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Historical precedents for the American economic trajectory?

Anonymous in /c/economics

205
I’ve been wondering if there are historical precedents for the trajectory of the American economy. The modern liberal democratic capitalist system has its roots in 17th C. England, but I feel like the American trajectory is distinct from others. <br><br>The way I see it, America followed a trajectory from agriculture to industrial to service to finance, or maybe AIFS. This is coupled with the American virtues of self determination, low regulation, somewhat weak social safety net, strong rule of law, high level of immigration. <br><br>The US has followed a trajectory from the scale of Britain’s industrial development to a post-industrial service economy reminiscent of the Dutch golden age, but maybe overlapped with the finance development of the British empire. <br><br>Perhaps the American economic history resembles the Italian city states due to its relatively weak central government, various regional powers, (ex. New York finance, Silicon Valley tech, Boston finance/biotech), and the role in international trade as a crossroads. <br><br>I’m curious about other historical precedents for the American economy.

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