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Paul Kennedy posits that continued deficit spending, especially on military build-up, is the single most important reason for decline of any great power. The costs of the wars in Iraq and Afghanistan were as of 2017 estimated to run as high as $4.4 trillion, which Kennedy deems a major victory for Osama bin Laden, whose announced goal was to humiliate America by showcasing its casualty ...
The United States, in particular, has a history of predicting its own downfall, beginning with European settlement. [19] The so-called "American declinism" has been a recurring topic in the politics of the United States since the 1950s. [citation needed] "America is prone to bouts of 'declinism,'" The Economist has noted. [20]
A Monetary History of the United States, 1867–1960. University of Chicago Press. pp. 231– 239. ISBN 978-0691003542. Leab, Daniel, ed. Encyclopedia of American Recessions and Depressions (2 vol ABC-CLIO, 2014). Meltzer, Allan H. (2003). A History of the Federal Reserve – Volume 1: 1913–1951. University of Chicago Press. pp. 109– 131.
The 1990s were the longest period of economic growth in American history up to that point. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks, [73] brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow. [74] Great Recession
The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (1998). Advanced economic history. Bremer, William W. "Along the American Way: The New Deal's Work Relief Programs for the Unemployed." Journal of American History 62 (December 1975): 636–652 online; Cannadine, David (2007). Mellon: An American Life.
At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better.
The initial decline lasted from mid-1929 to mid-1931. During this time, most people believed that the decline was merely a bad recession, worse than the recessions that occurred in 1923 and 1927, but not as bad as the Depression of 1920–1921. Economic forecasters throughout 1930 optimistically predicted an economic rebound come 1931, and felt ...
The former Packard Automotive Plant in Detroit, a recognizable symbol of the decline of the city's once vibrant automotive industry. The term deindustrialization crisis has been used to describe the decline of labor-intensive industry in a number of countries and flight of jobs away from cities.