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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.

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