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This is the United States of America today: The largest most powerful economy to ever exist in history. In previous episodes, we have explored how the economy of the USA has developed from a British colony into an industrial powerhouse that rose to the position of power that it occupies today.

Which brings us to America in the 21st century. When a lot of people think of powerful economies they’ll imagine huge factories, shipping ports, plentiful farmland, and powerful investment banks. But, in reality, what keeps the world spinning is simply debt and demand.

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📚 Want to learn more about the economics of the United States? We recommend reading “An Empire of Wealth: The Epic History of American Economic Power”, by John Gordon
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#USA #Economics #Debt

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Sources & Citations –

McCusker, J.J. and Menard, R.R., 2014. The Economy of British America, 1607-1789

Katz, S.N., 1976. Thomas Jefferson and the right to property in revolutionary America. The Journal of Law and Economics, 19

Teich, M., Porter, R. and Gustafsson, B. eds., 1996. The industrial revolution in national context: Europe and the USA. Cambridge University Press.

Taylor, L., Proano, C.R., de Carvalho, L. and Barbosa, N., 2012. Fiscal deficits, economic growth and government debt in the USA. Cambridge Journal of Economics, 36(1), pp.189-204.

Morriss, A.P. and Nard, C.A., 2011. Institutional Choice & Interest Groups in the Development of American Patent Law: 1790–1865. Supreme Court Economic Review

De Haan, J. and Siermann, C.L., 1996. New evidence on the relationship between democracy and economic growth. Public Choice, 86

Bergsten, C.F., Horst, T. and Moran, T.H., 1978. American multinationals and American interests. Washington, DC.

Hines Jr, J.R., 1994. No place like home: tax incentives and the location of R&D by American multinationals. Tax policy and the economy

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