In 1790s, shortly after the US Revolution, the US economy wasn’t much of a world force. Over time, the US grew both in geography and in population. In the early days of this nation – like much of the world at the time – the economy was largely reliant on agriculture. This lasted well into the mid 1800s. With advent of the railroad, trains, and the Civil War, though, the economic drivers changed. Out went agriculture as the main economic driver and in came the Industrial Revolution.
This trend of economic change over time continued into the 1900s and is still occurring today. Technology, time, and culture changes will shape what kind of economy thrives in any given time.
Today’s world is an ever changing, ever evolving world. There is a lot of talk about the lagging economy, what leads to spending, why there is so much debt, etc. What we are not talking about is how to adapt to our changing world. How do we grasp what’s before us and mold it into a positive economic movement?
When the mini crash of the stock market occurred in 2008, it was not because the US failed. It was because many, if not all, of the major world economies saw drastic declines. It was not one single economy that killed the market.
This is our current problem – there is no longer a singular US economy or a singular German economy or a singular Chinese economy; there is a global economy. It’s only a problem, though, because we have yet to discover how to fully operate and adapt to the global economy. This technological age we live in is still relatively new. The internet boom is roughly 15-20 years old – only as old as many high school students. We don’t expect high schoolers to have their entire lives figured out in 15-20 years. How are we supposed to know how to fully operate in a global economy?
For the complete article see the 08-31-2013 issue.
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