The U.S. economy of the 21st century little resembles that of the 18th century, but acceptance of change and embrace of competition remain unchanged.

PREFACE
“The panic itself was felt in every part of the globe,” the Wall Street Journal reported. “It was as if a volcano had burst forth in New York, causing a tidal wave that swept with disastrous power over every nation on the globe.” One of the after-effects: “an accumulation of idle money in the banking centres.” The date of this item? January 17, 1908.

Given the sobering news that of late has arrived with distressing frequency, preparing this edition of Outline of the U.S. Economy has been a real challenge. We have tried to approach the task with a sense of historical consciousness.

In addition to the 1908 events depicted above, the United States has endured a Great Depression (began 1929), a Long Depression (began 1873), a Panic of 1837 — “an American financial crisis, built on a speculative real estate market,” says Wikipedia — and assorted other recessions, panics, bubbles, and contractions, and emerged from each with its economic vigor restored and its republican institutions vibrant.

We hope that our readers will find this new entry in our Outline series frank, informative, and above all useful. We offer it in the spirit of optimism embedded deeply in American life.

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Outline of the U.S. Economy
2009 Edition
Published in 2009 by: Bureau of International Information Programs
United States Department of State

CONTENTS
CHAPTER 1: The Challenges of this Century 1
The world’s largest and most diverse economy faces the most severe economic challenges in a generation or more.

CHAPTER 2: The Evolution of the U.S. Economy 8
The economy has expanded and changed, guided by some unchanging principles.

CHAPTER 3: What the U.S. Economy Produces 43
The large U.S. multinational firms have altered their production strategies and their roles in response to globaliztion as they adapt to increasing competition.

CHAPTER 4: Competition and the American Culture 55
Competition has remained a defining characteristic of the U.S. economy in the American Dream of owning a small business.

CHAPTER 5: Geography and Infrastructure 67
Education and transportation help hold together widely separated and distinct regions.

CHAPTER 6: Government and the Economy 79
Much of America’s history has focused on the debate over the government’s role in the economy.

CHAPTER 7: A U.S. Economy Linked to the World 101
Despite political divisions, the United States shows no sign of retreat from global engagement in trade and investment.

CHAPTER 8: A New Chapter in America’s Economic Story 115
The United States, in its democratic way, faces up to immense economic challenges.

ABOUT THE AUTHOR
This edition of Outline of the U.S. Economy has been completely revised by Peter Behr, a former business editor and reporter for the Washington Post. It updates several previous editions that were issued first by the U.S. Information Agency and then by the U.S. Department of State beginning in 1981.

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