As we enter the second decade of the twenty first century, a new set of pressures are being brought to bear on the American economy and these are spreading in influence to affect the entire international economy itself. The boom of the Clinton and Bush years has been followed by a severe downturn, marked by sub prime loans, corporate and private debt, a low rate of savings and plummeting house prices. This book introduces the contemporary US economy in the light of these changing events and analyzes the historical factors that have led to the current state of affairs. Still a relatively youthful nation, the modern United States has largely provided an astounding economic success story. This book charts the major events of American economic history from a political economy perspective including close discussion of: the antebellum era slavery and the impact of the Civil War Mass Industrialization the Great Depression the Post War Boom. An Introduction to the US Economy will be the ideal textbook for a number of courses, including introduction to the US Economy, political economy and United States Economic History. In addition, it provides a superb overview for the intelligent layman of an ever changing topic.
Part I: The Development of the Capitalist System Introduction: Economies as Social Systems 1. Economic Systems 2. The Disintegration of the Medieval Economies 3. The Historical Origins of the Firm 4. Industrialization and the Emergence of the "Western Powers" 5. The Rise of Capitalism in the United States 6. Capitalism and the Third World 7. The Socialist Challenge Part II: Markets in a Capitalist Economy Introduction: Private Vices/Public Virtues 8. Markets 9. Labor Markets and Labor 10. The Theory of Income Distribution 11. Personal Income and Wealth distribution 12. Poverty: Causes and Solutions Part III: Public Policy: Issues and Institutions Introduction 14. The Economy and the Environment 15. Measuring the Economy 16. Macroeconomic Instability 17. The Federal Government Budget: Instrument of Fiscal Policy 18. Monetary Policy and the Federal Reserve 19. International Trade Part IV: Recent History and Beyond Introduction Mature Capitalism: The U.S. Economy After World War I 20. The Great Depression: Time of Economic Crisis 21. The Fifties and Sixties: The Post-War Boom 22. The Seventies and Eighties: Ushering in the Present 23. Prospects for the Future: Economic Life after the Cold War
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