The american economy from roosevelt to trump
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The american economy from roosevelt to trump
THE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumponomics and Statistics "Cognetti De Martiis", University of Torino, Torino, ItalyISBN 978-3-319-96952-7 C-1SBN 978-3-319-96953-4 https://doi.org/10.1007/978-3-319-96953-4Library of Congress Control Number: 2018954741© The Editor(s) (if applicable] and The Author(s) 2018This work is subject to copyri The american economy from roosevelt to trumpght. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rightsThe american economy from roosevelt to trump
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmissioTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpoped.The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.The publisher, The american economy from roosevelt to trump the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publiThe american economy from roosevelt to trump
cation. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or forTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpal affiliations.Cover illustration: Jupiterimages / GettyThis Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AGThe registered company address is: Gewerbestrasse 11, 6330 Cham, SwitzerlandPrefaceIn 1978,1 published a book on the US economic system. After The american economy from roosevelt to trump more than 30 years, I returned to write about the largest and most powerful economy in the world and on its economic and political relations in a verThe american economy from roosevelt to trump
y different, but equally important, historical phase. The first edition of this book was published by Carocci in 2010. It was written in Italian and hTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpon of the book but a new edition. It adds two important chapters. Chapter 5 is devoted to technical progress and to the strong accumulation of physical capital and knowledge, which have been a distinctive feature of American economic success for over a century. The other new chapter is dedicated to The american economy from roosevelt to trumpthe economic consequences of Donald Trump in the first 18 months of his presidency. Also Obama’s presidency and the critical matter of the decline ofThe american economy from roosevelt to trump
the American economy have been more fully analyzed.A remark must be made: the Roosevelt in the title is not Franklin Delano, but Theodore Roosevelt, sTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trump have tried to give an interpretation of the main long-term economic trends in the country from 1870 up to now. I did not do so as an economic historian, but as a macroeconomist, focusing only on the main changes and some crucial turning points of the economy of the US.The interpretative line, the r The american economy from roosevelt to trumped thread of the book, is the following.In the period 1870-1913, the US had an impressive economic development and a much faster rate of growth than mThe american economy from roosevelt to trump
ost other countries, becoming the major economy in the world. This had been largely due to the great advantage of the frontier, that is, the possibiliTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpnd both extensive and intensive investment, technological progress, and economies of scale, facilitating the rapid growth of the economy.In the early twentieth century, these benefits gradually weakened. The US, however, could successfully continue its rapid economic ascent because, since 1908, it h The american economy from roosevelt to trumpad gradually replaced those benefits with the ones derived by the Fordist model of development.Despite the great depression undergone by the US economThe american economy from roosevelt to trump
y after the Wall Street crash of 1929 and throughout the lost decade 1929-1939—when the Fordist model worked backwards—the Fordist model could be partTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trump outbreak of some creeping, deep weaknesses in the American development mechanism and in the Fordist model itself. The US had gradually become a large net importer of energy and was growing at a slower pace than several Western and Eastern European economies, the Soviet Union, japan, and the four As The american economy from roosevelt to trumpian tigers. This led the US to try another solution, namely, the attempt at gradually building up a global economic empire. Since Bretton Woods, the UThe american economy from roosevelt to trump
S had strongly pushed towards the establishment of the dollar as the key currency of the international monetary system; it had made a huge mass of forTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpg economic and fhad taken part in major wars in Korea, Vietnam, and the Middle East. The dominance in finance, technology, and the internet economy, accompanied by an extensive political and military power, could temporarily relieve the US fears that globalization could, in the long run, destabilize The american economy from roosevelt to trump the very sources of its economic hegemony. The crisis of the Soviet Union and of the Soviet bloc in the late 1980s and the beginning of the 1990s seeThe american economy from roosevelt to trump
med to promise the full achievement of the American aims and to mark the end of history, with the final prevalence of western liberal democracy.But hiTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpted globalization and technological changes finally led to a great backlash . The rapid industrialization and technological catching up of Japan, South Korea, and then China and other emerging countries contributed to accelerate the US deindustrialization and indirectly increase US economic inequali The american economy from roosevelt to trumpties. We have, moreover, witnessed the passage of part of Eastern Europe to the EU after the dissolution of the Soviet Union; the booming expansion ofThe american economy from roosevelt to trump
the Chinese economy and, since 1992, that of India; the growing tensions in the Middle East; the attack on the twin towers on September 11, 2001; theTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trumpat recession; the drama of migrants and refugees from Latin America, Middle East, and Africa; the Brexit, and so on.The reaction to a part of these events has been the brutal recourse to arms and wars of the two Bush administrations, the more nuanced, but undecided, Obama's international policy and The american economy from roosevelt to trumpthe rough avowal of America first and of protectionist measures of Trump’s populist policy. All this is leading towards an imperfect multipolar world,The american economy from roosevelt to trump
much more difficult and complex than the asymmetric bi-polarism prevailing in the 1946-1989 years, frozen by the hard equilibrium of cold war and nucTHE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trump2010 years has proved the inner fragility of an economy dominated by banks and multinationals and in which the political decisions are heavily influenced by the interests of the big finance, the big e-corporations, the multinationals, and the super-rich.In the US, President Obama saved the majority The american economy from roosevelt to trumpof financial institutions and some big industrial corporations and helped the recovery of the country by stimulus packages. He tried also to put someThe american economy from roosevelt to trump
timid limits to the unruly action of major financial groups and to extend the health coverage to the majority of the population. Finally, he tried to THE AMERICAN ECONOMY from' R0OSEVELTTQ TRUMPVittorio ValliThe American Economy from Roosevelt to TrumppalgravemacmillanVittorio ValliDepartment of Eco The american economy from roosevelt to trump reduced the US energy dependence but caused severe environmental damage in vast zones of the territory. Obama's major domestic failure is due to his timid reformist and gradualist approach, which could attenuate, but not arrest, the continuing rise of the great fractures in the US economy and socie The american economy from roosevelt to trumpty: the rapidly increasing divide between the rich, the poor, and the declining middle class, between races and religions, between immigrants and natiThe american economy from roosevelt to trump
ves. These fractures have indeed been the culture medium of Donald Trump’s populist appeal.President Trump has announced and then tried to cancel, orGọi ngay
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