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 What is the global economic strength of the United States?

The US economy ranked fifth in nominal GDP per capita in 2021, and seventh in GDP per capita based on purchasing power parity.

From the colonial era to the present day, the economic history of the United States focuses on key aspects and developments in the American economy. The emphasis is on economic performance and how new technologies affect it, particularly those that boost productivity, which is the primary driver of economic growth. It looks at how the size of economic sectors is evolving, as well as the impact of government legislation and policies.

Until the eighties of the eighteenth century, the colonial economy was based on agriculture.

The colonial economy was very different from most other locations in those lands, and while America's natural resources were abundant, work was rare.
Between 1700 and 1775, production in the Thirteen Colonies rose by a factor of twelve, providing the colonies a market worth 30% of the British economy at independence. More than three-quarters of the British American colonies' economic growth was due to population increase. The free white people had one of the world's greatest living standards.
Britain regulated the types of items that may be created in the colonies, as well as trade outside the British Empire, under the colonial system.

demographics : 

The early colonization of North America was tough, and the vast majority of settlers who came before 1625 died within the first year of their arrival. To build shelters and forts, clear the ground, cultivate enough food, and establish mills, sawmills, and ironworks, the settlers had to rely on what they could catch, what they took with them, and what was delivered to them on shipments of food, tools, and supplies of uncertain arrival. They had to defend themselves against invading Indians as well. Due to high birth rates, population growth became extremely rapid after 1629. (8 children per family versus 4 in Europe) business recession.

Economy : 

The colonial economy of what would later be known as the United States was pre-industrial, with subsistence farming predominating over trade. Farming families made handicrafts, usually for their own consumption, but some items were sold.
Mining, mills, and sawmills, as well as the export of agricultural products, were all part of the market economy. Fodder grains (wheat, Indian corn, rice, bread, and flour) and tobacco were the most important agricultural exports. Tobacco, as well as rice for South Carolina, was a major crop in the Chesapeake Bay region and dried and salted fish were also key exports.

current political situation

The world's colonial economy followed the mercantile economic ideology, in which governments strove to acquire gold reserves by trading surpluses with their colonies or other countries. While they were barred from participating in most sorts of manufacturing, the colonies were exploited as a source of raw materials and a market for manufactured goods. The colonial powers of England, France, Spain, and the Dutch Republic attempted to protect their colonial assets by restricting trade between their colonies.

Spain maintained an old-fashioned commercial manner, to enrich the government by collecting gold and silver, particularly from its colonies' mines. The approaches are taken by the Dutch and the British, in particular, were better suited to private enterprise.

The Navigation Acts, passed by the British Parliament between 1651 and 1673, influenced commercial policy in the British American colonies.

The following are important aspects of the navigation laws:

• Foreign ships were barred from trading between British Empire ports.
• England had to be the industrialized nation in Europe and the exporter to the colonies.
• Furs, ship bracelets, rice, indigo, and tobacco were among the products that could only be shipped to the United Kingdom.

Commerce and Industry 

Transport: Outside of the cities, there were few roads and no waterways in the new country. It cost a fifth to a half of the price of carrying numerous crops to the port in 1792. The most cost-effective mode of transit was by water, either along the coast or on lakes and rivers. A ton of cargo could be transported 3,000 miles from Europe for around $9 in 1816, but the same amount could be transported 30 miles inland for the same price.

• Grinder machines that work automatically: Oliver Evans built a fully autonomous mill in the mid-1880s that could process grain without the need for human intervention. This was a groundbreaking discovery in two ways: first, it used bucket elevators and conveyor belts, which would later revolutionize material handling, and second, it used regulators to manage the process.

• cotton gins are places where cotton is grown: Cotton was once a small-scale crop grown in the south. After Eli Whitney modernized the cotton gins, cotton agriculture flourished. The new gins were 50 times more efficient than drum-based gins at removing seeds. Slave-labor cotton plantations grew rapidly in the richest lands from North Carolina and South Carolina westward to Texas in the east. Cotton was sent in raw form to textile factories in the United Kingdom, France, and New England.

• A textile sector that has been mechanized: Because of the Industrial Revolution, England had fast expansion in the last decade of the eighteenth century, but the rest of the world was bereft of any big mechanical industry. Britain prohibited the export of textile machines and designs, as well as the emigration of trained mechanics. Samuel Slater, a machinist who worked on the cotton spinning process in England, memorized the machine's design. He was able to pass himself off as a laborer and immigrate to the United States, where he discovered that his knowledge was in high demand. Slater began working as a consultant for Almy and Brown in Rhode Island in 1789, who were attempting to spin cotton on some land.