The US and British Economies: Course Outline Overview of the US: geography, population, economy US economic history and institutions The rise of neoliberalism The financial and on-going economic crisis US foreign economic relations Britain’s economic structure and institutions Britain’s convergence and divergence with continental European social democracy in the 20th century Brexit Poverty, social inequality in the English-speaking countries

The USA: a Continental Economy

New York: 8.5 (Newark-Jersey City: 20.2, +3%) Major cites (metropolitan areas) in millions (est. 2016 + increase on 2010 in %) New York: 8.5 (Newark-Jersey City: 20.2, +3%) Los Angeles: 4.0 (Long Beach-Anaheim: 13.3, +3.8%) Chicago: 2.7 (Naperville-Elgin: 9.5, +0.6%) Dallas: 1.3 (Fort Worth-Arlington: 7.2, +12.6%) Houston: 2.3 (The Woodlands-Sugar Land: 6.7, +14.4%) Washington: 0.68 (Arlington-Alexandria: 6.1 + 8.8%) Source: Wikipedia based on US Bureau of Census estimates.

Strengths of the US Economy Capital stock in the US and overseas Natural resources: fuel (gas, coal), metals, farm land, etc. Technology Monetary privilege – the dollar – financial system Cultural hegemony (English, university system, audio- visual products) Population growth Stable political system Military power Source: points 1 to 5 - Albert, M., Capitalisme contre capitalisme, Paris, Editions du Seuil, 1991.

Official foreign currency reserves (Wikipedia: Reserve Currency) 2000 2005 2010 2015 2016 US dollar 70.5% 66.4% 61.8% 64.0% Euro 18.8% 24.3% 26.0% 20.3% 19.7% Chinese renminbi 1.1% Pound sterling 2.8% 3.6% 3.9% 4.7% 4.4% Japanese yen 6.3% 3.7% 3.8% 4.2% Canadian dollar 1.9% 2.0% Australian dollar 1.8% Swiss franc 0.3% 0.1% 0.2% Other 1.4% 3.2% 2.5%

World’s largest banks

Top Software & Programming companies (Forbes, Wikipedia)

Population growth over time 1990: 250.1 m – 2007: 300 m > mid-2020s maybe 350 m Source: Economic Report of the President, 2013.

Economy: Key Indicators 1 GDP $18.57 trillion (est 2016); 24,6% of world GDP, at market exchange rates 2016 ($75.641 trillion). GDP per capita $57,400 (2016 est.) Gini coefficient of equivalised household disposable income (est. 2014, source OECD): United States 0.394 (France 0.294, Iceland 0.244, Chile 0.465) Market value of publicly traded shares: $25.07 trillion (31 December 2015 est.) : (2015: 1.35% of GDP, up from 107% of GDP in 2012). Source: CIA World Factbook.

Economy: Key Indicators 2 GDP composition by sector agriculture: 1.1% industry: 19.4% services: 79.5% (2016 est.) Labor force by occupation (2009) farming, forestry, and fishing: 0.7% manufacturing, extraction, transportation, and crafts: 20.3% managerial, professional, and technical: 37.3% sales and office: 24.2% other services: 17.6%

Economy: Key Indicators 3 GDP compostion by end use (2016 est.): household consumption: 68.6% government consumption: 17.7% investment in fixed capital: 15.9% investment in inventories: 0.5% exports of goods and services: 12% imports of goods and services: -14.7%

Economy: Key Indicators 4 Net stock of fixed assets and consumer durables: $62.1 trillion (1/1/2016 Fed Res. Saint Louis) Stock of FDI at home: $3.648 trillion (end 2016 est.) Stock of FDI abord: $5.566 trillion (end 2016 est.) Proven oil reserves: 39.2 bn bbl (start 2017) 10th in world (20.68 bn bbl, start 2011, 13th in world) Proven natural gas reserves: 10.44 tn m3 at 1/9/2016 7.716 tn m3 (begin 2009 est.)

U.S. assets were $25,324.4 billion at the end of the first quarter U.S. liabilities $32,118.3 billion. Source: Bureau of Economic Analysis, Press release, BEA, June 30, 2015.

First quarter of 2015: net position was -$6,794.0 billion

Population characteristics 1 Population 326.6 million (July 2017 est.) Growth rate 0.8% (2017 est) (0.977% 2010 est) Births: 12.5 births/1,000 population (2017 est.) Fertility rate: 2.06 children born/woman (2012 est.) Net migration: 3.9 /1,000 population (3.62 in 2012 est.) Life expectancy: total population: 79.8 years male: 77.5 years female: 82.1 years (2016 est.) Demographic breakdown, est 2017 (2006) 0-14 years: 18.73% (20.4%): 15-64: 65.63% (67%) 65 years and over: 15.63.1% (12.5%) Source: CIA World Factbook, United States.

Population characteristics 2 Ethnic groups (est. 2010) White 72.4% Ameridian/Alaska: 0.9% Black 12.6% Hawaii/Pacific 0.2% Asian 4.8% (“Hispanic” 16.31%) Languages (spoken at home): English 79.1% Spanish 13% (2015 est) Religious composition (est 2014) Protestant 46.5%, Catholic 20.8%, Other Christ. 0.9%, Jewish 1.9%, Muslim 0.9% Unaffiliated 22.8%, (10% 2007 est)

US Mean Center of Population 1790-2010 (wikipedia)

Source: Economic Report of the President, 2015 TABLE B–11. Civilian population and labor force, 1929–2014—Continued [Monthly data seasonally adjusted, except as noted] Year or month Civilian noninstitutional population 1 Civilian labor force Not in labor force Civilian labor force participation rate 2 Civilian employment/ population ratio 3 Unemployment rate, civilian workers 4 Total Employment Unemployment Agricultural Nonagricultural Thousands of persons 16 years of age and over Percent 2007. 231 867 153 124 146 047 2 095 143 952 7 078 78 743 66,0 63,0 4,6 2008. 233 788 154 287 145 362 2 168 143 194 8 924 79 501 62,2 5,8 2009. 235 801 154 142 139 877 2 103 137 775 14 265 81 659 65,4 59,3 9,3 2010. 237 830 153 889 139 064 2 206 136 858 14 825 83 941 64,7 58,5 9,6 2011. 239 618 153 617 139 869 2 254 137 615 13 747 86 001 64,1 58,4 8,9 2012. 243 284 154 975 142 469 2 186 140 283 12 506 88 310 63,7 58,6 8,1 2013. 245 679 155 389 143 929 2 130 141 799 11 460 90 290 63,2 7,4 2014. 247 947 155 922 146 305 2 237 144 068 9 617 92 025 62,9 59,0 6,2 Source: Economic Report of the President, 2015

Labor force participation rate Civilian population, 16 and over Source: Bureau of Labor Statistics,