12/21/2012

A Brief History of American Prosperity

Via-CITY

An entrepreneurial culture and the rule of law have nourished the nation’s economic dynamism.

GUY SORMAN



Worry over America’s recent economic stagnation, however justified, shouldn’t obscure the fact that the American economy remains Number One in the world. The United States holds 4.5 percent of the world’s population but produces a staggering 22 percent of the world’s output—a fraction that has remained fairly stable for two decades, despite growing competition from emerging countries. Not only is the American economy the biggest in absolute terms, with a GDP twice the size of China’s; it’s also near the top in per-capita income, currently a bit over $48,000 per year. Only a few small countries blessed with abundant natural resources or a concentration of financial services, such as Norway and Luxembourg, can claim higher averages.

America’s predominance isn’t new; indeed, it has existed since the early nineteenth century. But where did it come from? And is it in danger of disappearing?

Read entire article

1 comment:

  1. I havent read the rest of the articlebut one of the last sentences in it made me think.


    " Only a few small countries blessed with abundant natural resources or a concentration of financial services, such as Norway and Luxembourg, can claim higher averages."

    HUMMMMMMMMM....?


    What would a large country with one of the largest sources of energy do to build on their existing 22% of the Worlds Gross output?
    Feed the world even better?
    Protect the World even better?
    Create more of the Worlds advances in medicine and tech?
    Ummmmm.... Could be!!!!

    But they could start with balancing their(our) budget.
    Reducing the need of its populace to depend on the Gov,and as a result reduce the size of an outdated, unconstitutional, unable to respond to a rapidly changing populace, Sloth of a
    governance.

    ReplyDelete