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									An Introduction to the
 Unit 12 American Economy

Section I Corporate Capitalism (Imperialism)
Section II Industry
Section III Agriculture
Section IV Transportation
Section V Foreign Trade
Section VI American Economic Interests Abroad
     Section I Corporate Capitalism
Highly industrialized and monopolized

Experienced three stages:
1. commercial :In the 17th, Commercial capitalism, the
   dominant mode of production
2. Industrial:lasted from the 18th to the early 20th
   industrial products surpass agricultural products;
   surpass Britain in industrial production;
   The most powerful nation by the 1880s.
3. corporate/imperialism: In the late 19th and early 20th,
   imperialism, develop rapidly
   Large corporation have centralized;
   Establish ownership over means of production;
   Include a competitive free market sector.
                          Key Developments
1.   The introduction of the factory system
    The first factory in 1793, cotton textile mill in Rhode Island
    A cotton cloth factory by an Englishman Samuel Slater
2.   The American system of mass production about 1800
    Originated in the firearms industry
    Require precision engineering to create interchangeable parts
    Assemble in stages
    Workers specialize in a specific operation
    The invention of cotton gin by Eli Whitney, cotton production efficient
    In 1913, Henry Ford introduced the moving assembly line
    A major saving in labor costs
3.   The application of new technologies: The textile industry switched from
     water to stream power after 1860s
4.   The emergency of new forms of business organization: the bank and
     the corporation
5.   The construction of railroads in 1830 marked the start of a new
    provide transportation for industries
    Promote the economic activities
6.   By 1913, over 1/3 of the world’s industrial production from the US
              Corporation Development
1.   Begin in the 1870s
2.   Take place in single production business
    owned by individual families
    Without reference to other businesses engaged in the same sort of production
3.   Market : local and regional
4.   Trust corporation :
1)   Emerge in the late 19th and the early 20th
2)   A consequence of process: purchase, merge
3)   Management: rationalized and centralized, central office, subsidiary branches
4)   Market: local and national
5)   Management system:
    finance, personnel, purchasing, engineering, sale
    Concern : production, planning strategies for maintaining or establishing
     monopolistic power
    Ways of encouraging consumption of new products
    Ensure continuing growth: diversified products, international resources and market
    Lenin: Imperialism is the source of war.
    Monopolistic corporations: dominate the US economy, ITT,IBM, DuPont Chemical,
     General Electric and general Motors( 垄断公司资料)
                    Section II Industry
1.   The leading industrial power in the world,
     diversified and technologically advanced
     Main industries: Petroleum; Coal mining; Iron and steel; Aircraft;
     Automobile; Machine tool; Telecommunication; Electronic and electric
     equipment; Textile; Food processing; Consumer goods; Chemicals and

2.   The rise and decline of a succession of industries in US in
     the last century

3.   GDP:$13.54 trillion, real growth rate:3.5%,
     a rate of inflation: 3.2%,
     an unemployment rate: 5.1%

4.   Three important industrial regions - northeast/south/west
           The Industrial Northeast

1.   The north of Ohio River and the Potomac River and
     to the east of the Mississippi River

2.   95% iron and steel and machine-making industries,
     other industries: ship building, coal mining, textile
     and chemical

3.   The oldest and most important industrial region

4.   Industrial big cities: New York, Philadelphia, Boston,
     Detroit, Cleveland, Pittsburgh, Baltimore, Chicago
                     The South

1.   Historically backward in industry
2.   remain so today
3.   3/5 live on farms or in small towns, make their living
     from the land
4.   Industry move to south for cheap labor
5.   Cotton , textile plants in south
6.   Other industries: oil extracting and oil refining.
     Shipbuilding, munitions, chemical
7.   Newly developed industrial region in US
                      The West

1.   Important mining area: iron core, oil, copper, gold,
     silver, lead, tin
2.   Main industries: electronic equipment, aerospace,
     aircraft manufacture, oil refinery
3.   Big industrial cities: Los Angeles, San Francisco,
4.   The most rapidly growing section of the country
5.   Alaska: canned fish and lumber
6.   Hawaii: canned pineapple
    Section III Agriculture

1. Natural Conditions

2. Agriculture Distribution

3. Agriculture Feature

4. American Farmers

5. Disadvantages
               1. Natural Conditions

1.   Blessed with fertile soil

2.   Good climate for the agriculture

3.   arable land: 1/5
     394 million acres: harvested cropland
     890 million acres: permanent pastureland

     The most important crop-growing area: the central plain
     between the Appalachians and the Rockies, others in the
     Atlantic coast plain, the great basins west of the Rockies
            2. Agriculture Distribution

MOST in the region between the Appalachians and the Rockies

1.   Corn belt: south of the Great Lakes
    Iowa: the leading corn state, followed by Illinois, Indiana, Ohio
    The other principle products: wheat, cattle, diary goods
2.   The wheat land: the prairie region, Kansas, North Dakota,
     South Dakota, Oklahoma
3.   Rice: the Gulf Plains,
4.   Cotton and tobacco : economic crops in the south
5.   Other cash crops: beets, sugarcane,
6.   Fruits: orange, lemons, pineapples in Florida, the Pacific
     coast strip, Hawaii
7.   The Stock raising areas: in the neighborhood of the Great
     Lakes, the corn belt, eastern slope of the Rocky range
8.   Livestock: cattle and pigs, on the ranches in the west
            3. Agriculture Features

