The United States has been a country for two-hundred and forty-two years. From that time period there have been drastic changes in the economy. Essentially, the reason we came to find new land was to get away from a monarchy type government, in England, and to form our own. The type of government we have now is a democracy. About two-hundred years ago, the role of the US economy was to trade slaves, sugar, and battle necessities, as well as forming alliances with other countries.
Today, the role of our economy is to import and export capital goods- machines, medical equipment, and commercial aircraft, industrial supplies- chemicals, fuel oil, and plastic, and consumer goods- cell phones, basic necessities, and pharmaceutical items. In 2016, the total trade with foreign countries was $4.9 trillion (kimberly Amadeo), this can conclude that global trade and the importance of the United State’s economy is critical to the world. Not only are we a border country with Mexico but Mexico is a great example of a trade country with the United States. Mexico’s economy is quickly emerging with their GDP being $2.3 trillion in 2016 (CIA) and growing their economy by 2.3%. Because Mexico is growing in population, some people move to the US, as illegal immigrants.
The US’ second largest export market is Mexico and third largest source of imports. In 1994 the United States and Mexico signed an agreement to end trade barriers, called the NAFTA, which helps Mexico with their trade. This trade also guided in building factures to help the growth of Mexico’s economy. The Pacific Alliance was formed with Mexico, Peru, Colombia, and Chile in 2012. Mexico also has free trade agreements with forty-six countries, which was administered by former President Theodore Roosevelt (International Trade Administration). Today’s focus for Mexico is to center their attention on select oil and gas as part of reforms to allow private investments. Even though the percentage of imports with foreign countries are small, Mexico has global imports with China- 18%, Japan-4.6%, and the US-46.
6%. The exports of Mexico go to the US with 81% and other countries like Canada, Spain and Brazil with smaller percentages (CIA). The population of Mexico City is very large, is it indubitable that the economy in the future will become better.
Every country wants to be number one, however, there can only be one. Most people see the United States as the “most powerful” or most successful” but is because of global trade with other countries. Products that we use everyday are most likely from another country and were imported. To attack the challenges of growth and participation in the global economy countries will need to create innovations that will get other people to become interested in products. Some of these products include technological advancements.
In Las Vegas, there is a technology summit for modern technology. This will bear interest to people all over the world to show off their technology. I believe that technology is going to be very keen in the future. I think so because technology is getting to be more and more vital in today’s life. Think about classrooms, education teaches young children to use variations of technology, which also creates a habit of approaching technology. So in a way, they are smarter and advanced than some older people. Medical technology develops surgeries and treatments to be more efficient and effective. The future of surgeries will be done faster which may save lives, people are already evolving the future of medical technology which attracts other people from around the world to learn about the technology to later than perform surgeries in their country.
This would help the economy because more money would be spent on technology and countries would be working together. Twenty-five years seems like a long time from now, I mean seriously, I’ll be forty-three years old. And that seems scary to me. But I hope that our country will be in good hands. I believe that technology will be used more.
Bitcoins came out in 2009 (bitcoins.org) which seems a bit absurd because I just starting hearing of them this past year. I think that bitcoins will be used more frequently and that will be the use of currency.
I think that global trade will be of more use and that the global trade will be more efficient because of technological advancements. I also think that the countries debt will decrease because I believe that we will not go into war and it will help our current account balance.