The North American Economy: Course Outline Overview of the US: geography, population, economy Economic history through to the end of post-WWII boom The rise of neo-liberalism in the US The “Great Moderation” and economic boom from the early 1990s to the mid-2000s The financial and economic crisis: origins and first results The financial and economic crisis: longer term results NAFTA, foreign trade policy, the US in the world economy Poverty, social inequality and the 99% The Canadian Economy, OCAs, a different banking system

The USA: a Continental Economy

Major cites (metropolitan areas) in millions (est. 2013) New York-Newark-New Jersey: 19.9 Los Angeles-Long Beach-Anaheim: 13.1 Chicago-Naperville- Elgin: 9.5 Dallas-Fort Worth-Arlington: 6.8 Houston-The Woodlands-Sugar Land: 6.3 Philadelphia-Camden-Willmington: 6.0 Source: US Bureau of Census estimates, etc, from Wikipedia

Strengths of the US Economy 1)Capital stock in the US and overseas 2)Natural resources: fuel (gas, coal), metals, farm land, etc. 3)Technology 4)Monetary privilege – the dollar – financial system 5)Cultural hegemony (English, university system, audio- visual products) 6)Population growth 7)Stable political system 8)Military power Source: points 1 to 5 - Albert, M., Capitalisme contre capitalisme, Paris, Editions du Seuil, 1991.

Economy: Key Indicators 1 GDP $17,42 trillion (est 2014); 22% of world GDP, at market exchange rates GDP per capita $49,000 (2011 est.) Gini coefficient of family income: United States 0.45 (est 2007) France 32.7 (est 2008) Market value of publicly traded shares: $18.67 trillion (31 December 2012 est.) : ie 107% of GDP Source: CIA World Factbook, 2010 and other sources.

Economy: Key Indicators 2 GDP composition by sector agriculture: 1.2% industry: 19.2% services: 79.6% (2011 est.) Labor force by occupation farming, forestry, and fishing: 0.7% manufacturing, extraction, transportation, and crafts: 20.3% managerial, professional, and technical: 37.3% sales and office: 24.2% other services: 17.6%

Economy: Key Indicators 3 Net stock of fixed assets and consumer durables: $55.9 trillion (2013, source BEA) Stock of FDI at home: $2.571 trillion (end 2011 est.) Stock of FDI abord: $4.314 trillion (end 2011 est.) Proved oil reserves: billion bbl (begin est.) – 13 th in world Proved natural gas reserves: trillion cu m (begin.2009 est.) – 5th in world

U.S. assets were $25,324.4 billion at the end of the first quarter U.S. liabilities $32,118.3 billion. Source: Bureau of Economic Analysis, Press release, BEA, June 30, 2015.

First quarter of 2015: net position was -$6,794.0 billion

Population growth over time 1990: m – 2007: 300 m > mid-2020s maybe 350 m Source: Economic Report of the President, 2013.

Population million (July 2015 est.) Growth rate 0.78% (2015 est) (0.977% 2010 est) Births: births/1,000 population (2012 est.) Fertility rate: 2.06 children born/woman (2012 est.) Net migration: 3.62 /1,000 population (2012 est.) Life expectancy: total population: years male: years female: years (2012 est.) Demographic breakdown, est 2011 (2006) 0-14 years: 20.1% (20.4%): 15-64: 66.8% (67%) 65 years and over: 13.1% (12.5%) Source: CIA World Factbook, United States. Population characteristics 1

Population characteristics 2 Ethnic groups (est. 2010) White 79.96%Ameridian/Alaska: 0.97% Black 12.85%Hawaii/Pacific 0.18% Asian 4.43% (“Hispanic” 15. 1%) Languages: English 82.1% Spanish 10.7% (2000 census) Religious composition Protestant 51.3%, Catholic 23.9%, Other Christ. 1.6%, Jewish 1.7%, Muslim 1% Unaffiliated 12.1%, 10% (2007 est)

US Mean Center of Population (wikipedia)

Source: Economic Report of the President, 2015 TABLE B–11. Civilian population and labor force, 1929–2014—Continued [Monthly data seasonally adjusted, except as noted] Year or month Civilian noninstit utional populatio n 1 Civilian labor force Not in labor force Civilian labor force participat ion rate 2 Civilian employm ent/ populatio n ratio 3 Unemplo yment rate, civilian workers 4 Total Employment Unemplo yment Total Agricultu ral Nonagric ultural Thousands of persons 16 years of age and overPercent ,063,04, ,062,25, ,459,39, ,758,59, ,158,48, ,758,68, ,258,67, ,959,06,2

Labor force participation rate Civilian population, 16 and over Source: Bureau of Labor Statistics,

GDP by industry: % of value-added Private industry, services and govt Source: Economic Report of the President, 2013

GDP by industry: % of value-added 1

Source, Kate McKenzie, “US shale oil abundance: Bernstein vs. the IEA”, The Financial Times, November 19, 2012.

GDP by industry: % of value-added 2

Private consumption (2009: 56.9% of all consumption, $10.1 tn)