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-Dec 3, 2025, 5:17 AM

InfoUSA is maintained by the Bureau of International Information Programs (IIP), U.S. Department of State The information on this CD is collected from various sources and will change over time without notice. The U.S. Government assumes no responsibility or legal liability for the accuracy, completeness, reliability, timeliness, or usefulness of any information available on this CD, nor does it represent that the use of any information will not... U.S.

ECONOMY > An Overview of the U.S. Economy > Overview of the Economy Overview of the Economy: Perspective from the BEA Accounts 2nd quarter 2006: +2.6 3rd quarter 2006: +2.2 October 2006: +0.4 (personal income) September 2006: +0.5 (personal income) 1st quarter 2006: -$213.2 billion 2nd quarter 2006: -$218.4 billion

BEA produces some of the most closely watched economic statistics that influence decisions of government officials, business people, and individuals. These statistics provide a comprehensive, up-to-date picture of the U.S. economy. The data on this page are drawn from featured BEA economic accounts. The Role of the Government in the Economy American Agriculture: Its Changing Significance

Foreign Trade and Global Economic Policies Colonization Early settlers had a variety of reasons for seeking a new homeland. The Pilgrims of Massachusetts were pious, self-disciplined English people who wanted to escape religious persecution. Other colonies, such as Virginia, were founded principally as business ventures. Often, though, piety and profits went hand-in-hand. England's success at colonizing what would become the United States was due in large part to its use of charter companies.

Charter companies were groups of stockholders (usually merchants and wealthy landowners) who sought personal economic gain and, perhaps, wanted also to advance England's national goals. While the private sector financed the companies, the King provided each project with a charter or grant conferring economic rights as well as political and judicial authority. The colonies generally did not show quick profits, however, and the English investors often turned over their colonial charters to the settlers. The political implications, although not realized at the time, were enormous. The colonists were left to build their own lives, their own communities, and their own economy -- in effect, to start constructing the rudiments of a new nation. What early colonial prosperity there was resulted from trapping and trading in furs.

In addition, fishing was a primary source of wealth in Massachusetts. But throughout the colonies, people lived primarily on small farms and were self-sufficient. In the few small cities and among the larger plantations of North Carolina, South Carolina, and Virginia, some necessities and virtually all luxuries were imported in return for tobacco, rice, and indigo (blue dye)... Supportive industries developed as the colonies grew. A variety of specialized sawmills and gristmills appeared. Colonists established shipyards to build fishing fleets and, in time, trading vessels.

The also built small iron forges. By the 18th century, regional patterns of development had become clear: the New England colonies relied on ship-building and sailing to generate wealth; plantations (many using slave labor) in Maryland, Virginia, and the Carolinas... Except for slaves, standards of living were generally high -- higher, in fact, than in England itself. Because English investors had withdrawn, the field was open to entrepreneurs among the colonists. By 1770, the North American colonies were ready, both economically and politically, to become part of the emerging self-government movement that had dominated English politics since the time of James I (1603-1625). Disputes developed with England over taxation and other matters; Americans hoped for a modification of English taxes and regulations that would satisfy their demand for more self-government.

Few thought the mounting quarrel with the English government would lead to all-out war against the British and to independence for the colonies. Like the English political turmoil of the 17th and 18th centuries, the American Revolution (1775-1783) was both political and economic, bolstered by an emerging middle class with a rallying cry of "unalienable rights to... The war was triggered by an event in April 1775. British soldiers, intending to capture a colonial arms depot at Concord, Massachusetts, clashed with colonial militiamen. Someone -- no one knows exactly who -- fired a shot, and eight years of fighting began. While political separation from England may not have been the majority of colonists' original goal, independence and the creation of a new nation -- the United States -- was the ultimate result.

The New Nation's Economy The U.S. Constitution, adopted in 1787 and in effect to this day, was in many ways a work of creative genius. As an economic charter, it established that the entire nation -- stretching then from Maine to Georgia, from the Atlantic Ocean to the Mississippi Valley -- was a unified, or "common," market. There were to be no tariffs or taxes on interstate commerce. The Constitution provided that the federal government could regulate commerce with foreign nations and among the states, establish uniform bankruptcy laws, create money and regulate its value, fix standards of weights and measures, establish... The last-mentioned clause was an early recognition of the importance of "intellectual property," a matter that would assume great importance in trade negotiations in the late 20th century.

Alexander Hamilton, one of the nation's Founding Fathers and its first secretary of the treasury, advocated an economic development strategy in which the federal government would nurture infant industries by providing overt subsidies and... He also urged the federal government to create a national bank and to assume the public debts that the colonies had incurred during the Revolutionary War. The new government dallied over some of Hamilton's proposals, but ultimately it did make tariffs an essential part of American foreign policy -- a position that lasted until almost the middle of the 20th... Although early American farmers feared that a national bank would serve the rich at the expense of the poor, the first National Bank of the United States was chartered in 1791; it lasted until... Hamilton believed the United States should pursue economic growth through diversified shipping, manufacturing, and banking. Hamilton's political rival, Thomas Jefferson, based his philosophy on protecting the common man from political and economic tyranny.

He particularly praised small farmers as "the most valuable citizens." In 1801, Jefferson became president (1801-1809) and turned to promoting a more decentralized, agrarian democracy. FOREIGN POLICY AND INTERNATIONAL AFFAIRS InfoUSA is maintained by the Bureau of International Information Programs (IIP), U.S. Department of State The information on this CD is collected from various sources and will change over time without notice. The U.S.

Government assumes no responsibility or legal liability for the accuracy, completeness, reliability, timeliness, or usefulness of any information available on this CD, nor does it represent that the use of any information will not... InfoUSA is maintained by the Bureau of International Information Programs (IIP), U.S. Department of State The information on this CD is collected from various sources and will change over time without notice. The U.S. Government assumes no responsibility or legal liability for the accuracy, completeness, reliability, timeliness, or usefulness of any information available on this CD, nor does it represent that the use of any information will not...

Take a deeper dive into civics issues at your own pace. The US federal government’s finances affect nearly every aspect of daily life, from the roads people drive on to the taxes they pay. Explore data on how the government collects and spends money, where funds are distributed, and the financial challenges it faces. The trends in housing affordability and subsidized housing Housing is a key issue impacting many communities across the United States. This guide presents data on subsidized housing availability, rental costs relative to incomes, and homeownership trends to provide a clearer picture of the current housing landscape.

The US federal government’s finances affect nearly every aspect of daily life, from the roads people drive on to the taxes they pay. Explore data on how the government collects and spends money, where funds are distributed, and the financial challenges it faces.

U S Economy Landing Page Usinfo Org

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