Why America Can Be The Biggest Economy In The World? - page 5.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

My question is what are the factors that make the United States the largest economy in the world?

The Protestant ethic and the spirit of capitalism. For those who do not know, there is a book with the same title.

While in most of the world societies followed to a greater or lesser extent a system of privilege, and in Germany a posh guy who never worked in his life, dedicated himself to writing a tedious piece of nonsense that would eventually lead to the greatest genocides of mankind, in the USA effort and talent were rewarded. The result has been the highest levels of development and welfare in history.

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There are a lot of reasons why the US can retain its status as the biggest economy in the world. They may lack the capability and capacity to mass produce goods like what China is doing, but their foothold on a lot of major economies and investments in a lot of countries proves that they can just outsource the labor and the material and they will still gain a lot. Great example is Apple outsourcing the manufacturing and materials to China, and still getting valued at over $2 trillion dollars. Also, a lot of countries are still putting a premium on US products, and there's that. They project their image as a country that produces great products, when in fact they rarely make them in their homeland. This projection is getting bought by other countries which, in turn, gets their goods prioritized over any other products from other countries.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

My question is what are the factors that make the United States the largest economy in the world?

America has been fortunate to have good political leadership. Most American presidents are not corrupt and selfish. They served the American state selflessly and focused on economic development rather than personal gains.

Secondly, slavery gave Americans a lot of money that was used to pursue other economic activities. Slave trading was a very profitable business that gave America huge finance. Slaves were also used as laborers to build major infrastructures and produce important cash crops.

Thirdly, I also believe that the American economy is private-sector driven which has led to the attraction and migration of businessmen and other investors to the nation. The American dream fueled by freedom and democratic nature has made the America economy a center of attraction.

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United States had become the developed country before the most of the countries was in colonies of Britain and French.So they had good economy before 1800,So they keep dominating over 200 years in the market.The people of USA become literate before the 1900 so they had learn to earn in different ways.The capitalist of America had business all over the world over 200 years.So they have huge amount of wealth and connectivity through out the world.United States became an unavoidable in the world economy.All this are reason for United States became a Biggest economy in the world.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

In this thread, I want to discuss the story of a country that for the last 100 years has succeeded in becoming the largest economic power in the world, especially if it's not the United States. even though about 150 to 200 years ago the American economy was nothing when compared to, for example, the British Empire, the Chinese empire and also the kingdoms in Hindustan, but only in a short time, the current American country could become a giant power in proportion to GDP (Gross Domestic Product). reached 24% of all GDP in the world.

I suspect why the United States is strong in the economic field because of its dollar, so they can regulate a number of other sectors as a support influence, a country will look strong when their currency is the choice of many countries, both global trade agreements and other powers as capital for them. Many things can make America's economic power strong enough and its influence has now reached several countries in terms of global cooperation relations.

Of course there are other factors why they are so strong in the economy, but I think the dollar plays a big part in this. They control the defense sector and many products become superior to what they create, so that dependence on other countries can never be separated from them.

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As someone who has studied America in college, I can say that the lack of human rights for centuries could be a good start? I mean lets face it the whole world had slaves to a point, but USA took over a whole continent and spread slaves all around to get them super rich. I am not saying that there were no slaves in any other nation, surely there were, but most of them didn't had the infrastructure to be this big, whereas USA tookover a whole lot of land, made farms out of it for free, literally gave town sized farms to people, and then gave them dozens of slaves, and that allowed them to grow crops that would be sold everywhere, and there were untouched natural resources such as gold and other stuff as well, whereas other places were mostly mined. In the end when you have such a "good" start by doing so bad (they literally didn't let people sit in certain places for their color until recently, people are alive from that period) you can definitely grow bigger later on. That mindset kept going, they started to think that they are better than anyone else and can invade wherever they want if they see something wrong going on, like that's somehow their right to do, and took the resources from the lands they invade as well, this is as recent as we all can remember. So I am sorry but when you ignore human rights, like China, like USA, like Russia, then you can grow so much.

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America is a nation built on the backs of immigrants. America sold herself to the rest of the world as the land of opportunity, freedom, and equal rights, till today the US sells the idea of the American dream to foreigners, people believe America is where dreams come true. The best minds (doctors, lawyers, builders, scientists) from all over the world come to America to start a new life and hoping to make their dreams come true.

Quote from: Renampun on April 18, 2023, 11:59:27 AM

have you ever heard of the motto "American dream", that's what makes America one of the world's strongest economies, apart from that the educational factor is also very influential because the USA has the world's best campuses and many people dream of going to school there, apart from education there is innovation and research that continues to grow in America even a row of the world's richest people (most of whom are technology kings) are in the USA, there is also a factor because they control world trade with their dollars.

