Transcript 1. The Colonial Period

The United States
of America
The United States
of America
Chapter 11
Economy
Warming-up Activities
Think about these questions before
we start:
 What industrial developments took place
during the colonial period of America?
 How did the Civil War affect the American
economy?
 Why does America try to reduce trade
barriers?
Foreign Language Teaching and Research Press
Contents
Ⅰ
General Introduction
Ⅱ
History of American Economy
Ⅲ
Current American Economy
Foreign Language Teaching and Research Press
Ⅰ General Introduction
US—the current industrial, economic and
technological giant
 ranking first in computer technology, space
technology, nuclear energy, and electronics, etc.;
 producing a major portion of the world’s
machinery, automobiles, oil, electrical energy,
and chemicals.
Mixed economy
 emphasizing private ownership
 federal government—regulating businesses
• anti-trust laws
Foreign Language Teaching and Research Press
Ⅰ General Introduction
Private businesses produce most goods and
services.
 Two thirds of the output goes to individuals;
 One third is bought by government and business.
“Consumer economy”
Foreign Language Teaching and Research Press
Ⅱ History of American Economy
1
The Colonial Period
2
Since American Independence
3
The 20th Century
Foreign Language Teaching and Research Press
1. The Colonial Period
Massachusetts—settled by Pilgrims to
escape religious persecution
Other colonies—like Virginia and
Pennsylvania, founded as business ventures
 contribution to England’s colonizing process of
the would-be United States
 charter companies
 King provided a charter or grant conferring
economic rights as well as political and judicial
authority
Foreign Language Teaching and Research Press
1. The Colonial Period
Mayflower, the ship that carried the Pilgrims from England
to Plymouth, Massachusetts, where they established the
first permanent New England colony in 1620.
Foreign Language Teaching and Research Press
1. The Colonial Period
English investors turned over colonial
charters to the settlers.
 enormous political
implications
 Colonists were left
to build their own
lives, communities,
and economy, that
is, to construct their
new nation
Foreign Language Teaching and Research Press
1. The Colonial Period
Secondary industries (二级产业)
 appearance of sawmills
(锯木场) and gristmills
(磨房)
 shipyards—building
fishing fleets and trading
vessels
 small iron forges (冶炼厂)
Foreign Language Teaching and Research Press
1. The Colonial Period
Gristmill
Iron forge
Foreign Language Teaching and Research Press
1. The Colonial Period
Clear regional patterns of development by
the 18th century:
 New England—ship-building and sailing;
 Maryland, Virginia, and Carolinas—tobacco, rice
and indigo (靛蓝属植物);
 New York, Pennsylvania, New Jersey and
Delaware—shipped crops and furs;
 The field was open for entrepreneurs (企业家、
创业者) among the colonists to establish
themselves.
Foreign Language Teaching and Research Press
1. The Colonial Period
Disputes over taxation and other matters with
Britain:
 Americans—modification (减轻) of taxes and
regulations; demand for more self-government
 Mounting quarrel—leading to war against the
British and to independence for the colonies
American Revolution: bolstered (支持、支撑)
by an emerging middle class
 rallying cry—“inalienable rights to life, liberty, and
property”
Foreign Language Teaching and Research Press
2. Since American Independence
U.S. Constitution established the nation as a
unified market.
 no tariffs or taxes on inter-state commerce;
 Federal government could regulate commerce
with foreign nations and among the states,
establish uniform bankruptcy laws, create money
and regulate its value, fix standards of weights
and measures, establish post offices and roads,
and fix rules governing patents (专利权、专利品)
and copyrights.
 “intellectual property”
Foreign Language Teaching and Research Press
2. Since American Independence
Alexander Hamilton’s
economic development
strategy
 nurture infant industries
by providing overt
subsidies (公开的补贴)
 impose protective
tariffs (保护性关税) on
imports
 create a national bank
 assume public debts
Alexander Hamilton was the first
United States Secretary of the
Treasury, a Founding Father,
economist, and political philosopher.
Foreign Language Teaching and Research Press
2. Since American Independence
The new government did make tariffs an
essential part of American foreign policy.
