Федеральное агентство по образованию

Государственное образовательное учреждение

Высшего профессионального образования

"Волгоградский государственный технический университет"

Камышинский технологический институт (филиал)

Волгоградского государственного технического университета

Кафедра "английского языка"

Реферат

По дисциплине: "Английский язык"

На тему:

The USA economy

Выполнил: Проверила:

Студент гр. КМЕН-051(в) Сорокина Т.В.

Ермаков М.М.

Камышин 2006

CONTENT

 

1. The basis of the US economy.

2. Major industries.

3. Agriculture.

4. Foreign trade.

5. Trade wars.

6. Global economic influence.

1.  The basis of the US economy

The American economy is described as a free enterprise system, which allows private business the freedom to operate for profit with minimum government regulation. The theoretical foundation of the American economic system was provided by Adam Smith whose economic ideas of so called "laissez-faireї" or free competition influenced the development of capitalism. From his standpoint the more people manufacture and trade the greater the competition. Competition benefits society by allowing the consumer to search for the best available product at the lowest price. Thus market forces, which Smith termed the invisible hands, control the allocation of goods while each participant in the market is seeking for his own self-interest.

Throughout the nineteen century market operated with a minimum government regulations. Since the 1930-s American capitalism has undergone a radical change. Although private enterprises flourishes, government regulation now exists in many areas of business ranging from product safety to labor conditions. Political conservatives complain of too much government regulation while the liberals are out for the enhance of government role in business and economy.

The country’s reliance on private initiative and enterprise has produced impressive growth. The USA today is a leading economic power with a high standard of living and enormous productivity in industry and agriculture.

It is the most affluent nation in the world.60% of all families and individuals are in the middle-income or high-income rank.

2. Major industries

The USA remains the world’s leading producer of goods and services, although its margin of superiority is diminishing as other countries become more competitive in the world’s market.

Industrial and technological position of the states is very high. The USA is the leading producer of electrical energy, aluminum, copper, sylph and paper, and one of the top producers of natural gas and automobiles. No other nation exports as much high technology as the USA.

3. Agriculture

Technological advancement has accelerated changes in American agriculture. Farming is highly mechanized and commercialized, but at the same time it requires much investment. In productive terms the achievements of this sector of the economy are extraordinary. U. S. farmers produce enough food for domestic consumption and still supply 15% of the world’s food need.

It should be noted that in the past 30 years agricultural lands have been concentrated in fewer and fewer hands as a result of the fact that large-scale specialized farms replaces small family farms.

However high efficiency and productivity of American agriculture has its negative side. On the one hand farming has become too productive to be profitable to many American farmers. Low crop prices, which have resulted from overproduction, often do not bring farmers enough income to live on. Another difficulty an American farmer faces is the decline of agricultural exports. The situation nowadays is that the share of the U. S. crops on the world’s market is shrinking while the shares of the European community expand.

4. Foreign trade

Besides agricultural products the most part of the U. S. export occupy machinery, automotive products, aircraft and chemicals. The leading U. S. imports are petroleum products, food and beverages machinery, iron and steel products. The USA is the world’s largest importer and exporter. Despite its huge domestic production, the economy of America depends heavily on foreign imports. Until recently the US exported more goods than it imported. However the present situation is the declining competitiveness of American goods in the world market first of all due to poor quality, which was indicated by the trade deficit, which is called in economic theory a negative balance of foreign trade. Foreign manufacturers are now selling about 50% inside the country more than Americans are exporting abroad.

It should be specially emphasized that the condition of the U. S. economy depends to a vast extent on the world-wide oil prices. If they are at a low-rate American economy prospers, otherwise it is in a decline. This phenomenon can seem the reason for the economic crisis of the USA nowadays. That is why America has an urge to control the oil field in Iraq which will give it an opportunity to control also over the world one. In fact the predictable war in Iraq is only one aspect of its policy, aimed to retention its specific role in international economics. ............