Continuity and Change in U. S. Economy

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The United States entered the 21st century with an economy that was bigger, and many measures more successful, than ever. Not only had il endured two world wars and a global depression in the first half of I lie 20s century, hut it had surmounted1 challenges ranging from a 10 year Cold War with the Soviet Union to extended hauls of sharp illation. high unemployment, and enormous government budget deficits in the second hull of the injury. 1 he nation lineally enjoyed a period of economic calm in the prices were sahib. Unemployment dropped to its lowest I eve in almost 10 years.

The governrnent posted' a budge! Supine and the --lock market experienced an unprecedented Loom. Americas gross domestic the total output of goods and services exceeded trillion. 1 Hough the United States held less than ;> percent of the world s population- it accounted for more than percent of the world s economic output. Japan, the world's second largest economy, produced about half as much. And while Japan and many of the world s other economies grappled with1 slow growth and other problems m the li)!K)s. the American economy recorded the longest uninterrupted period of expansion in its history As mealier periods, however. The United States had been undergoing profound economic change at the beginning of the 21st century. A wave of technological and the biological science's were profoundly after feeling how Americans work and play. At the same time, the collapse of communism in the Soviet Union and Eastern Europe, the growing economic strength of Western Europe, the emergence of powerful economies in Asia, expanding economic opportunities in Latin America and Africa, and the increased global integration of business and finance posed new opportunities as well as risks. All of these changes were leading Americans lo re-examine everything from how they organize their workplaces to the role of government. Perhaps as a result, many workers, while content with their current status, looked lo the future with uncertainty.

Toby' economy also laced some continuing long-term challenges. Although many Americans had achieved economic security and some had accumulated great wealth, significant numbers- especially unmarried mothers and their children -continued to live in poverty in wealth, while not as great as in some other countries, were larger than in many. Environmental quality remained a major concern. Substantial numbers of Americans lacked health insurance. And global economic integration had brought some dislocation along with many advantages. Throughout the continuing upheaval, the nation has adhered to some bedrock principles in its approach to economic affairs. Earls. and most important, the United States remains a "market economy. " Americans continue to believe that an economy generally operates best when decisions about what to produce and what prices to charge for goods are made through the give-and-take1" of millions of independent buyers and sellers, not by government or by powerful private interests". In a free market system, Americans believe, prices are most likely to reflect the true value of things, and thus can best guide the economy to produce what is most needed.

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