President Jackson opposed to Hamilton’s
national bank.
When elected for a second term, Jackson
opposed renewing the bank’s charter.
Businesses panicked in both 1834 and 1837.
Foreign Language Teaching and Research Press
2. Since American Independence
The Industrial Revolution
 By 1860, one third of the nation’s income came
from manufacturing;
 Cotton cloth production was the leading industry;
 Urbanized industry—limited to the Northeast;
 Immigrant workers
• Between 1845 and 1855, some 300, 000 European
immigrants arrived annually.
Foreign Language Teaching and Research Press
2. Since American Independence
Urban Industrialization
Textile Plant
Foreign Language Teaching and Research Press
2. Since American Independence
The South—rural and dependent on the
North for capital and manufactured goods
Economic policy under President Lincoln:
 In 1861, adoption of a
protective tariff
 In 1862, the first Pacific
railroad was chartered.
 In 1863 and 1864, a
national bank code (银行
代码) was drafted.
Foreign Language Teaching and Research Press
2. Since American Independence
Northern victory in the Civil War—ensured
the destiny of the nation and its economic
system
 slavery system was abolished, making southern
cotton plantations less profitable;
 Northern industry surged ahead:
• Industrialists’ domination in social and political
affairs
• Disappearance of the southern planter aristocracy
(贵族)
“Second industrial revolution”
Foreign Language Teaching and Research Press
2. Since American Independence
“Second industrial revolution” —an explosion
of new discoveries and inventions:
 The discovery of oil;
 The development of typewriter;
 The invention of telephone, phonograph (速记法),
and electric light;
 Refrigerated railroad cars came into use;
 Cars were replacing carriages and people were
flying in airplanes by the dawn of the 20th century.
Foreign Language Teaching and Research Press
3. The 20th Century
Experienced a period of prosperity in the
early 20th century
Suffered Great Depression in the 1930s
 Wall Street Crash in October 1929
Foreign Language Teaching and Research Press
3. The 20th Century
President Roosevelt’s New Deal (新政)—
intervention of the government
 ensure that economic
opportunities are fair
and accessible to the
people;
 prevent flagrant (公然
的) abuses of the
system;
 Dampen (抑制) the
effects of inflation;
 stimulate growth.
His New Deal was popular with
the electorate (选民)
and led to a successful
reelection in 1936.
Foreign Language Teaching and Research Press
3. The 20th Century
 Reagan Administration’s new monetarist (货币
主义者) policies in the early 1980s
 control over government spending deficits
 cutting taxes to enhance economic development
 raise of interest rates
George H. W. Bush—slow economic recession
Clinton—economic recovery
Appearance of new tycoons (企业界或政界巨
头)—Bill Gates
Foreign Language Teaching and Research Press
II Current American Economy
1
Agriculture
2
Manufacturing Industry
3
Service Industry
4
High-tech Industry
5
Foreign Trade
Foreign Language Teaching and Research Press
1. Agriculture
Conditions for developing agriculture:
 vastness of the land
 generosity of nature
 rainfall, rivers and underground water allowing
for irrigation where necessary
Average American
farm—462 acres
(187 hectares)
Foreign Language Teaching and Research Press
1. Agriculture
Success of agriculture
 large capital investments
 highly trained labor
 new methods for raising crops
Modern farming
 disease and drought
resistant seeds
 fertilizers and pesticides
 space technology
utilization
Foreign Language Teaching and Research Press
1. Agriculture
Foreign Language Teaching and Research Press
1. Agriculture
“Agribusiness”
 a variety of farm businesses and structures
• from small, one-family corporations to huge
conglomerates（联合企业:由许多不同行业的公司组
成的有不同经营范围的大企业）or multinational firms
American farm’s low-cost output
One-third of crops for export—Europe, Asia,
Africa and Latin America
Agricultural imports lag far behind, leaving a
surplus in the agricultural balance of trade
Foreign Language Teaching and Research Press
1. Agriculture
Farmers—not work on the farms full-time
 45 percent with other occupations
 240, 000 tenant farmers—rent land for cash or pay
the owner a share of the crops they grow
 migrant workers—hired only for a specific chore
Agriculture remains the foundation upon
which American well-being and prosperity are
based.