Other countries like China may be able to keep up with America because of their high population and also their trading level which has soared in recent times but to beat America, is really difficult.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

In this thread, I want to discuss the story of a country that for the last 100 years has succeeded in becoming the largest economic power in the world, especially if it's not the United States. even though about 150 to 200 years ago the American economy was nothing when compared to, for example, the British Empire, the Chinese empire and also the kingdoms in Hindustan, but only in a short time, the current American country could become a giant power in proportion to GDP (Gross Domestic Product). reached 24% of all GDP in the world.
~

Have you tried looking at the population?
1800:
USA ~ 5 million
China ~300 million
India ~ 170 million

In 1900 the USA population went up to ~76 million, that's the main reason for the growth compared to other countries in this short span!

Quote from: electronicash on April 18, 2023, 11:04:45 AM

because of the petrodollar. after the ww2, countries all over the world agreed to use USD to buy oil in Saudi. since USD is being used worldwide, there is no doubt they can instantly become big. the demand for USD will ofc grow. more governments will be buying USD because it's the only currency accepted to buy gas.

Again with the petrodollar myth?
The US became the largest economy in the last decade of the 19th century overcoming China, how much oil was traded then?
Oh, wait, where was Saudi Arabia then?

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

In this thread, I want to discuss the story of a country that for the last 100 years has succeeded in becoming the largest economic power in the world, especially if it's not the United States. even though about 150 to 200 years ago the American economy was nothing when compared to, for example, the British Empire, the Chinese empire and also the kingdoms in Hindustan, but only in a short time, the current American country could become a giant power in proportion to GDP (Gross Domestic Product). reached 24% of all GDP in the world.

right now even if for example compared to other countries, America is 20 times larger than the GDP of other countries, even the number of financial assets in America in 2021 then covers 28% of all financial assets in the world. in the same year, now entering America's natural wealth, it has the second largest natural resource in the world with a value of 45 trillion dollars which includes coal, natural gas, copper, gold, wood and many more specifically with gold America has the largest gold reserves in the world. world today, namely 8,133 tons. this gold reserve of America's wealth does not include its vocal vocal industry like Hollywood and also the music industry and also the technological empire that almost monopolizes access to information technology around the world.

So the question now is why did America become such a big economic power? even though if we look at the history of America 100 to 200 years ago it was just a nomadic colony which was a runaway from the Europeans so at the beginning of their independence in 1776 the American people were still very far from the word prosperous, most people in America needed to fight to fight against the ferocity nature and winter even fought against the local population to be able to survive everyday with a GDP that was only 2% of the world's GDP at that time. The United States is by no means considered a force to be reckoned with. My question is what are the factors that make the United States the largest economy in the world?

It's a huge topic and probably too much to cram into one reply, but they came up with the right set of ingredients to grow businesses. That involves having a relatively wise set of politicians, an independent judiciary that can stand up to the huge corporate forces that are often trying to undermine it, an education system that is constantly evolving over time, a relatively open religious environment and investment in infrastructure that supports smooth logistics movement through the country. All of that helped them to create the reserve currency that the world relies on as well, which is very useful for applying pressure elsewhere and greasing the wheels of trade to their advantage.

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I think we all know why USA is the biggest economy in the world, that article won't be enough to cover the whole reason why they are what they are right now. If you've been in most conflicts around the world on both sides selling weapons, then it's no-brainer that you're going to have a good economy, not to mention that you have been placing dictators in a lot of countries* to prevent "Communism" when in reality you're just trying to monopolize trade with that country. Another reason is you're the current reserve currency, meaning that you can influence the global market since USD is the pegged currency for countries to trade.

*See link

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

....

One of the reasons is why in less than 200 years they have managed to create something that others have not succeeded in many centuries:
Country education scheme, features, and.. luck

The first thing that is very different from other "young countries" is that in the USA people began mass migration when the world moved to the industrial stage of development. This made it possible to create the economic facilities (heavy industry, transport, armaments, ....) much faster than in previous periods.
Secondly, people went to the USA who COULD NOT REALIZE themselves in the "old world", where there were inconvenient laws, centuries-old traditions, the impossibility of breaking through "to the top", etc.
But they had ideas, experience, and faith in the "new world". which they eventually built. The country was actually created from a "clean slate", there were no obstacles, centuries-old dynasties, obligations. Laws were written almost "on the knee" and instantly adapted. Resources allowed to raise the industry. The presence of BRAIN who came to America from high-tech Europe of those times. And by the end of the 19th century, the "new world" became attractive for everyone who wanted to realize themselves and become what they could not become in the "old world". Very smart, I would even say cunning, financial policy, historical events - also helped the United States to take its place. In Europe, from the beginning of the 19th century to the middle of the 20th, there were terrible wars, which led to degradation and destruction. There was actually one civil war in the USA, after which peace was fixed for centuries. Plus, quite adequate neighbors from the north and south and geographical remoteness for enemies ....

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

My question is what are the factors that make the United States the largest economy in the world?

This can be answered when we flash back to World War 2 where the US was the main pillar behind the end of World War 2. If you have ever heard of the Bretton Wood agreement, you must know that the contents of the agreement were the US that changed the gold standard to US Dollars. Furthermore, after the end of World War 2 when other countries experienced enormous losses, the US stood as a country that provided loans. From that step, the US had begun to dominate the economy of each country because of debt in the form of Dollars and Gold, which the US did have a large supply of.

