Global Economy Essay The global economy refers to the increasing economic interdependence of the countries and regions of the world. The most recent form of the global economy emerged in the 1970s as a result of advancements in information technologies combined with expanding neoliberal, political-economic philosophies and policies.
The U.S. financial crisis seems to be mostly overcome; the national economy slowly becomes stabilized and starts growing again. Nevertheless, many problems associated with the exit from the current acute crisis in the U.S. economy still remain, and the economy continues to function far below its real potential.
Today, the country’s economic growth is stabilized. Thus, over the last decade, average annual GDP growth (2.2%) is higher than in other Western countries.
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It’s economy is reasonably diversified with key economic sectors including mining, agriculture and fishery, vehicle manufacturing and assembly, food-processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, transportation, and wholesale and retail trade. Get Help With Your Essay.
When the economy is in a recession, people face job loss, which may affect children's education, living arrangements, social activities and even fertility. Once the economy shows signs of coming out of a recession, it takes time to rebuild confidence in consumers before they will comfortably engage in expensive vacations or buy a second or third car.
Social Economy. From the early rise of humanity business has been one of the most important aspect for any culture or civilization, from bargaining and trade, to the industrial revolution down to our current time.
The US economy is mostly based upon the capitalist economy structure, and the ideology suggests that the privatization is the basis of growth and development of country’s economy. The government has their intervention into only health sector and transportation area.