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The United States became the world’s largest economy in the early 20th century and though massive industrial growth and technical innovation it has held that lead for over 100 years.
The world superpowers that came before it was most notably colonial empires, with the France Britain and the Netherlands all extracting a vast majority of their wealth from foreign colonies that they used to mine natural resources or grow tea and spices to bring back home.
Incidentally, the United States was once one of these colonies, but it had a bit of a rebellious streak and claimed independence to go an to become a majorly powerful nation in its own right.
The nation was born with the memories of empire and what it meant to be a colony, so it ultimately walked a different path to prosperity. In this video, part two of a serious on the economy of the United States we will look at America’s take on its own global empire.
📚 Want to learn more about the economy of the U.S.A? We recommend reading “An Empire of Wealth: The Epic History of American Economic Power”, by John Gordon
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Sources & Citations –
McCusker, J.J., and Menard, R.R., 2014. The Economy of British America, 1607-1789
Katz, S.N., 1976. Thomas Jefferson and the right to property in revolutionary America. The Journal of Law and Economics, 19
Teich, M., Porter, R., and Gustafsson, B. eds., 1996. The industrial revolution in national context: Europe and the USA. Cambridge University Press.
Taylor, L., Proano, C.R., de Carvalho, L., and Barbosa, N., 2012. Fiscal deficits, economic growth, and government debt in the USA. Cambridge Journal of Economics, 36(1), pp.189-204.
Morriss, A.P., and Nard, C.A., 2011. Institutional Choice & Interest Groups in the Development of American Patent Law: 1790–1865. Supreme Court Economic Review
De Haan, J. and Siermann, C.L., 1996. New evidence on the relationship between democracy and economic growth. Public Choice, 86
Bergsten, C.F., Horst, T., and Moran, T.H., 1978. American multinationals and American interests. Washington, DC.
Hines Jr, J.R., 1994. No place like home: tax incentives and the location of R&D by American multinationals. Tax policy and the economy.
Music: “AMERICA, **** YEAH! Piano Tutorial” – youtube.com/watch?v=wBM7O4emjnE
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