Social and Economic Issues of the USA

1. The American belief in «free enterprise» has not precluded a major role for government, however. Americans at times have looked to government to break up or regulate companies that appeared to be developing so much power that they could defy market forces. They have relied on government to address matters the private economy overlooks, from education to protecting the environment. And despite their advocacy of market principles, they have used government to nurture new industries, and even to protect American companies from competition.

2. As the sometimes inconsistent approach to regulation demonstrates, Americans often disagree about the appropriate role of government in the economy. In general, government grew larger and intervened more aggressively in the economy from the 1930s until the 1970s.

3. But economic hardships in the 1960s and 1970s left Americans skeptical about the ability of government to address many social and economic issues. Major social programs – including Social Security and Medicare, which provide retirement income and health insurance for the elderly – survived this period of reconsideration. But the growth of the federal government slowed in the 1980s.

4. The pragmatism and flexibility of Americans has resulted in an unusually dynamic economy. Change – whether produced by growing affluence, technological innovation, or growing trade with other nations – has been a constant in American economic history. The once agrarian country is now far more urban – and suburban – today than it was 100, or even 50, years ago. Services have become increasingly important relative to traditional manufacturing. In some industries, mass production has given way to more specialized production that emphasizes product diversity and customization. Large corporations have merged, split up, and reorganized. New industries and companies that did not exist at the midpoint of the 20^th century now play a major role in the nation’s economic life.

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