• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13

American Economy: Economic power.

Extracts from this document...

Introduction

American Economy 1 Running head: American economy American Economy: Economic power Anthony A Hamilton Westhills Community College Sociology 2 - Social Problems Professor Dr. Loyd Ray Ganey Jr. May 12, 2003 American Economy 2 Abstract The US's economic system creates many problems throughout the world. Recognized as the Worlds leader in Consumption and economic growth the US has established a presence throughout international borders. Moreover, the US's economic power has fueled controversy pertaining to global capitalism, corporate welfare, and consumption. American Economy 3 Economic power Corporate welfare is, any action by local, state or federal government that gives a corporation or an entire industry a benefit not offered to others. It can be an outright subsidy, a grant, real estate, a low-interest loan or a government service. It can also be a tax break, a credit, exemption, deferral or deduction, or a tax rate lower than the one others pay (Barlett & Steele, 1998). The federal government has done a lot to aid multi-million dollar industries throughout the last few decades. Many corporations haven't even paid taxes in years. One would think that policies of this nature are seemingly unjust. Millions of middle class tax payers can only dream of living in a society free of income and property taxes. ...read more.

Middle

During the 1990's the total value of all outstanding household debt reached unprecedented highs in the United States last year, for the first time exceeding 100 percent of the total disposable income of all households. "As far as the wealth of typical American Economy 7 households is concerned, the real story of the 1990's was not the stock market boom, but the debt explosion," (Bjorhus, 2000). "The financial boom we're living in is partly financed by debt and so when that debt comes due or unemployment starts to rise again, that bubble could burst and could make the downturn worse than it otherwise could have been," (Schmidt, 2000). Such data hint at some of the causes of high debt levels in the United States, said Robert Manning, author of the forthcoming book "Credit Card Nation: The Social Consequences of America's Addiction to Credit." He argues that more and more people are working part-time and temporary jobs, using credit to fill the gaps. Other factors have driven the boom, too. Credit has simply been easier and easier to get. Low interest rates in the 1990s made borrowing even more attractive. Consumers have demanded more too as cultural attitudes against taking on debt have relaxed. The problem with debt is that it can't grow faster than income indefinitely (Bjorhus, 2000). ...read more.

Conclusion

Cities in places such as Africa and Asia have been exploited by American corporations for decades, causing many to suffer while few prosper (Bowden, 1999). Summary Who's to blame for the many economic problems created by our society? Is it the government or corporations? Regardless, the US's economic system creates turmoil in our society and in all cases the victims are middle and lower class working citizens and the beneficiaries are corporate executives and politicians. The western culture that citizens of America represent is resented by many foreign cultures. In many instances the resentment is justifiable due to the disregard of foreign culture and tradition. The uniqueness of foreign cultures and years of built tradition are in many cases lost amidst the impact of global westernization. Thus, displaying American Economy 11 America's "greed" to acquire maximum yield at all cost. If America continues to expand global capitalism, influencing the world by our western culture, small cultures that have been shaped over centuries, will ultimately suffer. The American government should address these issues, shifting interest from money and financial benefit to the liveliness of cultures across the world. People shouldn't be taken advantage of performing arduous labor intensive tasks for wages well below minimum wage. Our government has allowed corporations to take advantage of this outlet for decades with no restrictions. People across the world suffer because of our economical tactics but the mood that is presented by American's is one of success, power, and dominance. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. The Causes and Consequences of Economic Growth - Why do some countries grow faster ...

    This means that inflation is not a real problem, and so as growth takes place, firms' and workers' real income will rise. This will filter through to a rise in disposable income, and so consumption will rise. This rise in consumption will both lead to an increase in consumer spending and business spending.

  2. The Nature of Macroeconomics

    income to protected high income earners Unemployment * UE rate = Number of UE (over 15 & seeking work) / number in labour force x 100 Types of Unemployment * Frictional = voluntarily changing employment to seek higher paid jobs, acquisition of more skill & training, duration of UE depends

  1. Chinese economy sets for soft landing in 2005.

    President of the United States, hailed China's economic and social progress over the past 25 years, noting that adult illiteracy has been halved, while China's rapid growth has been the single biggest factor in reducing global poverty. To sustain growth over the long term, she reckoned, China should shift to

  2. How Capitalism works.

    A firm may lose money instead of earn a profit if sales fall too low or costs run too high. The profit motive also encourages firms to operate efficiently. By saving time, energy, and materials, a firm can cut its production costs.

  1. Is the Welfare State Desirable?

    "All hail thane of Glamis, All hail Thane of Cawdor, All hail who shalt be King hereafter", the repetition of the words "All hail" when speaking to Macbeth would prove to be of great importance as these would then echo in his mind.

  2. Examining the world through Economic

    policy Monetary Policy Foreign income changes External shocks Expectations The AD curve slopes downwards because of the following reasons: A firm in the short run has at least one factor of production that is fixed and at least one that is variable.

  1. Split Votes: A Nation Divided on the Marijuana/Drug Legalization Debate

    The government could even go one step further and take a managerial approach to the marijuana market by producing and marketing the drug themselves. The MRP suggest running marijuana cafes, as in Holland, that would regulate the sale and use of marijuana.

  2. Explain how economic growth and the operation of a market economy impact on the ...

    But it could be that other people apart from the producer and consumer are affected by the consequences of the actions. For example[S4] deforestation in the Amazon, local Indian tribes are affected as they watch their habitat diminish. In the case of fishing, future generations will be affected by the lack of fish stocks in the future.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work