Global economy has been one of the most important attractive steps in most countries of the world. The global economy which is speculated to have taken place in the twentieth century has been perceived by many nations as an advantage to increase in the trade and general production of the individual states. Following globalisation of economy, the world businesses were given the ability to market their products and services to all parts of the globe. Freedom of relating with other nations was given to the various nations which partnered with others throughout the world. The United States was not an exception in the process of embracing of global economy. Following the advancement in technologies, economies have been threatened in the various states. Through favourable conditions for most countries, the economy grows, while on the other hand some factors associated to the global economy make a states economy to deteriorate. These have both affected the united state. (Jorgenson, 2000).
The United States’ economy has grown through a combination of many systems. The United States forms a unique epoch in the contribution to the global economy. Its contribution in world economy has for long been significant since the early periods of development. Through globalisation of economy, the United States was pinned in the years towards to the end of the previous century. Due to the hiking problems which were associated to the recession of periods, the government of the United States was thus pressurised in search for ways in which it could strengthen its economy. In the check of these woes of economy, many factors were focussed on and from such results the United States revives it economy. The factors which were focussed on reviewed that the United States would contribute largely to the world’s economy from proper utilization of its enormous resource available at its disposal. (Sachs, 1995).
The supportive sources the global economy of United States relied heavily on natural resources as well as human resources. United states have got vast lands which are covered by rich soils for agricultural use. This is complemented by the moderate climates favourable for agricultural practices. This makes the united sates to practice farming in a moderate extents hence bringing not a considerable amounts of commodities in the annual states productivity as well as the growth of global economy. In addition to these productive farming lands, there are other natural resources which are managed for the benefits of United States as well as the world as whole. These natural resources include forests and mineral mines like coal and oils products. Furthermore, the United States has got unlimited extensive waters bodies which generative enormous economic activities to the United States. The wide coastlines of United States comprising of those coastlines of Atlantic oceans, pacific oceans and coastlines of the gulf of Mexico forms the major waters in which many economics chores takes place. Other than these major bodies which accommodates many water vessels from all corners of the worlds, there are minor other water lakes which are key facilitators to then global economy. (Jorgenson, 2000).
In the efforts to enhance the global economy and world economy, United States has devised ways to curb the problem of regressive economy. The United States has unanimously endeavoured to create many extra earning systems from both the local and the international grounds. It has implanted its citizens with a spirit of entrepreneurial spirit. The entrepreneurial spirit which the states governments have encouraged has made the United States to rank in the top ten in terms of business investment. The recent rapid growth in the United States business has been fuelled by relentless government hearted support to the people. Many countries are lagging behind in the economy growth due to the lack of incentives and promotions of their citizens. The change from unethical governance practices would not only make many countries revive from woes economics regressive growth, but this will also enable the citizens to uplift their contributions to global economy. This can be done through offering technical assistance which is complemented by low interest loans. (Sachs, 1995).
Greater achievements in the economy field can not be attained where free and fairs play is not exercised. In the United States, there is a well established control system to check factors affiliated to economy. This includes legislative regulations which are formulated by the legislators. This requires minimum involvement of political systems in the regulation of trade. As result of such conditions, the bodies endowed with economic regulations are autonomous in decision making. This has further eliminated the possibilities of having crooked methods of products production and systems which can bring with them the picture of monopoly. Hence, the fairness has extended its advantages to consumers by letting them to enjoy low prices and wide products varieties of all choices. However, the gist of this fair deal lays on the enormous economic growth both within the united states and outsides its boundaries. Thus, the overall results are the contributions of twenty five plus percent in the world’s economy. (Howes, 2000).
Jorgenson, D. (2000): U.S. Economic Growth in the Information Age: MIT Press.
Howes, C. (2000): Industry and Economic Performance in the U.S.: University of Michigan Press.
Sachs, J. (1995): Economic Reform and the Process of Global Integration: Princeton University Press.