Foreign Language Teaching and Research Press
2. Manufacturing Industry
Large manufacturing industries employing
more than 24 million workers
Highly developed military industry
Auto companies—Ford, General Motors and
Chrysler
Boeing Aircraft Company—commercial
airliners
Other industries: food, clothing, etc.
America has formed an
industrial system with large
productivity.
Foreign Language Teaching and Research Press
2. Manufacturing Industry
Foreign Language Teaching and Research Press
Division of Manufacturing Activities
The East North Central
 the leading region
 over 25% of manufacturing capacity
 motor vehicles and other transportation equipments, nonelectrical machinery, and fabricated metals
The Middle Atlantic region
 occupying the second place
 almost 20% of the total value added
 chemicals and machinery, both electrical and non-electrical
The Pacific coast region
 dominated by the manufacturing activities of California
 the third place with about 15% of the total value added
 Transportation equipments, food products, and electrical and
electronic equipments
Foreign Language Teaching and Research Press
Division of Manufacturing Activities
The South Atlantic region
 the fourth leading region
 over 10% of the total US manufacturing output
 textiles, chemicals, tobacco products, and apparel
The West South Central and the East South
Central regions
 about 15% of the total national output
 chemicals, food products, electrical and electronic
equipments, and non-electrical machinery
Foreign Language Teaching and Research Press
Division of Manufacturing Activities
The West North Central, New England and
the Mountain states region—remaining 15%
of the national output
 New England—electrical and non-electrical
machinery, and fabricated metals
 The West North Central states—machinery and
food products
 The Mountain states—food products, primary
metals and non-electrical machinery
Foreign Language Teaching and Research Press
3. Service Industry
Tremendous growth in employment in the
service sector since the 1970s
 three categories:
• services for the affluent—commercial banking, life
insurance, real estate and law services
• welfare services—health care, education,
government and social services
• services provided by the poor—services to
buildings and dwellings, retail services
Foreign Language Teaching and Research Press
3. Service Industry
Advanced service industry
Foreign Language Teaching and Research Press
4. High-tech Industry
High-tech industries ranking first in the world
More emphasis on space technology,
electronics, chemicals and computing
Successful flight of the space shuttle
Leading computer companies in the world
Leading engineering and information
technology
Foreign Language Teaching and Research Press
4. High-tech Industry
美国计算机协会
（Association of Computing
Machinery，简称ACM）是
一个国际性的科技教育组织，
是世界上第一个科学性及教
育性计算机学会。ACM致力
于提高信息技术在科学、艺
术等各行各业的应用水平。
Foreign Language Teaching and Research Press
5. Foreign Trade
US foreign trade plays a significant role in the
economy
Trade pattern: from domestic-oriented to
internationally-oriented
Reducing trade barriers (贸易壁垒) and
coordinating the world economic system
Promoting bilateral (双边的) and regional
trade to enhance domestic stability and
loyalty of allies
Foreign Language Teaching and Research Press
5. Foreign Trade
Exports—about 10% of the world’s total
Most important products for export —office
machines, household appliances, chemicals,
metal manufactures, petroleum products, etc.
Ranking first in export of agricultural products
Leading exporter of civil aircraft, service,
technology and weapons
Foreign Language Teaching and Research Press
5. Foreign Trade
America—biggest percentage of imports in
the world
 import capacity—15% of the world’s total
 major products for imports—tin, nickel, etc.
Industries—built around a continuous supply
of essential raw materials
The largest single-country provider of traderelated assistance
Growth and decline of the U.S.
foreign trade volume determine
the trend of the world economy.
Foreign Language Teaching and Research Press
Summary and Reflection
Relate to what you have learned in Chapter 10,
state your own understanding of the following
questions:
 How did the US Constitution lay groundwork for
America’s economic development?
 Cite examples to illustrate the role of
government intervention in America’s economic
development.
 How do you think about the relationship between
the US economy and the global economy?
Foreign Language Teaching and Research Press
The United States of
America