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Michael Jay Friedman, "Outline of the U S Economy (2009)"

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.

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.

Contents:

CHAPTER 1: The Challenges of this Century

Times Square in New York City

Inauguration Train

CHAPTER 2: The Evolution of the U.S. Economy

Salem,Massachusetts, in New England

Harper’s Weekly published scenes of U.S. farm life in the 1860s

The Richest Man in the World

Unlocking the Internet

Starbucks has spread far and wide to nearly 50 countries since itsfirst store opened in Seattle in 1971.

CHAPTER 3: What the U.S. Economy Produces

Robotic welders operate an auto van assembly line in Baltimore, Maryland.

Retailing’s Competitive Battlefield

CHAPTER 4: Competition and the American Culture

Small businesses, such as thisrestaurant in Kansas, account for a vast majority of U.S. job creation.

Microsoftfounder and billionaire Bill Gates

CHAPTER 5: Geography and Infrastructure

The Jones & Laughlin Steel Companyplant along the Ohio River in Aliquippa, Pennsylvania, in 1938, operated near Pittsburgh.

Pittsburgh, Pennsylvania, became a steelmaking left at the confluence ofrivers, coal beds, and rail.

CHAPTER 6: Government and the Economy

In 2009 the FederalReserve was poised to gain even more power for regulating financial institutions.

Rachel Carson, a government scientist, raised concerns about pesticide usethat led to government environmental regulation

The Changing Union Movement

CHAPTER 7: A U.S. Economy Linked to the World

The foreign exchange value of the U.S. dollar alternatively plunged and soared in the globalfinancial crisis that began in 2008.

Rising imports from Asia such as these cargo containers unloaded in Tacoma,Washington, created political tension in the United States

A Lesson in Creative Destruction

CHAPTER 8: A New Chapter in America’s Economic Story

The numbers for the U.S.economy started turning down even before the 2008 global crisis.

President Barack Obama, shown with former Federal Reserve Chairman PaulVolcker, faces the greatest economic challenges in a generation while working with aCongress that is sharply divided politically

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