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Can the United States retain its status as top nation?

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Introduction

As the world's biggest economy, the United States has been received much attention from the whole wide world all the time. After the World War II, the United States became the world's superpower and dominate the capitalist world. At that time, the economic strength of United States possessed the full advantages in the capitalist world. However, the American economy is not always smooth. Since the 1950s, the debate about the rise and fall of the United States has been sparked for many times. Such as in the late 1980s, there has a debate about whether the United States economy would decline when facing the budget deficit and the threat from Japanese economic power (Hamilton, 2010). In 2008, the international financial crisis caused by the United States also triggered the comments and forecasts about the rise and decline of America. In the recent years, the current world economy is in a new round of recovery, but it is still a controversial issue for the prospects of the U.S. economy. This essay will attempt to discuss the negative and positive aspects and views of the U.S. economy and whether the United States can remain its world top status. In addition, this essay will firstly look at the negative factors influenced the economy of the United States. Following this, it will explain the positive factors boost the economyof the United States. The first part of the essay gives the current negative aspects and views of the United States. ...read more.

Middle

The second part of the essay analyses the competitive factors of the U.S., and make an objective judgement on the national trend of the United States. In terms of one country's natural endowment and development potential, the unique natural conditions and geographical location of the U.S. is its "hard conditions" of development. Immigrant community and the talent,law spirit, innovation mechanisms, federalism, complementary of the multiculturalism and mainstream culture, social progressive improvement, the large middle class, relatively open domestic market and overseas expansion, those are the "soft environment" of the U.S. development. These hard conditions and soft environment has no change, so the U.S. Still has a huge potential for development. GDP and GDP per capital reflect the ability of a country to create wealth and the level of a country's wealth. According to the World Bank's World Development indicators, in 2010 the United States GDP occupied 23.1% of the world's total value, Japan 8%, Germany 5%, France 4%, United Kingdom 3%, Italy 3.2%, Canada 2.4%. ( The World Bank, 2010) Apparently, the advantage of the U.S. compared to other developed countries is it dominate the world GDP ratio and has a faster GDP growth. However, compared to emerging market countries, the GDP growth of the United States is slow. But the economic size and wealth level of these emerging market countries do not quite as well as the United States. Therefore, it should take a long time to overtake the United States on the scale. Additionally, the labour productivity means the output of per worker per hour. ...read more.

Conclusion

In the past 100 years, the innovative R&D and technological innovation is the reason for the United States can maintain the status of world economic power. After discussing both the negative and positive factors influenced the U.S. economy, it is can be seen that although the prospective for the future economy of the U.S. is not optimistic, but U.S. are still vibrant in the aspect of technology, innovating and competitiveness. There is no basis to come to a conclusion of the drop of the United States' economy only according to the developments in one or two years or one or two major events. The world status of U.S. will not sway under current economy. Reference list: BURESU, C. (2010) Statistical Abstract of the United States 2010 (Paperback). Government Printing Office. FOLBRE, N. and HEINTZ, J. (2006) Field guide to the U.S. economy: A Compact and Irreverent Guide to Economic Life in America. Perseus Books Group. FIFIELD, A. and KIRCHGAESSNER, S. (2011) Obama agrees deal to raise US debt limit [www] Available from: http://www.ft.com/cms/s/0/d3798b9c-bb7e-11e0-a7c8-00144feabdc0.html#axzz1djVff9H8 [Accessed 01/08/11] GRANITSAS, A and BOURAS, S (2011) Greek banks may face nationalization. [www] Available from: http://online.wsj.com/article/SB10001424052970203687504577001641114973320.html?KEYWORDS=European+debt+++banking+ [Accessed 27/10/11] HAMILTON, J. (2010) U.S. Economy. Gale. INTERNATIONAL MONETARY FUND (2011) IMF Statement on U.S. Agreement to Raise Debt Ceiling [www] Available from: http://www.imf.org/external/np/sec/pr/2011/pr11301.htm[Accessed 02/08/11] MARR, J. and REYNARD, C. (2010) Investing in emerging markets: The BRIC Economics and Beyond. John Wiley and Sons. RAYMOND, W.L. (1916) American and foreign investment bonds. Houghton Mifflin company. THE WORLD BANK (2010) GDP (current US$) [www] Available from: http://data.worldbank.org/indicator/NY.GDP.MKTP.CD [Accessed 2010] UNITED STATES GOVERNMENT (2010) Statistical Abstract of the United States 2010. Bernan Press. ...read more.

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