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US State Economies: Agriculture & IndustryAgriculture and Industry Services and Products of each of the Fifty StatesUS economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between US various economic sectors differs largely between various regions and other states in the US.The United States has the largest and one of the most technologically advanced national economies in the world, with a GDP of 12.373 trillion dollars. In this capitalistic, free market-oriented mixed economy, corporations and other private firms make the vast majority of microeconomic decisions, and governments prefer to take a minimal role in the domestic economy. Because of this, the US has a small social safety net, and business firms in the US face considerably less regulation than firms in many other nations. The fiscal policy of the nation since the New Deal has followed the general ideals of Keynesian economics, which replaced Classical economics following the Great Depression. Neoliberal ideals have become more prominent since the presidency of Ronald Reagan and with the growing influence of globalization. Since the early 1980s, the United States has transformed from being the world's largest creditor to having a substantial current account deficit and a national debt of unprecedented size relative to national GDP since World War II. |
State Economies
A central feature of the US economy is a reliance on private decision-making
("economic freedom") in economic decision-making. This is enhanced by relatively low levels of
regulation, taxation, and government involvement, as well as a court system that generally protects
property rights and enforces contracts.
The US is rich in mineral resources and fertile farm soil. It also has extensive coastlines on the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent, and the Great Lakes along the US border with Canada - provide shipping access. These waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit. |