1、American Economy,Stock,Very early, people in the United States saw that they could make money by lending it to those who wanted to start or expand a business. That led to the creation of an important part of the current economic scene: the selling of stock, or shares in a business.,Stock Exchange,In
2、 order to invest, individuals do not have to have a great deal of money: they can buy just a small portion of the business-called a share. The business of buying and selling shares in enterprises has become so big that offices have had to be set up where the selling of shares, or stocks, can take pl
3、ace. These places, located in many cities in the US and around the world, are called Stock Exchanges.,The Constitution of US bars all kinds of internal tariffs, so manufacturers do not have to worry about tariff barriers when shipping goods from one part of the country to another.Racial barriers tha
4、t long blocked advancement for dark-skinned peoples, however, have largely disappeared in the past three decades. Class structure today is quite fluid.,GNPvs GDP,Are American farmers respected by the whole society?,Yes, from the nations infancy, American leaders have extolled the virtues of the hard
5、y, self-sufficient farmer as those most worthy of emulation(效仿） by the people as a whole. American farmers have shown a spirit of individualism and egalitarianism that the rest of society has widely admired. To a large extent, agricultural values have been adopted and celebrated by the society as a
6、whole.,“agribusiness”,The word has been coined to reflect the large-scale nature of agricultural enterprise in the modern US economy. The term covers the entire complex of farm-related business, from the individual farmer to the multinational maker of farm chemicals. Agribusiness includes farmer coo
7、peratives, rural banks, shippers of farm products, commodity dealers, firms and manufacture farm equipment, food-processing industry, grocery chains and many other businesses.,True of False?,American consumers pay far more for their food than the people of many other industrial countries.,One third
8、of the cropland in the US is planted in crops destined for export to Europe, Asia, Africa and Latin America. Agricultural imports lags far behind, leaving a surplus in the agricultural balance of trade.,A period of economic difficulty began in the early 1980s. Agricultural exports declined, partly d
9、ue to the high value of the US dollar.,Agriculture, a dark side as well as a bright side,Farmer in the US go through alternating periods of prosperity and recession and some farm practices have raised environmental and other concerns. In order to kill weeds and insects pests and to protect against c
10、rop diseases, American farmers multiplied their use of artificial fertilizers and chemicals.,Toxic farm chemicals, some linked to cancer and other disease, have at times found their way into the nations water, food and air. Over the years, many farm pests have developed a resistance to milder chemic
11、als, so farmers have had to resort to stronger and costlier ones.,The Current Recession,Many economists believe that the problems are deep-seated, revealing defects in the free market system and US government financial policies. Some like Joseph E. Stiglitz, a Nobel Prize-winning economist, question
12、 the soundness of this countrys economy and even the appropriate shape of a capitalist system.,约瑟夫斯蒂格利茨,传统的经济学认为，在自由的，不受管制的市场中，个人追求各自的利益会使整个社会的福利最大化。斯蒂格利茨认为现实世界并不是那么回事。相反，他认为，因为市场参与者不能得到充分的信息，市场的功能是不完善的，常常对人们的利益造成损害。所以政府和其他机构必须巧妙地对市场进行干预，以使市场正常运作。,克莱斯勒的事例是规则，而不是例外。“在我的模型中，我总是能找到一种特定的干预方式，使人人都受益。”斯蒂格
13、利茨说。,The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smiths invisible hand: individuals and fir
14、ms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency.,1. The first Secretary of Treasury of the US was_. 2.When starting business or launching new ventures, money was needed. That money was known as_. 3._ and its relate
15、d industries serve as the foundation of American economic life, accounting for a large portion of the United States GNP than any other endeavor.,4. A great economist in the Industrial Revolution Era was an Englishman named_. 5. About one-third of the cropland in the US is planted in crops destined f
16、or _. Agriculture import lags far behind, leaving a _in the agricultural balance of trade.,The US produces as much as half of the worlds_. A. wheat and rice B. cotton C. tobacco and vegetable oil D. soybeans and corn,Which of the following is generally considered as an important institutional factor that contributed to the success of American business and industry? A. Laissez-faire B. Bountiful resources C. Vast dimensions D. Entrepreneurial spirit,