•   Highly mechanized, operated on a large scale, big
•   Farming and raising stock become industry
•   Agribusiness: large scale of nature of agricultural
•   Farm population: Decrease in the past decades: 1987
    2million farms, down by 7% 5 years earlier
•   Family farms &smaller farms disappear
•   8 million persons on farm
•   Most small farm owners have other occupations
•   A tremendous increase in production
•   1/3 planted for export to Europe, Asia, Africa, and Latin
              4. American Farmers

•   Ready to adopt new technology (the strengths of
•   Use computer to cut costs and improve
•   Hard to make a profit
   Food price low
   Crop surpluses
   Not quite his own master: debts( tractor, fertilizer,
    pesticide), high rates of loan interests
                 5. Disadvantages

•   Critics accuse corporate and family farmers of
    damaging the environment

•   Farming aids:
   Multiply the use of artificial fertilizers and chemicals
   Play an indispensable role in output
   Cause air and water pollution
   Toxic farm chemicals
   Constant vigilance by government officials at the
    state and federal level(补充农药污染)
     Section IV Transportation

1.    Automobile
2.    Airplane
3.    Railway
4.    Inland waterway
                    1. Automobile

1.   The most popular means of transportation
2.   1/7 make cars or serve cars
3.   8 million new cars each year
4.   4/5 own at least one car, more than a quarter
     own two
5.   Highways, expressways, paved ways
6.   Interstate system of freeways crisscross the
7.   Changes in life
    Remarkable growth of the suburbs
    The creation of roadside businesses of various
     kinds( outdoor movie theatre, motels)
    Bring disasters: traffic jam and accidents, air pollution
                 2. Airplane

1. The fastest means of travel
2. Quality of service, civil airport, schedule
   airlines, control centers

                   Boeing aircraft
                    3. Railway

1.   Important for carrying goods

2.   Built by private enterprises , operated by
     commercial companies

3.   Parallel with one another, competition

4.   Lose money in passenger services, only a few
     routes, except commuter lines around big cities
             4. Inland waterway

1.   Important
2.   Navigable inland channels: over 41,000 km
3.   The important port and harbors: New York, Los
     Angels, San Francisco, Seattle , Honolulu, Houston,
     Chicago, Boston, Jacksonville, New Orleans,
     Portland etc.
           Section V Foreign Trade
    Trade with most of the nations in the world
•   Leading exports: machinery, automobiles, aircraft,
    textiles, iron, coal, petroleum , chemicals, munitions,
    agricultural products (Canada, Mexico)
•   A great importer: Large quantities of coffee, sugar,
    petroleum, metals, paper and paper products (Europe,
    Asia, Canada)
•   Major trading partners: Canada, Mexico, Japan, UK,
    China, Germany
•   Unfavorable balance of trade since 1970:
   Protectionism
   Encourage export
   Limit import
     Section VI Economic Interests Abroad
      Play a dominant role in the world capitalist economy
      since WWII

•     Maintain a favorable international situation:
     Diplomatic pressure
     Economic sanctions
     Covert operations
     Outright military interventions
2.    Economic invasions:
     Become more evident
     With the help of financial strength
     Since 1980s, Japan was forced to evaluate it currency to
      check the rapid development , cause a great loss
     In 1990s, a financial storm swept over Asia, brought about by
      the US monopolistic economic groups.

1. Choose the correct answer and circle the
   letter before it

2. Questions for discussion

3. Explain the following in English
 Choose the correct answer and circle the letter before it.

1.   The last stage that American economy has experienced is        .
     A. colonial stage             B. corporate capitalism
     C. industrial capitalism     D. commercial capitalism
2.   Commercial capitalism was established as the dominant mode
     of production in the British colonies in the      th century.
     A. 17 B. 18 C. 19 D. 20
3.   In the     stage American economy developed rapidly.
     A. commercial capitalism           B. industrial capitalism
     C. colonial                        D. corporate capitalism
4.   Modern corporations in the United States are anything but      .
     A. diversified B. multinational C. competitive D. monopolistic
5.   The oldest and most important industrial region in the US
     is    .
     A. the Northeast B. the South C. the Midwest D. the West
 Choose the correct answer and circle the letter before it.

6.  The South of the US has now become             developed industrial
    A. the newly B. the oldest C. the most rapidly D. the well
7. The West of the US is an important           area.
    A. agricultural B. mining C. oil attracting D. crop-growing
8. Which of the following cities is NOT on the Pacific coast?
    A. Baltimore B. Los Angeles C. San Francisco D. Seattle
9. At present,      is the most rapidly growing section of the US.
    A. the Northeast B. the South C. the West D. the Midwest
10. The rapid growth of US private investment abroad since 1945
    was facilitated by all the following expect       .
    A. diplomatic pressure          B. military interventions
    C. economic depression          D. economic sanctions
           Questions for discussion

1.   In what aspects does corporate capitalism differ
     from commercial and industrial capitalism?
2.   In what ways are the three industrial regions of the
     US important?
3.   What are American industries characterized by?
4.   What is the most important means of transportation
     in the US? And what is the fastest one?
5.   What a policy in trade has been pursued by the
     American government since the 1970s? Why?
     Explain the following in English

1.   corporate capitalism
2.   ITT
3.   Balance of trade
4.   The Corn Belt
5.   GDP

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