American Civilization

Dr. Nguyễn Huy Cường

Lecture 11: US Economy
May 12, 2020
 The lesson includes:
• US Economy in the World
• Economic History of the US
• Current Status of US Economy
• Social Classes
US Economy in the World
US Economy in the World
 Economic History of the US
• Before Civil War (1861-1865): North vs South
• Between Civil War and World War I: intensive industrialization
• Great Depression (1929-1933)
• After World War II: grew & achieved global dominance
• Great Recession (2010)
 Adam Smith (1723-1790)
Father of Capitalism
“It is not from the benevolence of the Butcher,
the Brewer or the Baker that we expect our
dinner, but from their regard to their own
interest” (The Invisible Hand)
Current Status of US Economy
Income by Profession Groups
Social Classes
 Middle Class
• Earning $40,000-$90,000 annually
• Is squeezing
Question & Discussion