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Economic Experiences of the United States in Relation to Economic Experiences of Asia, Latin America and Africa - Essay Example

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This essay "Economic Experiences of the United States in Relation to Economic Experiences of Asia, Latin America and Africa" compares and contrasts the economic experiences of the following countries. Different countries on different continents have used various economic approaches and theories to achieve economic growth…
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Economic Experiences of the United States in Relation to Economic Experiences of Asia, Latin America and Africa
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Download file to see previous pages The economic experiences employed by various countries have obvious advantages and limitations, which serve as benchmarks of gauging if the experiences are working or not (Stephens, 2000).
The US has had its moments of ups and downs in its economic experiences. Asia, Africa, and Latin America have had their seasons too. Some economic experiences that happened in some of the Asian countries in the ’90s are being repeated in the US and Africa. In the same Vein, some popular and unpopular American economic viewpoints are also replicated in other countries worldwide (Columbus & Wusu, 2006).
For beginners, the United States economy is the most important national economy in the whole world today. By the end of 2007, its gross domestic product (GDP) was approximated to be over $13.8 trillion. The European settlements in the 17th and 18th centuries form the basis of the United States economy. America had many colonies which evolved from insignificant majestic economies to a miniature, autonomous farming economy. In 1776, these colonies became what is today known as the United States of America (The U.S. Economy, 2007).
From its inception, the United States developed into a gigantic, amalgamated, and industrialized nation which today comprises over a quarter of the total global economy. The huge growth has been necessitated by among other factors, the endowment of enormous natural resources including coal, oil, and timber, possession of a huge area of highly prolific farming lands, a large united market, a good entrepreneurial spirit, and an obligation of devoting in human and material capital (The U.S. Economy, 2007).
The United States economy has its own advantages and limitations when compared to other economic experiences witnessed around the world, especially in Asia, Africa, and Latin America. Following the great depression of the 1930s, the economy experienced hard-hitting recessions. ...Download file to see next pagesRead More
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