The role of the U.S.
Economy historically is productivity growth. Productivity growth,the engine of improvement in average living standards, has rebounded from a 25-year depreciation of a little more than 1 percent a year to roughly 2.5 percent since 1995. Gaining the 1.5% was surprising to many people.
The role of the U.S. Economy today is dominating the trade game. The U.S.
output of goods and services(Gross domestic Product), exceeded $10 trillion in 2002(Brookings). That is greater than the total GDP of the next five countries combined. The U.S. economy is so large that its metropolitan areas produce more than entire countries. The United States accounts for one-third of the world’s output and. The role of the U.
S. Economy in the future could end up being the United States taking control of all trade around the globe(AEI).The United States is first right now, but there are some countries who may be able to catch up. In 2002, imports to the United States from developing nations totaled to $317 billion. Other countries or companies in other countries are specializing to contribute to the global economy. Specializing is when countries produce what they do best, and then they exchange for things other countries do best.
Other countries or companies in other countries are trying to develop more to change their economic system(Forbes). Many countries deal with obstacles to development which include too much population growth, a possible lack of natural resources or the inability to use natural resources, geography of the country, disease, lack of education, limited technology, debt owed to other countries, corruption in the government, and war(AEI). Countries can overcome obstacles and improve economic development by receiving government grants, private foreign investments, regional economic cooperations, using resources from international agencies, and by using cartels.
Some developing nations convert their economy to capitalism, but it is not always easy(Forbes). Here are some of the things they do: they see the success of nations like the United States, privatization of resources and businesses, reduction in the power of the government, and incentives for people to produce, buy, and invest. Hey Mr.
Mosley, leave a comment on my paper if you see this! Other countries or companies in other countries are creating plans to better their plan for the future and their involvement in the global economy. They are noticing what is and is not working within the economy. They take these observations into consideration when creating plans. Countries are attacking the challenges of growth and participation in the global economy by continuing to develop ways to make the economy better(Brookings).
This includes sharing that amount of trading. I think the global economy will look like a heaping pile of junk in 25 years. Trump is ruining relations with the United States and other countries.
If we do not start working with other countries soon, all of our current relations will be ruined. Every country should be nice to each other in a perfect world, but our world is not perfect. To make GDP better in all countries we need to work together and not side behind one person and/or country.