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1 results

  • 1 - North America

  • from Part I - Regional Developments
  • Edited by Stephen Broadberry, University of Oxford, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book:
    The Cambridge Economic History of the Modern World
    Published online:
    03 June 2021
    Print publication:
    24 June 2021, pp 21-47

  • Summary

    This chapter traces three grand transformations of the North American economy. The first process – the shift from a rural agricultural economy to an urban industrial economy and the emergence of ‘modern economic growth’ – began before 1870. The second process – the shift from growth based on increasing factors of production per person to growth based on enhancing the productivity of the factors – began at the turn of the twentieth century. It was tied to the emergence of the United States as a global economic leader. The third process – the shift from an internally focused industrial economy to a globally integrated, information-based economy – began after 1970. Focusing on these transformations complicates the story of balanced growth common in macro-growth accounts, but is crucial for our understanding of the growth of the North American economy.