Thursday, February 27, 2020
Research Paper Example | Topics and Well Written Essays - 1000 words - 4
Research Paper Example The U.S. no longer manufacture enough to feed it is locals. The economic situation is unsustainable. The United States imports more than it is able to export. The U.S. is disposing off it is assets to sustain a moderate standard of living. In some constraining circumstances, the U.S. is taking massive debts to sustain the economy from falling (Baker & Baker, 2011). According to Cotton (1958), economical problems reflect the inadequacy of intellectual and material resources in the society. United States is world super power characterized by the control of the world in decision making of economic nature. Also notwithstanding, it is the most unequal industrialized nation, apart from the few Asians city states. Some of the economic problems now facing include the following (Cotton, 1958). There is the problem of trade deficits. Currently the U.S. imports more than it exports. For this reason the net cash outflow is negative. The U.S. has failed to produce enough to feed it is people; hence it is forced to import food from other countries. While this is happening, the regulatory and tax system have without a vivid reason raised domestic business costs. Apart from this, the fundamental cause to the present economic crisis in the U.S. was caused by the three decades detrimental U.S. trade and globalization policies (Baker & Baker, 2011). In addition, the economic problem in the U.S. is the inaccessibility to the markets. U.S. has naively and assumed that other countries will carry and hold themselves to the U.S. standards. The measured standards here include environment, labor and competition policy, Cotton (1958). These standards greatly affect the cost of production in the U.S. Economically, Ã¢â¬Å"if these countries fail to adhere to these standards, they gain an unfair cost advantageÃ¢â¬ . It is believed that U.S market has lost it is former glory, due the participation in the world trade.