Saturday, December 3, 2022

Why Is the U.S. Economy So Influential?

It will come as no surprise to anyone that the economy of one of the most developed countries in the world will also be one of the most influential. But what is the reason for this? One reason is that the country always supports its workers. Timely and decent wages attract a larger workforce. And if a worker has income problems, they can always turn to companies like Payday Depot for help. You may be wondering, where do these opportunities come from? This article will answer your question.

Main Features of the U.S. Economy

The U.S. economy is considered the largest in the world for a reason. This is because the entire U.S. economy is based on well-developed service sectors, which primarily include education, health, and science. This leads to a high standard of living for its residents who drive the country’s economy forward. 

The main feature of the development of the U.S. economy is its advantageous difference from the economies of other countries. Namely, the focus on STI and advanced technology. The U.S. leads in the speed of invention and implementation of developments, which other countries have yet to master. This often makes other countries dependent on its production, which only benefits the U.S.

Competition Drives the Progress

Since the end of World War II, America has accounted for a quarter of the world’s nominal GDP. In 2014, however, that number dropped to 14%, giving first place to China’s economy. 

The U.S. has other competitors. Thus, the Netherlands and Israel overtake the U.S. in services because only these countries provide specific services that are unavailable to competitors. Hong Kong could also be considered a serious competitor, with a record 86% of services. However, it is only a special economic area of China, the percentage of services is not so high – 45%.

Historical Background 

Any pattern of development can be traced back to a country’s history. When studying the history of the United States, one can see an interesting feature that distinguishes it from the development of other countries. Although the vast territory of the country was divided into states, its market remained the same for all and was not divided by taxes or tariffs in different states. This allowed trading to develop freely, which successfully met all the needs of the country’s inhabitants. 

The foundation of the modern U.S. economy was laid by the rapid development after the Civil War. During this time, many discoveries were made, and the results of inventions are sometimes called the “second industrial revolution.” It was then that the U.S. chose the vector of development in the optimization of workflow and services through the invention and introduction of advanced technologies.

Conclusion

Like any other country, the U.S. has experienced many crises. However, the decisions made in time and the paths of development chosen have allowed it to be one of the most important countries in the world today. It does not do without competition. The struggle for leadership in different spheres pushes the development of the whole world forward and does not allow anyone to become a monopolist.

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