ABSTRACT
This chapter describes US economic history and social class. It examines the contemporary economy, and discusses American attitudes to the economic system. US economic expansion from the nineteenth century can be explained by the country's size, its natural resources, commercial structures, population growth, characteristics of the people, political independence and the ideological principles that support economic activity. Although the US is often portrayed as a classless and egalitarian society, there have always been social and economic inequalities between Americans. Historically, manufacturing and industrial production has been a crucial factor in the US economy. Public concerns about the environment are influenced by opposing ideologies of Democrats and Republicans and the activities of business and industry. A Gallup poll of 13-17 July, 2016 prior to the presidential election reported that the economy was seen by 27 percent of respondents as the most important problem facing the country. The Federal Reserve System is similar to central or national banks in other countries.
