AMERICAN ASCENDANCE AS A WORLD ECONOMIC POWER THRU WWI - Book Report/Review Example

THE GIANT ECONOMY AND ITS INTERNATIONAL RELATIONS November 14, The Giant Economy and Its International Relations, Ch. 20 Informationconcerning the economic development of America on matters concerning imports and exports is well analyzed in this chapter. I get a chance to understand that America dependency on the international market was low compared to other European countries. I get a chance to understand the concept better by the comparison stated by the writer of America and other countries such as France and Germany.

These countries dependence on international trade or rather imports is well seen in a situation where they had to import some products such as fuel for the engines in order for them to produce. The point of self-sufficiency from discussions by known economists such as John Stuart (1806-1873) is clear thus giving me a chance to understand well some of the things happening in todays economy. Other issues concerning economical development of America that broaden my scope of knowledge are also tackled in the chapter.

The article that got my interest in this chapter is about the America share of trade. Information regarding the proportion of world trade taken by America is well analyzed. During the mid-nineteenth century, America portrayed a phenomenon seen in growing economy whereby the size of world trade occupied by America was relatively larger compared to the American population during that time. The chapter proves resourceful by providing numerical data in tables for me to clearly understand the concept being explained about international trade of America.

Several questions are answered in the article with the major one being about the high income in America. Manufacture and manufactured goods had a critical role to play in the expansion of the American economy (The Giant Economy and Its International Relations 408).Through the chapter, I learn about several concepts that I can be able to relate to a topic in economics is about marginal of utility. Production of a variety of goods and commodities ensures that there is a constant demand for the product, and more satisfaction from the use of a variety of commodities is achievable.