United States’ Brief History
At the end of the World War 2, the “golden era” for the U.S economy had begun. This was the time frame in which the economic productivity and activities were raising, which gave birth to the baby boomer generation and increased the income of the middle class families. The US GDP grew at an average rate of about 4% from the late 1940s to the early 1970s. During the 1970s, there were many structural changes in the economy ranging from services to industry and manufacturing. Nonetheless, after couple decades of growth in the economy, the US began to show signs of slowing. After the increased global competition and the oil crisis of the 1973, the US economy entered a period of inflation and stagnating growth which is referred to as “Stagflation.”
The decade following this, 1980s, President Ronald Reagan encouraged a more supply sided economic growth. The main goals of these series of polices was to lower the government regulations and spending, along with tighter money supply and lower taxes. Due to this President Ronald Regan was very successful in changing the tax policies and deregulating government control and still managed to increase the aggregate output of the economy. The downside to this was the government debt multiplied s...
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...h a combination of expansionary monetary policy and expansionary fiscal policy. On the side of monetary policy the Federal Reserve has been tackling weakness within the economy by both the classical Keynesian and alternative policies. While on the expansionary fiscal side of the implementation, the government stimulated both tax cuts and government spending to prevent further worsening the economy.
The United States is usually referred to as the land of free market economic policies. Yet, the United States’ government stresses a substantial amount of control over the financial activities, economic and commercial activities. After the recession, the government increased the amount of control over the financial sector. In the 2010, an act was passed called the Dodd-Frank act, to represent the reform in the regulation of the financial market since the Great Depression.
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