…emphasis on private ownership … most decisions made by private individuals and business firms …limited government’s authority over individuals, inc. economy.

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Presentation transcript:

…emphasis on private ownership … most decisions made by private individuals and business firms …limited government’s authority over individuals, inc. economy … BUT Federal Gov. Regulates private enterprise (eg prices, health, pollution, etc)

 Improved standard of living  10% of the adult population possessed 69.8% of household wealth  12.5% of Americans below the poverty line  Belief that the market can do no wrong and the government no right

 THE BULL = stock market prosperity  = many investors buy stocks  1980s and 90s  Dominant financial services sector  THE BEAR = stock market decline  = drop in stock prices makes investors sell   Financial crisis

 High unemployment rate  Steady decline in the value of market  Bursting of Dot-com bubble (2002)  Bursting of housing bubble (2005-6)  Subprime mortgage crisis (2007-7)  Fall of banks and investment houses => need for tighter regulations  Sharp slowing down of consumer spending

 Fruit  Forests  fishing

Fossil fuels OIL +GAS = Alaska, California, Gulf of Mexico COAL = Appalachians Minerals Copper, uranium, gold, silver = Rocky mountains Iron = Minnesota, Michigan

 Coal used to produce 49% of US electricity

 North East + Mid-west Great lakes region => The Rust belt in 1970s because of decline in industrial heartland  1980s-90s: recovery Detroit = Motown > “the Big three” : Ford, General Motors, Chrysler New York: book publishing industry Ohio= rubber (tyre) and plastics  The West Coast Seattle: aircrafts (Boeing) California, Silicon valley (n. San francisco) => computer industry Texas + Louisiana: petro- chemicals, pharmaceuticals Food processing:  Illinois (Chicago) = meat  Winsconsin = dairy processing  Central valley, California = fruit and veg.

Transport:  Road => highways;greyhound buses  Air => Boeing  Waterways  Finance => Wall street NYSE + Chicago  Tourism => California, Hawaii, Florida, + national parks + cities  Entertainment industry  Design of software  Health care

Imports (exceed exports by about 70%)  Petroleum  Cars  Consumer goods  Raw materials  Food Exports (12%)  Machinery  Arircrafts  Computers  High-tech  Chemicals  Crops (corn+ soybeans)