1. 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

2. The USA: a Continental Economy

3. New York: 8.5 (Newark-Jersey City: 20.2, +3%)
Major cites (metropolitan areas) in millions (est 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, %)
Washington: 0.68 (Arlington-Alexandria: %)
Source: Wikipedia based on US Bureau of Census estimates.

4. 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.

5. 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%

6. World’s largest banks

9. Top Software & Programming companies (Forbes, Wikipedia)

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

12. Economy: Key Indicators 1
GDP $18.57 trillion (est 2016); 24,6% of world GDP, at market exchange rates 2016 ($ 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:
$ trillion (31 December 2015 est.) :
(2015: 1.35% of GDP, up from 107% of GDP in 2012).
Source: CIA World Factbook.

13. 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%

14. 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%

15. 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: tn m3 at 1/9/2016
7.716 tn m3 (begin 2009 est.)

16. 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.

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

18. Population characteristics 1
Population 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: % (12.5%)
Source: CIA World Factbook, United States.

19. 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)

20. US Mean Center of Population 1790-2010 (wikipedia)

21. 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.
2 095
7 078
78 743
66,0
63,0
4,6
2008.
2 168
8 924
79 501
62,2
5,8
2009.
2 103
14 265
81 659
65,4
59,3
9,3
2010.
2 206
14 825
83 941
64,7
58,5
9,6
2011.
2 254
13 747
86 001
64,1
58,4
8,9
2012.
2 186
12 506
88 310
63,7
58,6
8,1
2013.
2 130
11 460
90 290
63,2
7,4
2014.
2 237
9 617
92 025
62,9
59,0
6,2
Source: Economic Report of the President, 2015

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