Complete 8 pages APA formatted article: Economics Analyze the United States. American Revolution was also essential in America’s economic success as America’s middle class played a role in economic revival. They had experience and skills required at the time for a productive economy. The establishment of a common market followed this. In addition, the new constitution allowed the federal government to regulate commerce with other nations, fix standard of weight and measures, and oversee the government patents and copyright (LaFeber 40). Later, in 19th century America economic prosperity increased significantly due to new inventions, and huge capital investments. This was boosted by an industrial revolution that was imported from Europe.
Government involvement in the economy took shape after the great depression. There was a rapid policy shift to revive the ailing economy. Secondly, there was an economic fortune after the Second World War. This was the time of economic revival as consumer demand rose exponentially. This period saw growth of the nation’s gross national product from $200,000 million in 1940 to over $500,000 million in 1960 (LaFeber 420-430). Lastly, America’s economic stand continues to fluctuate due to various challenges such as recession, and increased spending.
On the other hand, Japan’s economic history trace back to 1600. At this time, the economy was largely peasant dominated. This period saw the emergence of craft industries where food and raw materials were processed. Japan’s economic exposure began in the 1850s. This was characterized by the emergence of mining industries, which employed more than 1,000 full-time laborers (LaFeber 320). The iron industries and sophisticated financial practices and market boosted Japan’s economy at this period. In contrast, Japan’s economic growth was slow in the late 18th and early 19th centuries. At this period, Japan’s economic growth was averaging 2.8% annually (LaFeber 482). . .
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