The United States has a mixed economy based on an economic system characterized by both capitalism and socialism. This type of economic system secures private property at a level of economic freedom for the use of capital. It also allows the US government to interfere in economic activities to achieve social goals in favor of the public.
The US government still plays an important role in the economic affairs of its citizens. Various services have come under the sovereignty or direct control of the public sector. The American economy was seen as a true market economy. It requires that all goods, goods and services owned by individuals be provided privately.
The United States government controls (wholly or partially) various services or goods, including education, hospital care, mail delivery, and roads. The US government also provides grants to oil companies, the agricultural sector, utility companies, and financial companies.
The central administration plays a major role in the economy with the implementation of financial policies. The US Federal Reserve primarily controls monetary policy to manage the quantity, momentum and affordability of the money supply in circulation. Congress and the executive branch manage fiscal policy in order to maintain a balance between government revenue and expenditure.
US participation in the global economy
The US economy is still the largest and most important economy in the world. It accounts for around 20% of all world production and is considered larger compared to China. The IMF has indicated that the United States is marking the 6e Highest GDP per capita. The American economic system has a more developed and advanced service sector. Large US corporations also play an important role in the global economy. Over 5e of Fortune Global 500 companies represent the United States.
The US economy continually blows entire sectors during the 3rd quarter of 2018. US economic growth peaked in 4 years in the 2sd trimester. US industrial production and ISM survey data for the months of July and August showed the full capacity of the manufacturing sector with stronger activity. The United States is the 2sd largest manufacturer and a leader in the highest value-added industries in the world.