U.S.Economy vs. other Nations economy
Howis the U.S National Economy different from those of other Nations?
TheU.S national economy is very different from economies of othercountries. Several ways make it different. Firstly, the U.S economyis a post-industrial economy. Most economic activities in UnitedState largely consist of services. Indeed, their services comprisesof 80% of the GDP. This is unlike China that is more concentrated inindustries. The 45% of GDP in China come from service sector whilethe rest is from industries.
Secondly,the US economy is liberalised that is, government intervention inthe economy is minimal (McEachern,2012).There are no guidelines and procedures to hire or fire an employee.On the contrary, other countries such as Japan, the law giveguidelines on how to hire and fire employees. In China, thegovernment owns most industries and plays a great role in economicactivities.
McEachern,W. A. (2012). ECON Macro 3 (3rd ed.). Mason, OH: South-Western.