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Economic comparison - Research Paper Example

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Economic Comparison This paper is an economic comparison and consist of the comparison of US national economy from 1910 – 1920. This paper is divided into two sections. The first section is the state of the US economy at the beginning of the decade 1910…
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Economic comparison

Download file to see previous pages... Immigration was totally restricted and farming was the main occupation there that time. The period of 1900 – 1910 saw a fall and increase in unemployment. The average unemployment in the period was 1406 (000s), which indicate a decrease in unemployment. The percentage of non-farm employees in the work force was on an average of 7%. The percentage of farm employees was decreased by 1910, which shows that farming activity had increased that time. According to the ‘Historical Statistics of the US 1890-1929’, the GDP in1910 was around 600 billion. From 1900 -1910 the real GDP growth increased, whereas at the beginning of 1910, the GDP recorded a straight decrease. The early 1930s was a period of great depression and the production of goods and services plunged. (Chantrill para. 1). The rate of inflation estimate provided by the US department of labor (Bureau of labor statistics) in 1910 was 3.7%, while in 1920 it was 15.6%. The Emergency Quota Act was passed in US parliament in May 1921 and this restricted free immigration into the US. Until that period immigration was on a large scale in the state. Four groups existed in the labor market in the US in the 1900-1910 era and they consisted of workers from the American federation of labor, knights of labor and the unorganized labor. These groups opposed unrestricted immigration into the US, which created less employment opportunities for the Native Americans. “Since 1900, the unemployment rate has fluctuated widely, rising during contractions and failing during expansions. During the great depression of the 1930s, the rate hiked to 25%” (McEachem 2009, p. 465). Comparison of 1910 with the Present US Economy: Today’s US economy is a very developed and established economy, even though economic recessions have caused a setback to the nation. Comparing the year 1910 with the present day, the economic development of the nation has grown by leaps and bounds. Although, the US GDP has experienced an uncertain trend especially during the times of economic recession, but it always shows signs of fast economic recovery. “The 1910s was a decade of great change for America. It was during this decade that the United States was first considered a world leader” (America 1910 – 1920: The End of Innocence 1910). A data chart released by Bureau of economic analysis points out that in the third quarter of 2011 the US economy showed a GDP annual increase of 2%, while in the second quarter the real GDP increase was 1.3%. Comparing the US economy of 1910-1920 with the present, it shows that the GDP rate has shown both an increasing as well as decreasing trend. The period of economic depression of 1930s witnessed a fall in GDP. Similarly the period between 1956-1960 also saw a decrease in the GDP. The 1980s also witnessed a fall in GDP. After that period the latest recession of 2007 has also brought an uncertain trend in the GDP of the US economy. World developments had also played a considerable influence on the US economy, especially the two world wars. Unemployment also experienced a very high increase in times, when the GDP was high. But during the periods of recession unemployment cropped up in high numbers. An increase in unemployment and an increase in inflation, especially of food products also had negative impact on the GDP of the nation. Even though there were employment opport ...Download file to see next pagesRead More
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