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A 400-year story of progress – How America became the world’s biggest economy

economist.com

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Re: A 400-year story of progress – How America became the world’s biggest economy

#11

Post by demonshalo »

jorvi wrote: post #2

When will this myth stop? Until the UK has left, the EU is the biggest economy in the world, not the US. Edit: damn, hit a painful nerve here apparently. For the tired old '28 countries vs 1 country', America its states and the EU its countries are very comparable in economic size.

so you are comparing a country to a union of countries to demonstrate that one country is not equal to 28... Here is the funny thing: depending on how you look at it, the US is still bigger than all those 28 combined. So no it's not a myth, it's just you conflating two different things!

Re: A 400-year story of progress – How America became the world’s biggest economy

#12

Post by Razengan »

Honest question: How much of it is thanks to the US being far away and largely untouched by all the wars in Europe, especially WW2, while still ostensibly profiting from them?

And then being the ones to end it with the strongest display of force?

Re: A 400-year story of progress – How America became the world’s biggest economy

#13

Post by revelation »

treehau5 wrote: post #3
jorvi wrote: post #2

When will this myth stop? Until the UK has left, the EU is the biggest economy in the world, not the US. Edit: damn, hit a painful nerve here apparently. For the tired old '28 countries vs 1 country', America its states and the EU its countries are very comparable in economic size.

> the EU is the biggest economy in the world Yes, the EU, or otherwise known as that giant land mass consisting of 28 different countries with unique economies. Ironically, trying to treat each member state as some homogeneous member is what is leading to the fracturing and growing nationalism. UK won't be the last to try and break off.

Which isn't too different from the US. There is California, then... not much more. East coast and west coast is basically a different country.

Re: A 400-year story of progress – How America became the world’s biggest economy

#14

Post by lukas099 »

pizza wrote: post #8

The plantation economy developed in the southern states, and the initial political dominance of Virginia (which provided four of America’s first five presidents) ensured the continued survival of slavery in the newly independent country. By 1860 auction prices suggested that the collective value of American slaves was $4bn at a time when the federal government’s annual budget was around $69m. That explains both why s…

I agree. Although we like to think of them as psychopaths, people who do evil are mostly pretty normal people.

Re: A 400-year story of progress – How America became the world’s biggest economy

#15

Post by pwnage »

skissane wrote: post #9
treehau5 wrote: post #3

Earlier quoted context omitted.

> the EU is the biggest economy in the world Yes, the EU, or otherwise known as that giant land mass consisting of 28 different countries with unique economies. Ironically, trying to treat each member state as some homogeneous member is what is leading to the fracturing and growing nationalism. UK won't be the last to try and break off.

The EU in many ways acts like one big economy due to its customs union, freedom of movement of workers, capital, goods and services, extensive harmonised regulations, partially harmonised taxation, wealth transfers between members, a common currency to a substantial part of it, etc. It is a lot more tightly integrated than some mere 28 member free trade area would be, although still not as tightly integrated as say t…

While everything you said is true, I think the gap in homogeny of economies between the EU and the states of the US is much much larger than you make it sound.

Re: A 400-year story of progress – How America became the world’s biggest economy

#16

Post by saryant »

vacri wrote: post #10

No mention of an incredibly wealthy continent, both in mineral and agricultural terms (and a temperate climate), that was largely seized by killing the people who owned it and taking their stuff. No mention of the Louisiana Purchase. without which 'Manifest Destiny' would never have occurred, nor the Mexican-American war which added Texas and California, two of the engine-rooms of American wealth today. No mention of…

It's a book review, not the book itself.

Re: A 400-year story of progress – How America became the world’s biggest economy

#17

Post by lukas099 »

vacri wrote: post #10

No mention of an incredibly wealthy continent, both in mineral and agricultural terms (and a temperate climate), that was largely seized by killing the people who owned it and taking their stuff. No mention of the Louisiana Purchase. without which 'Manifest Destiny' would never have occurred, nor the Mexican-American war which added Texas and California, two of the engine-rooms of American wealth today. No mention of…

I would guess and hope that the book covers those topics. Very good points.

Re: A 400-year story of progress – How America became the world’s biggest economy

#18

Post by AndrewGaspar »

vacri wrote: post #10

No mention of an incredibly wealthy continent, both in mineral and agricultural terms (and a temperate climate), that was largely seized by killing the people who owned it and taking their stuff. No mention of the Louisiana Purchase. without which 'Manifest Destiny' would never have occurred, nor the Mexican-American war which added Texas and California, two of the engine-rooms of American wealth today. No mention of…

Well, this is a one column review of a book that's 576 pages. :)

Re: A 400-year story of progress – How America became the world’s biggest economy

#19

Post by adwhit »

Given that 400+ years of growth has got us into a position where the likelihood is that the planet will be unable to sustain human life within a few hundred years, I'd be curious to find out what future historians will make of the West's supposedly proud story of progress.

In the end, would we all have been better sticking with the Native American way of life? Benjamin Franklin: “When white persons of either sex have been taken prisoners young by the Indians, and lived a while among them, tho’ ransomed by their friends, and treated with all imaginable tenderness to prevail with them to stay among the English, yet in a short time they become disgusted with our manner of life, and the care and pains that are necessary to support it, and take the first good opportunity of escaping again into the woods, from whence there is no reclaiming them.”

Perhaps some kind of voluntary winding down is necessary. "It was good while it lasted. For some people."

Re: A 400-year story of progress – How America became the world’s biggest economy

#20

Post by Retric »

skissane wrote: post #9
treehau5 wrote: post #3

Earlier quoted context omitted.

> the EU is the biggest economy in the world Yes, the EU, or otherwise known as that giant land mass consisting of 28 different countries with unique economies. Ironically, trying to treat each member state as some homogeneous member is what is leading to the fracturing and growing nationalism. UK won't be the last to try and break off.

The EU in many ways acts like one big economy due to its customs union, freedom of movement of workers, capital, goods and services, extensive harmonised regulations, partially harmonised taxation, wealth transfers between members, a common currency to a substantial part of it, etc. It is a lot more tightly integrated than some mere 28 member free trade area would be, although still not as tightly integrated as say t…

States can't leave the USA countries can leave the EU, which is a massive difference. NAFTA and EU are not countries they are an agreement between countries.
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