USA in the World Economy

1. USA in theWorldEconomy Doc. Ing. Tomáš Dudáš, PhD. Ing. Peter Reťkovský

2. Contact information • doc. Ing. Tomáš Dudáš, PhD. • Email: tomas.dudas@euba.sk • Office hours - (D4.16) • Monday 9.00-11.00 • Tuesday11.00-13.00

3. Course requirements • Active attendance (max. 3 absentia) • Written essay on an agreed topic (5-10 pages)

4. Course outline • Introduction • Course requirements • Economic development in the colonial era • The birth of the modern American economy in the 19th century – I • Birth of a nation • Labor force and migration • Development of the modern infrastructure • Slavery and civil war • The birth of the modern American economy in the 19th century II • Industrial revolution • Birth of the modern corporations • USA – centre of innovations

5. Course outline • The Roaring twenties, the great depression and the New Deal • Birth of the modern consumer society • Possible causes of the great depression • FDR and the New Deal • The golden age of the US economy – 50s and 60s • Baby boom and post war prosperity • Changing society and economy • Rise of the car culture • Stagflation, Reaganomics and Clintonomics • Nixon and the end of the Bretton wood financial system • Volcker and the inflation • Reagan and the taxes • Clinton and the dot-com bubble

6. Course outline • Crisis at the beginning of the 21st century • Reasons behind the crisis • Comparison with previous crises • Possible solution scenarios • Political implications • Relations USA-EU, USA-Japan, USA-China • US policy in the above regions • US economic interests in EU, Japan and China • Chinese economic interests in the USA • Rivalry vs. alliance? • Relations USA-Mexico, USA-South America • US policy in the above regions • US economic interests in LA • NAFTA • Relationship of Latin America towards the USA

7. Course outline • Comparison of the USA and the EU • Comparison of social systems • Comparison of health care • Immigration • Innovation • Currency • Fiscal and economic processes • Implications and critical success factors • Future of the US economy • Development scenarios • "Alternative histories" as seen from 2100 • Conclusion and closing remarks

8. Early economic History of the USA Ing. Tomáš Dudáš, PhD.

9. Start of the colonization of North America • Motives • Religious motives (Puritans) • Economic motives (profit) • Getting rid of criminals • Due to less developed technologies it was a very dangerous process • Lost colonies - "LostColonyofRoanoke” in North Carolina (1587-90)

10. Nations colonizing North America • Spain –New Mexico and California • Netherlands – New Holland • France – Nouvelle-France • Russia – Alaska • Great Britain– New England, Virginia, Carolina etc.

13. Economic aspect of the life in the colonies • First period – fight for survival • Agriculture • North – smaller family based farms • South – big plantations which used slave labor • Industry • Traditional crafts needed in the colonies • Shipbuilding

14. Population in the Colonies • Biggest cities • Philadelphia – 40 000 (1775) • New York – 25 000 (1775) • Boston – 16 000 (1775) • Charleston – 12 000 (1775) • Total population in 1790 – 3 929 000 • European ancestry – 3 172 000 • Other – 757 000