A Political Economy of the United States

The author analyses characteristic features of economic growth mechanism and economy policy in the United States over the past seven decades (1950-2019), relying on both macro- and micro-level statistical data and accentuating the key role of manufacturing industry. His main hypothesis is that the American economy's outstanding performance was achieved primarily due to an increasing role of human capital. This assumption has successfully been tested with the help of an econometric investigation based on an endogenous growth model, in which the mechanism of technical progress plays a central role. A separate chapter is devoted to the Sino-American economic competition as its outcome will greatly determine the future of humanity. The monograph is intended for a wide range of readers interested in the economic problems of developed capitalist countries.