Main Weaknesses in the American Economic Power
Since the end of the 1940s, gradual, creeping, and important weaknesses have affected the great economic mechanism of the US. There was a rapidly growing energy dependence from abroad, partially compensated in recent years by the rising production of shale gas and shale oil in the US; a progressive increase in pollution; prolonged phases of relative economic decline and of a very large process of deindustrialization; the shift, since the end of the 1960s, from a structural surplus to a structural deficit in the balance of current account; the transition, from 1987 up to now, to the status of great net debtor in the international financial position; phases of weakening of the US dollar; the deep scars associated to political terrorism and criminal organizations; the rapid growth, since the 1980s, of wages, income, and wealth inequalities; and, finally, the withering of the American dream and a continuing erosion of democracy.
KeywordsStructural weaknesses in the US economy Foreign dependence on oil and raw materials Environmental problems Phases of relative economic decline Deficit in the balance of current accounts and external debt Terrorism and drugs Rise in economic and social inequalities Erosion of democracy
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