Economy of the United States
The economy of the United States is a highly developed mixed economy. It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP). It also has the world's eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP) in 2018. GDP measures recessions by two negative quarters of growth. The United States has the most technologically powerful economy in the world and its firms are at or near the forefront in technological advances. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, debt reimbursement, and the petrodollar system. Several countries use it as their official currency, and in many others, it is the de facto currency. The largest U.S. trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan. The U.S. is the world's largest importer and the second-largest exporter. It has free trade agreements with several nations, including NAFTA, Australia, South Korea, Israel, and few others which are in effect or under negotiating stage.
- Banks are the temples of America. This is a holy war. Our economy is our religion.
- Giannina Braschi (November 28, 2011), in the text "United States of Banana"
- When the economy falls over, we won’t be jellyfish. We’ll still have backbones and teeth, white teeth, and double standards to equalize the equilibrium that is never the same.
- Giannina Braschi (November 28, 2011), in the text "United States of Banana"
- Only "America," of all national designations, took on the combined force of eschatology and chauvinism. Many forms of nationalism have laid claims to a world-redeeming promise; many Christian sects have sought, in open or secret heresy, to find the sacred in the profane; many European Protestants have linked the soul’s journey and the way to wealth. But only the "American Way," of all modern symbologies, has managed to circumvent the contradictions inherent in these approaches. Of all symbols of identity, only "American" has succeeded in uniting nationality with universality, civic and spiritual selfhood, sacred and secular history, the country’s past and the paradise to be, in a single transcendent ideal.
- Sacvan Bercovitch, as quoted in "Donald Trump Hates America: The rest of us can love America well" (18 July 2019), by David Brooks, The New York Times
- [T]he stakes for America are never small. If our country does not lead the cause of freedom, it will not be led. If we do not turn the hearts of children toward knowledge and character, we will lose their gifts and undermine their idealism. If we permit our economy to drift and decline, the vulnerable will suffer most.
- [T]he chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.
- The object of this new American industrial empire, so far as that object was conscious and normative, was not national well-being, but the individual gain of the associated and corporate monarchs through the power of vast profit on enormous capital investment; through the efficiency of an industrial machine that bought the highest managerial and engineering talent and used the latest and most effective methods and machines in a field of unequaled raw material and endless market demand. That this machine might use the profit for the general weal was possible and in cases true. But the uplift and well-being of the mass of men, of the cohorts of common labor, was not its ideal or excuse. Profit, income, uncontrolled power in My Business for My Property and for Me—this was the aim and method of the new monarchial dictatorship that displaced democracy in the United States in 1876.
- W. E. B. Du Bois, Black Reconstruction in America, 1860-1880 (1935), p. 586
- From the moment they took a republic rather than a monarchy as the shape of their government, Americans prided themselves on being a nation of peace, dedicated to the arts of commerce rather than the rapacity of empire and "the spirit of war."
- The United States is the most extreme case of the subjection of society to the brute force of the market.
- We do not believe that the American economy is a zero-sum game―in other words, if I have more, that means someone else will have less. What we said in that forum is that we believe in a growing pie. Just because I have a certain slice of the pie does not exclude anyone else from it by design. Unfortunately, the opposite view is held by many people in the West today. They do think it is a zero-sum game, that there's only so much to go around and that it has to be shared more fairly. They do not comprehend expanding wealth or creating wealth; they view it as limited and finite and want to redistribute it. It pains us greatly that we are not able to get our message across that the great prosperity so many people in this country enjoy is available to everybody―if you are just taught to avail yourself of it, how to believe in yourself, how to be self-sufficient, and how to escape government dependency.
- Rush Limbaugh, The Way Things Ought to Be (1992), pp. 26-27
- The U.S. economy was organized differently from the New Deal until 1973. As incomplete, uneven, and racist as it was, social welfare and public housing worked to ameliorate the grossest injustices of the capitalist system. Capitalism was organized in a way that was less mean than it is now. The world can be organized such that it doesn’t simultaneously produce the people we call homeless and the thinking that we have to get rid of them.
- The blood, sweat, tears, and suffering of Black people are the foundations of the wealth and power of the United States of America. We were forced to build America, and if forced to, we will tear it down. The immediate result of this destruction will be suffering and bloodshed. But the end result will be perpetual peace for all mankind.
- Huey Newton, "In Defense of Self-Defense", The Huey P. Newton Reader, p. 137
- Solving this issue is going to require cooperation between the private sector, including rail and trucking, ports and labor unions
- White House press secretary Jen Psaki according to "White House: Walmart, FedEx, UPS to go 24/7 to address supply bottlenecks" (October, 12, 2021)
- Only during two periods since 1776 has the government mostly left the economy alone: during the early years of the federal republic; and in the two decades previous to the Civil War. The political economist Condy Raguet called the first period of economic freedom, from 1783 to 1807, "the golden age" of the republic: Trade was free, taxes were low, money was sound, and Americans enjoyed more economic freedom than any other people in the world. Sumner thought the years from 1846 to 1860—the era of the independent treasury, falling tariffs, and gold money—was the true "golden age."
- Scott Trask, Ten Recurring Economic Fallacies, 1774–2004, Mises Institute, 12 February 2022
- Part of the US success was how its massive economic power intersected with the daily lives of American citizens. Other rising powers in history had seen their rise mainly benefit their elites, while ordinary people had to be satisfied with the scraps left at the table of empire. The United States changed all that. Its economic rise created a domestic consumer society that everyone could aspire to take part in, including recent immigrants and African-Americans, who were otherwise discriminated against and had little political influence. New products offered status and convenience, and the experience of modernity through goods produced by new technology defined what it meant to be American: it was about transformation, a new beginning in a country where resources and ideas fertilized each other through their abundance.
- Odd Arne Westad, The Cold War: A World History (2018),
- We’ve had an economy that never really escaped the crash of 2008. In a way, the last 10 years have been an economy on life support: vast amounts of money pumped into the economy; record drops in interest rates, inviting everybody—business, individuals, governments—to borrow money—a debt-sustained situation. And after a while, you can’t mount up the debt on the basis of an economy that hasn’t really gotten going. And we’re seeing the eventual break. You know, the capitalist system has a downturn every four to seven years. It’s had that for centuries. And the last big downturn was 2008 and '09. So, if you do four and seven, and you add it to nine, we're due for one. And every major stock market observer, bank and so on predicts that we’re having a downturn. So it’s really only a question of exactly when. And the stock market anticipates this. And so we’re having, in a way, economic chickens coming home to roost. And the notion that it’s just the Fed’s policy that explains this is really the kind of remark that would get a student a very low grade in any economics course.
- In the United States (and to a lesser degree, in most of the advanced world) money is an economic good. Something that has value in and of itself, and so it should be applied with a degree of forethought for how efficiently it can be mobilized. This is why banks require collateral and/or business plans before they’ll fund loans.
- Peter Zeihan, "A Failure of Leadership, Part III: The Beginning of the End of China" (15 May 2020), Zeihan on Geopolitics
- Encyclopedic article on Economy of the United States on Wikipedia
- "Book of Business Quotations". Ridgers, Bill, ed. The Economist. July 31, 2012.