29 Jul American Economy That Rivals The Bamboo Curtain: Fascinating GDP of $20.93 Trillion
American economy is one of the most leading economy in the world, and everybody seems to agreed that US dollar is a currency to look up to. America seems to be superior in business and corporation building, contribute most of it’s humongous GDP. Previously, we made an article to cover the gigantic economy of China, the Bamboo Curtain Nation (it’s a nickname we Indonesian give to China). Now we will talk about their rival in terms of economic growth, the United States of America
American Economy in a Nutshell
The land of freedom has the biggest and the most important economy in the world, American economy contribute about 20% of total global output, and is still larger than that of China. The US economy utilize a highly-developed and technologically-advanced services sector, which is responsible about 80% of it’s output. American economy is pillared by services-oriented companies in areas such as technology, financial services, healthcare and retail. Basically, corporations in America is so flourished, the economy got so buff.
So the service sector is the main ingredient here, but beside that, America has an important manufacturing sector, which responsible to roughly 15% of output. After all, America is the 2nd largest manufacturer in the world in some of these industries such as automobiles, aerospace, machinery, telecommunications and chemicals. The tiny 2% of it’s output came from the sector of agriculture. It’s still incredible despise the tiny persentage, with large amounts of fertile land, advanced farming technology and generous government subsidies.
There are also some supportive elements for American economy to maintain it’s superiority. America has access to abundant natural resources and a sophisticated physical infrastructure, and to effectively utilize that infrastucture, the workforce used is well-educated and productive. American economy is a result of balanced contribution between the government and the people. The government provides political stability, a functional legal system, and a regulatory structure that allow the economy to flourish.
Meanwhile, the people went on with their jobs with solid work ethic, as well as a sense of entrepreneurship, producing American economy growth out of ongoing innovation, research and development as well as capital investment. So in a nutshell, America is a capitalist monster, that utilize corporations, business, and manufacturing. If China had the quantity, then America had the quality in terms of business. One thing that America is known for, is that venture capitalist love to gamble in stock exchange, which brings us to the next part.
If you haven’t read the previous article, you can check here: Chinese Economy of a Giant: Country’s amazing GDP of $15.66 Trillion
The Wall Street
In the literal meaning, the Wall Street is a eight-block-long street located in the lower Manhattan section of New York City. This term however, is mostly understood as an umbrella term in which means the biggest headquarters of American broker and investment banks, and is also the home of the New York Stock Exchange. Wall Street is associated with financial markets and the companies that trade publicly on exchanges throughout the US. Wall Street is so important, anything that happened to it might affect American economy as a whole.
It’s a nickname for America’s biggest financial district, the heart of the country’s economy, where important location of financial institutions are based such as the New York Stock Exchange and the Federal Reserve Bank of New York. They’re not lying when they say Wall Street is important, the financial district has gone a couple of crisis in the past, and it’s surely impactful to American economy, and society. Just like in September 16th 1920, a cart full of dynamite accidentally explode while the street is highly crowded.
40 people were killed and another 300 injured, meanwhile it’s unclear whether if it was accidental or orchestrated. The explosion occured in the Wall Street, symbol of capitalism, so the suspicion were pointed towards anarchists and communist sympathizers. The authorities arrested hundreds of suspects and deported those of foreign nationality. Meanwhile in October 24th 1929, Wall Street experienced market crash which leads into the great depression that cause A quarter of America’s working population would lose their jobs.