of farm businesses and structures
• from small, one-family corporations to huge conglomerates(联合企业 : 由许多不同行业的公司组成的有不同经营范围的大企业) or multinational firms
American farm’s low-cost output
One-third of crops for export—Europe, Asia, Africa and Latin America
Agricultural imports lag far behind, leaving a surplus in the agricultural balance of trade
1. Agriculture
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Farmers—not work on the farms full-time 45 percent with other occupations 240, 000 tenant farmers—rent land for cash or
pay the owner a share of the crops they grow migrant workers—hired only for a specific chore
Agriculture remains the foundation upon which American well-being and prosperity are based.
1. Agriculture
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2. Manufacturing Industry
Large manufacturing industries employing more than 24 million workers
Highly developed military industryAuto companies—Ford, General Motors
and ChryslerBoeing Aircraft Company—commercial
airlinersOther industries: food, clothing, etc.
America has formed an industrial system with large productivity.
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2. Manufacturing Industry
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Division of Manufacturing Activities
The East North Central the leading region over 25% of manufacturing capacity motor vehicles and other transportation equipments, non-
electrical machinery, and fabricated metals
The Middle Atlantic region occupying the second place almost 20% of the total value added chemicals and machinery, both electrical and non-
electrical
The Pacific coast region dominated by the manufacturing activities of California the third place with about 15% of the total value added Transportation equipments, food products, and electrical
and electronic equipments
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The South Atlantic region the fourth leading region over 10% of the total US manufacturing
output textiles, chemicals, tobacco products, and
apparel
The West South Central and the East South Central regions about 15% of the total national output chemicals, food products, electrical and
electronic equipments, and non-electrical machinery
Division of Manufacturing Activities
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The West North Central, New England and the Mountain states region—remaining 15% of the national output New England—electrical and non-electrical
machinery, and fabricated metals
The West North Central states—machinery and food products
The Mountain states—food products, primary metals and non-electrical machinery
Division of Manufacturing Activities
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3. Service Industry
Tremendous growth in employment in the service sector since the 1970s three categories:
• services for the affluent—commercial banking, life insurance, real estate and law services
• welfare services—health care, education, government and social services
• services provided by the poor—services to buildings and dwellings, retail services
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3. Service Industry
Advanced service industry
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4. High-tech Industry
High-tech industries ranking first in the world
More emphasis on space technology, electronics, chemicals and computing
Successful flight of the space shuttle
Leading computer companies in the world
Leading engineering and information technology
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4. High-tech Industry
美国计算机协会( Association of Computing Machinery,简称 ACM)是一个国际性的科技教育组织,是世界上第一个科学性及教育性计算机学会。 ACM致力于提高信息技术在科学、艺术等各行各业的应用水平。
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5. Foreign Trade
US foreign trade plays a significant role in the economy
Trade pattern: from domestic-oriented to internationally-oriented
Reducing trade barriers ( 贸易壁垒 ) and coordinating the world economic system
Promoting bilateral ( 双边的 ) and regional trade to enhance domestic stability and loyalty of allies
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Exports—about 10% of the world’s total
Most important products for export —office machines, household appliances, chemicals, metal manufactures, petroleum products, etc.
Ranking first in export of agricultural products
Leading exporter of civil aircraft, service, technology and weapons
5. Foreign Trade
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America—biggest percentage of imports in the world import capacity—15% of the world’s total major products for imports—tin, nickel, etc.
Industries—built around a continuous supply of essential raw materials
The largest single-country provider of trade-related assistance
5. Foreign Trade
Growth and decline of the U.S. foreign trade volume determine the trend of the world economy.
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Summary and Reflection
Relate to what you have learned in Chapter 10, state your own understanding of the following questions:
How did the US Constitution lay groundwork for America’s economic development?
Cite examples to illustrate the role of government intervention in America’s economic development.
How do you think about the relationship between the US economy and the global economy?
The United States of America