Реферат: US And The World Economy Essay Research

U.S. And The World Economy Essay, Research Paper

The

U.S and the world economy like everything else have its ups and downs. The

government plays a crucial role in deciding how the economy will set over time.

An Economist by the name of John Maynard Keynes felt that if either inflation or

unemployment got out of hand, the government could adjust the business cycle to

balance the economy. Keynes was more geared toward the bigger picture and

focused on macroeconomics. His work led to the government and many economists

believing that they had control over the economy. This led to economic

regulations, which affected everyone from companies to the consumers. Through

the history of our economy the government has made changes by enforcing many

regulations to have full control of the growth and power of the economy and to

protect the consumers. Regulations can be divided into two different categories,

Economic regulations and Social regulations. An Economic regulation covers

sectors of the economy such as electricity, natural gas, communications,

transportation, aviation, agriculture, and banking. These regulations usually

include barriers to entry and exit, licensing and tariff laws, and the control

of prices and wages. These regulations include acts such as the banking act of

1933 or the civil aeronautics act of 1938. Social regulations on the other hand,

are there to protect the consumers. These regulations concern such things as

health and safety of workers, environmental issues, and civil rights. Unlike the

Economic regulations these were created much later in the 1960?s and 70?s.

Examples of Social regulations would include the food and drug administration

and the Equal Opportunity Commission, which protects employers. Regulations were

starting to appear around the time of the New Deal. The government?s main

purpose for enforcing these regulations was because competition among

corporations was starting to fail. The bulk of these regulations were put into

affect from 1933 through 1938. At the time regulations seemed to have been

helping. The economy continued to grow and was doing better than it ever had

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