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On Political Economy - Essay Example

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Running Head: POLITICAL ECONOMY Political Economy [Name] [University] Political Economy Introduction The 1990s were the time of the United States’ vigorous economic performance. Indeed, it was in the 1990s that the United States performed the role of the engine for economic growth at the global level…
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On Political Economy

Download file to see previous pages... market played the key role in the economic recovery promotion thanks to its openness. However, the situation radically changed in 2001. With the sudden failure of the capital spending boom, the U.S. economy found itself in hard times. Fuelled by a number of serious economic challenges, the present recession seems to be long and quite drawn out. This paper examines some economic challenges faced by the U.S. today, both domestically and internationally. It is based on the review of a range of peer-reviewed articles in the field that focus on various aspects of the U.S. economic challenge. The paper identifies some common themes in the sources explored, as well as attempts to provide solutions to the questions raised. Inflation and Budget Deficit as Major Economic Challenges A well-known American economist Shapiro says that inflation is one of the signs of the economic system’s lack of capacity to handle its copious responsibilities. He defines inflation not as a purely economic problem, but above all the problem of social and political origin. Shapiro writes, “To understand the basic underlying causes of inflation, we must ask ourselves why our government has persisted, through Democratic and Republican administrations alike, in making the political choice of running large budgetary deficits and financing these, in part, by increasing the supply of money.” (Shapiro, 1981, p. 145). ...
the pressure on the part of those constituents that demand increasing and additional benefits from the government, yet do not want to accept tax increases. Additionally, the current inflationary policies are illustrative of legislators’ wish to avoid dislocation costs of risen unemployment and reduced output which could be the result of a policy less inflationary (Shapiro, 1981, p.144). Weakening of the Science and Technology Capacity and Job Outsourcing In his research “Science, Technology, and Intellectual Property Rights in American Foreign Policy”, Mendis explores how strengthening the science and technology capacity will benefit American economy both domestically and internationally (Mendis, 2004, p.26). Mendis examines the impact of science and technology development on a variety of areas of human life and exploration, including economy. To specify, he analyzes the role of S&T in terms of its adding commercial value to the American economic growth thanks to its innovations, addressing most important research fields in environment as well as biodiversity, HIV/AIDS and more contagious diseases, safety in chemical terrorism along with biological terrorism, nuclear energy, nanotechnology, and medical applications – areas of transnational importance. Mendis claims that the United States hold the S&T leadership, while he also acknowledges the need to move beyond the existing reality and adopt measures of strengthening the American capacity in both technology and science. Seeing the development of the state-of the-art technologies and finding innovative technological solutions as a thing that promotes America’s trade on the international level, Mendis places the objective of enhancing this field through so-called “investment” strategies into the developing ...Download file to see next pagesRead More
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