7. My American Experience - Reasons for America's Success

Updated: Jun 10, 2020

This Message was posted in FB on 9th March 2017.


The Day,Friday October 12, 1492, The Christopher Columbus Discovered America, Which is very beautiful and vast nation, The Rapid Economic Wealth it Created, No Other Country could do in the Short Span of 400-500 Years in entire Human History , Though, there are Countries like India, Egypt and Greece have been there in Existence for thousands of Years.


Some of the Reasons for this Economic Miracle have been explained in a Famous Book, titled, " Why Nations Fail " by Daron Acemoglu and James A. Robinson

.Pic : At Statue of Liberty, New York


Reasons for Its Success :


Economic prosperity largely depends on the Inclusiveness of Economic and Political institutions, Where People have Equal Rights to Education, Political Rights in decision-making like in Democracy , Ownership Titles to Properties and Assets , Functioning Judiciary and finally, an incentive structure that allows talents and creative ideas to be rewarded and prospered irrespective their Caste, Creed, Color and Origin of Birth .This is ,What is called " Free Enterprise ".


Whereas , Economic Prosperity does not happen due to " Extract " Institutions like


Political Power Monopolised in a few hands like Monarchs / Dictators/ Powerful Families etc, Some sections of society dominates, Just like Caste System in India , does not allow Others to have Access to Education and participation in Other Economic Institutions like Banking , Trading , Business, Marketing Activities etc and Exploitation by Powerful Others.Typical Example in Modern World are South Korea ( Wealthiest ) and North Korea ( Struggling ) .

Pic : At Hudson River, New Jersey


Fore Fathers of America Decoded These Secrets of Wealth Creation and Merit Based System well in Advance and Allowed the Intellectuals and Hard Working Immigrants flow in to USA ...Ultimately , This Liberal Land of Immigrants , built Most Powerful Economy in the World , ie..$ 18.5 Trillion today.....At the Moment, Indian Economy, Cruising at around $ 2.5 Trillion and hopefully, we may reach this level within 2-3 Decades time.

Pic : AT Times Square, New York


During my Recent visit to USA, I have stayed in Manhattan, New York , Most Costliest Real Estate in the World , in 31st Street at Hotel -31, Whereas, Empire State Building is Situated in 33rd Street.Also been to New Jersey, Philadelphia, Passed through Maryland

( Baltimore ) and Washington DC.


Most of the State Buildings in Washington DC are Inspired by Greco-Roman Architecture..

Pic : At Capital Hill, Washington DC


About this Post .


As part of my Executive Education at Wharton Business School in Philadelphia, I have landed in New York via Frankfurt and taken Manhattan as my Base Station.

These are the Experiences during that time.


Pic : Inside Capital Hill, Washington DC

United States of America in Brief :


The United States of America (USA), commonly known as the United States (U.S. or US) or America, is a country consisting of 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles (9.8 million km2), it is the world's third- or fourth-largest country by total area. Most of the country is located in central North America between the countries of Canada and Mexico. With an estimated population of over 328 million, the U.S. is the third most populous country in the world. The capital is Washington, D.C., and the most populous city is New York City.



Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century. The United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies led to the American Revolutionary War lasting between 1775 and 1783, leading to independence. The United States embarked on a vigorous expansion across North America throughout the 19th century—gradually acquiring new territories,displacing Native Americans, and admitting new states—until 1848 when it spanned the continent. During the second half of the 19th century, the American Civil War led to the abolition of slavery in the United States.


The Spanish–American War and World War I confirmed the country's status as a global military power.The United States emerged from World War II as a global superpower. It was the first country to develop nuclear weapons and is the only country to have used them in warfare. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 Apollo 11 mission, the spaceflight that first landed humans on the Moon. The end of the Cold War and collapse of the Soviet Union in 1991 left the United States as the world's sole superpower.


Pic : Los Angels


The United States is a federal republic and a representative democracy. It is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States (OAS), NATO, and other international organizations. It is a permanent member of the United Nations Security Council.


A highly developed country, the United States is the world's largest economy by nominal GDP, the second-largest by purchasing power parity, and accounts for approximately a quarter of global GDP.The United States is the world's largest importer and the second-largest exporter of goods, by value. Although its population is only 4.3% of the world total, it holds 29.4% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite income and wealth disparities, the United States continues to rank very high in measures of socioeconomic performance, including average wage, median income, median wealth, human development, per capita GDP, and worker productivity. It is the foremost military power in the world, making up more than a third of global military spending, and is a leading political, cultural, and scientific force internationally.


Typical Economic Data of USA as on 20.05.2020 ( updated )


GDP (nominal) 2020 estimate


• Total - $22.321 trillion (1st)

• Per capita - $67,426[11](7th)

•  Population 2019 estimate - 328,239,523 (3rd )



MM.Rao

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Sources :

http://whynationsfail.com/summary/

https://en.wikipedia.org/wiki/United_States

https://www.google.com/search?q=los+angeles+pic&rlz=1C1CHBF_enIN786IN786&sxsrf

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