US positions in world economy: Current conditions and prospects

Abstract

There are several indicators which reflect the level of economic development of each country. Among most important — GDP, GDP per capita, scientific and technological potential human resources, the country’s positions in the world trade and capital transactions. The author makes a conclusion that the US positions remain strong in the world economy and international economic relations. The article aims to show the evolution of the American model of capitalism and its opportunities to adapt to new challenges of the 21st century. The author reviews the basic characteristics of this model and its distinction from other market economy models. It is demonstrated that in the USA, the leading role in economic development is played by private sector, and the government occupies much more modest positions. The author demonstrates that due to the liberal model the country has reached significant economic and social results, including high economic growth and high living standards. The advantages of the American model are quite obvious: commitment to high economic efficiency, development of science and innovations, economic growth and high living standards. The shortcomings of the American model are also quite evident. Among them there are: a problem of social and income inequality, the emergence of new economic challenges, including those connected with pandemics and climate change, which test the American model for its sustainability and effectiveness. Another issue is new emerging markets that are not liberal at all. Especially we can talk about China which became the real rival to the American economy. The modern stage of globalization puts several new problems before the American capitalism, such as the is exacerbation of contradictions between old industrial countries and emerging economies, between strengthened multinational corporations and the governments of the countries they came from. The author makes a conclusion that despite both internal and external challenges the existing potential of the American economic model is still not exhausted. At the same time, it is evident that the question of its adaption to all existing issues is quite real and demands solution.

Keywords:

American economic model, GDP, evolution of economic model, economic growth, economic infrastructure, level of economic development, economic indicators, productivity of labor, human development index, global innovation index