A Brief History of the Economy of the United States of America

САНКТ-ПЕТЕРБУРГСКИЙ ГУМАНИТАРНЫЙ

УНИВЕРСИТЕТ ПРОФСОЮЗОВ

Кафедра кафедра английского языка

Контрольная работа №6

по дисциплине “Английский язык”.

Выполнила студентка

3 курса,

(набор 2005г.)

заочного отделения, специальность “Экономика и управление на предприятии СКС”

Семенова Наталья Михайловна.

Санкт-Петербург

2008г.

A Brief History of the Economy of the United States of America.

In the process of an overall objective of the given work for me is reviewing of the basic economic aspects in the process of becoming of an economic and political life of the United States.

First the author introduces the history of discovering of America. The first native Americans were inhabitants of North America whom the European explorers called Indians. The first economic relations may be called an exchange and trade between tribes and peoples of South America. Approximately in the 10-11^th centuries the European Vikings were the first to discover America, but it did not arise interest, because the economy was based an agriculture and land ownership. After landing of Christopher Columbus to the American continent in 1492, many explorers sailed to the "New World" looking for gold, riches, honors and glory. The first permanent settlement in America was founded by a group of English people in 1607.

Further, hard years of colonization for America begun. From the economic life of the country the author especially allocates creating charter companies, it were groups of stockholders, often rather prosperous. Charter gave economic rights, political and judicial authority.

In 18^th century the industry rapidly developed, there were a lot of sawmills, shipyards, vessels. It is possible to allocate the common development of the American continent. Import of the certain goods compensated lack of other goods by means of export. The author marks, that the standard of living was higher than in England itself. But political disputes and desire for independence led to Revolutionary War. As a result – a new nation – the Americans was formed.

Afterwards, when the Constitution was adopted (1787) many laws and the rights have fixed. It ratified a cancellation of tariffs or taxes on interstate commerce as the economic charter. It gave the right to federal government to regulate the trade. The money was created, their value was regulated etc. Alexander Hamilton started to develop and advocate economic strategy; he wanted the government to care about developing industry, to provide it with subsidies and protective tariffs for import. He convinced the government to create the National Bank.

The development of new territories continued at that time. National roads, waterways, and soon the railroads appeared. Transportation has improved, the new markets opened. New inventions and capital investment led to the creation of new industries and economic growth.

If at first the economic balance of development among the South and the North existed, after the Industrial Revolution (18-19 centuries) the industrial North outstripped the rural South. And the cancellation of a slave labor promoted further development.

Modern United States industrial economy began to develop after the Civil War. A lot of inventions and discoveries took place. The typewriter, telephone, electric light, the plane appeared. The national industrial infrastructure developed. Coal and iron – two major raw materials for manufacture of steel were used.

From economically well-off people in second half of 19 centuries the author allocates the following: Henry Ford (production of automobiles), John D.Rokfeller (oil business), Jay Gould (railways), J.Pierpont Morgan (banking), and Andrew Carnegie (steel). By 20 century United States economy had ripened, corporations at the heads of which there were "technocrats" had appeared, and soon the role of the organized working-class movement had increased. A great contribution to the development of a national economy was made by Bill Gates (the Microsoft Company), developing and selling the software.

Further the government is actively involved in all economic spheres of the of the country’s life, for protection of the rights of small business and labour movement. Many regulating agencies were created during those years (Interstate Commission of Trade, the Federal Trade Commission). After the crash of the stock market the years of Great Depression began. New Deal was started to alleviate the emergency. Legislation of New Deal established new standards and rules, protecting the worker, working hours and regulating the right to pension.

During post-war period (1945-60) the strong economic growth caused by pent-up consumer demand is marked. Parameters of the nation's gross national product have grown. High birth rate is observed. The International Monetary Fund and World Bank have been created. Firms merged in conglomerates. Small family farms go away. The farmers became large business.

Under the government of John F.Kennedy, much was made for improvement of quality of a life of Americans; it concerns public health services, education and other spheres of life. Kennedy achieved it by increasing government spending and cutting taxes. President Johnson launched new programs and numerous initiatives. As a result of a cancellation of taxes, the country was inevitably overtaken with inflation. The prices for oil and energy grew, unemployment grew, and deficiency of the federal budget grew. It was heavy times for United States. The Vietnam War burdened a situation. As a result in the1960-70’s the development of economy was slowed down, it fall in deep recession until 1982.

By 1983 inflation had eased. Under the government of Ronald Reagan, the economic program was under construction on the theory of supply-side economics. Reduction in tax rates, economy and new investments stimulated productions and overall economic growth. The authority of the governmental regulation has decreased. The Federal Reserve System had a significant role; it conducted the control over changes of the prices and everything that could cause inflation again.

The 90th years were marked by Clinton’s presidency. He accents on insurance of health, strengthening market forces in some sectors, reduction of the size of a federal work force. Trading opportunities extended with falling of communist regimes in some countries. Technological achievements have grown. The new software facilitated work in many industries. Low inflation and low unemployment is marked in the economy of the United States.

General cooperation is observed in global economic, difficult telecommunication systems have connected the world financial markets. And now chief economists of the country understood the responsibility in a choice a course for the domestic economy taking account of the background of global economic conditions.

Литература:

1. http://www.do.ektu.kz/it/kaf/eng/infoUSA/trade/oecon/chap3.htm