US Economy

Agriculture and Industry Services and Products

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 U.S. has a small social safety net, and business firms in the U.S. 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.