And from borrowing funds to restore the country's economy due to World War 2, the role of the US does not end there because as a country that has natural resources, controlled infrastructure management, as well as imports and exports of goods will return to the US. Simply put, you are the owner of the money and the car manufacturer, and then loan money to a friend to buy a car in your own shop. Isn't it profitable besides the profit from selling your car, you also have the profit from the loan.

That was the picture of the US at that time and until now such a system is still continuing.

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Why like this, because America has a unique economic system that encourages innovation and entrepreneurship and has a strong legal framework that protects property, contracts and intellectual property rights. This legal system creates a stable and predictable environment for businesses to operate, which encourages investment and growth and most importantly the United States has a large and diverse population that provides a broad market for goods and services. This allows American businesses to grow quickly and effectively, both domestically and internationally. These factors have enabled the United States to create and innovate, and drive economic growth and the prosperity of its people.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

...
So the question now is why did America become such a big economic power? even though if we look at the history of America 100 to 200 years ago it was just a nomadic colony which was a runaway from the Europeans so at the beginning of their independence in 1776 the American people were still very far from the word prosperous, most people in America needed to fight to fight against the ferocity nature and winter even fought against the local population to be able to survive everyday with a GDP that was only 2% of the world's GDP at that time. The United States is by no means considered a force to be reckoned with. My question is what are the factors that make the United States the largest economy in the world?

have you ever heard of the motto "American dream", that's what makes America one of the world's strongest economies, apart from that the educational factor is also very influential because the USA has the world's best campuses and many people dream of going to school there, apart from education there is innovation and research that continues to grow in America even a row of the world's richest people (most of whom are technology kings) are in the USA, there is also a factor because they control world trade with their dollars.

Other countries like China may be able to keep up with America because of their high population and also their trading level which has soared in recent times but to beat America, is really difficult.

Nwada001

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I believe one of the greatest things that's helping America's economy is their public acceptance in the past (accepting immigrants from different parts of the world). To the best of my knowledge, America is made up of so many nations that come together in search for greener pastures. The American economy is strong and in a resistance state because of their alliances with different nations. They couldn't be where they are today on their own. American is the world power today because they are made up of different country representatives.

Countries choose to use the dollar as their currency because I believe it's more transparent and friendly to use than the others.

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Since you dealt with the subject from a historical aspect, I can say that one of the most important pillars of American economic power is the First and Second World Wars, which destroyed the classical powers and contributed to the emergence of new empires. The First World War took place between the world's largest powers in a competition to redivide the world. America was not a direct party to the conflict, and it used to benefit from financing the warring parties, whether with weapons or supplies. And after the collapse of giant entities in 2018 (the end of the war), new powers appeared on the scene, such as America, which did not have any losses (economic and military superiority), while even the victorious countries relied mainly on direct support from colonies in Africa and the East. . It was World War II that greatly supported America's position in the world as an economic power after joining the Allies and declaring the terrifying nuclear weapon in the face of the world (not just Japan) to put an end to the war and establish the dominance of the dollar in Bretton-wood. Since that time, America has been the world leader on several levels before China ascended a few years ago, 20-30 years ago.

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because of the petrodollar. after the ww2, countries all over the world agreed to use USD to buy oil in Saudi. since USD is being used worldwide, there is no doubt they can instantly become big. the demand for USD will ofc grow. more governments will be buying USD because it's the only currency accepted to buy gas.

due to de-dollarization happening nowadays which countries are accepting the currency of each country and some the Yuan in particular, it may be possible that China will also be the biggest economy even when China is not an oil producer.

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Quote from: Mame89 on April 18, 2023, 10:22:03 AM

[....]My question is what are the factors that make the United States the largest economy in the world?

I remember watching a documentary how some groups built America. They are already doing well economically but the world wars has catapulted them. They leveraged their military might so they could stay in power for years. They also managed to suppress other nations from surpassing them and that includes nations they are "allied" with. Some may consider their manipulations and how they're involved in political unrests in other countries as a conspiracy but I believe that's also how US make tons of profits.

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From the best of my knowledge on international Economy, all countries have their own best economy. If America Economy is the best Economy, America Economy would have shaping other countries economy their best nature but all economics are equal and no one is superior to another. America imposes their economy to other countries for survival.

American Economy was taken as the world accepted economy based agreement between American and Britain n the world war two (2). I will not go into detail. So saying American Economy is the best in the world is like a mockery to me because I know the reason.

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If I had to guess with the knowledge I have about the United States today. I would say it is a collection of things which allowed that country to reach a big status in the international stage: emphasis in technological development, a strong military culture, attracting the brightest minds to live there and work for them (Einstein and the Scientist of the project Paperclip being the most famous examples). The military position together with the technological advantage can help to further boost their economy.

I believe the rise of USA accelerated a bit after the fall of the Soviet Union, but I am not sure. It would make sense though, since USA stayed has the only superpower for a long time, being only China the most recent foe in that aspect.

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