On the U.S. Economy

Over the past 60 years, the United States has consistently been the key contributor to world economic growth and welfare. In the 1940s, its leadership created the World Bank, the International Monetary Fund and the General Agreement on Tariffs and Trade – now the World Trade Organization. These three pillars reduce global poverty, support financial flows and set fair rules for all participants in international trade. In the 1970s, U.S. courage and conviction led the move from gold-related fixed exchange rates to floating ones. The shift allowed the money supply to grow and gave rise to world economic abundance.

The United States has continued to set an example for the world of how market-based actions consistently produce very efficient and effective results. For decades, the country has been the locomotive, absorbing growing foreign production within a large and wealthy domestic market. Of course there have been missteps – as one would expect to encounter with any pioneering efforts – but the U.S. approach has worked better than any others when it comes to economic improvement.

There is no reason to lose heart due to temporary setbacks. The United States continues to present new and special opportunities to the world. It offers the security and safety that have sadly been unattainable for most people on early. It presents a vision, flexibility and capability to adjust to new conditions which are envied around the globe.

3 thoughts on “On the U.S. Economy

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  3. Professor Czinkota is right in his assessment of our economic situation as a “temporary setback”. While we certainly have fiscal challenges ahead of us in the coming decade, the United States is positioned for the future a vibrant marketplace, a fertile source of innovation, and a highly productive provider of cutting edge manufacturing and services. There is too much talk of America losing its economic leadership position. That kind of talk often comes from protectionism advocates who often promote the kinds of inward looking policies that are likely to lead to the very ends they warn against. Only through agressive international leadership and government policies that help U.S. businesses to be competitive in the global marketplace will the United States remain as the “locomotive” for global economic progress.

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