The Economy of The U.S.A (Part 2): The Modern Global Empire

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The United States became the world's largest economy in the early 20th century and though massive industrial growth and technical innovation it has held that lead for over 100 years.
The world superpowers that came before it was most notably colonial empires, with the France Britain and the Netherlands all extracting a vast majority of their wealth from foreign colonies that they used to mine natural resources or grow tea and spices to bring back home.
Incidentally, the United States was once one of these colonies, but it had a bit of a rebellious streak and claimed independence to go an to become a majorly powerful nation in its own right.
The nation was born with the memories of empire and what it meant to be a colony, so it ultimately walked a different path to prosperity. In this video, part two of a serious on the economy of the United States we will look at America’s take on its own global empire.
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📚 Want to learn more about the economy of the U.S.A? We recommend reading "An Empire of Wealth: The Epic History of American Economic Power", by John Gordon
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#USA #GlobalEmpire #Economics
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Sources & Citations -
McCusker, J.J., and Menard, R.R., 2014. The Economy of British America, 1607-1789
Katz, S.N., 1976. Thomas Jefferson and the right to property in revolutionary America. The Journal of Law and Economics, 19
Teich, M., Porter, R., and Gustafsson, B. eds., 1996. The industrial revolution in national context: Europe and the USA. Cambridge University Press.
Taylor, L., Proano, C.R., de Carvalho, L., and Barbosa, N., 2012. Fiscal deficits, economic growth, and government debt in the USA. Cambridge Journal of Economics, 36(1), pp.189-204.
Morriss, A.P., and Nard, C.A., 2011. Institutional Choice & Interest Groups in the Development of American Patent Law: 1790-1865. Supreme Court Economic Review
De Haan, J. and Siermann, C.L., 1996. New evidence on the relationship between democracy and economic growth. Public Choice, 86
Bergsten, C.F., Horst, T., and Moran, T.H., 1978. American multinationals and American interests. Washington, DC.
Hines Jr, J.R., 1994. No place like home: tax incentives and the location of R&D by American multinationals. Tax policy and the economy.
Music: "AMERICA, **** YEAH! Piano Tutorial" - • AMERICA, F😈CK YEAH! - ...
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[@EconomicsExplained]

Thanks for watching EE nation! ❤️ If you enjoyed, please consider supporting the show on Patreon! 😎 See new videos early, participate in exclusive Q&As, and more! ➡️ www.patreon.com/EconomicsExplained

[@kjackson5453]

Suggestion: Summaries of powerful economic books. Such as the wealth of nations

[@EconomicsExplained]

@@kjackson5453 See description! :D

[@ericg4915]

@@EconomicsExplained great video! But I think u can't understate how much the US benefited from WW2 and it wasn't just the increase in industrial capabilities formed during the war. Lots of riches were reaped and benefits from it's new status as superpower. The Soviet Union greatly benefited also but economically handicapped itself by being a communist country.

[@bluerabbitjeevs]

@Vlad the guru It is, but corporate colonization and colonization are still two different things. Its like comparing an apple pie to a meat pie. Yes they are both pies, but they are also very different food items.

[@curtiscarpenter9881]

Write about the progressive era or the American reninance. Do a video.

[@DownwardsRising]

What I got; America started out as a farmer, then went to be factory worker, and is now a businessman. It's like the story of some enthusiastic kid who worked smart all his life, and then found in his later years he had somehow become wealthy and powerful.

[@dwaipayanmazumdar8619]

Underrated comment af

[@dieptrieu6564]

This kid also grow extremely fast. Consider the fact that they did all this while still not even 300 y/o. Whereas some nation that lasted for thousands of years are still trying to keep up

[@commandermcnash5137]

@@dieptrieu6564 And his punch, while arguably it has always been a bit shortsighted and lacking that subtlety from some of their older relatives, whenever he actually manages to connect one in a straight fight it hits with the strength of the sun, usually with no one left standing against him, the best you can do against him is taunt and evade him while making him break the scenery and harm the bystanders until he grows ashamed and gives up.

[@dieptrieu6564]

@@commandermcnash5137 Consider what happened to japan. I wouldn't say that you can stay alive when target by them. Tho, china may prove me wrong. We'll see

[@Cecilia-ky3uw]

right now he is having a terrible situation of dementia

[@photosyntheticzee9915]

EE: England is a windswept, jagged rock Scandinavia: what are you talking about

[@SumBrennus]

One word: Newfoundland.

[@michelangelobuonarroti4958]

Yeah ok Sweden and Denmark aren't really a windswept rock...

[@Nonamearisto]

Britain isn't a windswept, jagged rock. It's actually quite fertile and warm for a country so far north. Granted, it has no shortage of clouds and rain, but that helps things grow.

[@gapping3000]

What about England’s tin mines and coal mines....

[@photosyntheticzee9915]

@@michelangelobuonarroti4958 I should have said Norway...

[@FidgetSpinoza]

Love the team america instrumental in the background 😍

[@stevencooper4422]

Coming to save the motherf@cking day yeah!

[@hope_youhaveagoodday]

The real national anthem of the USA.

[@chessonso2610]

The Philippines, the 51st State outside the Union of the 50 United States of America.

[@akber281]

I had no idea that's what it was!

[@RedRomanov]

I rotfl instantly at the first 5 seconds

[@Phelom]

I know this is Economics explained but I feel like it would have been worth while going into the economic, political and military systems that the USA developed post WW2 that ensured it global hegemony and reliable access to export markets (e.g. The marshall plan, Bretton woods, IMF)

[@amindfuckingusername]

This is a series, he can't talk about everything in a single video

[@warren5037]

This channel focuses on the economics involved, ie economic effects of such military factors. The channel is not dismissing them, it is acknowledging that such things did happen but it is not going to go into depth for them. If you want something like that, go to other channels like "Infographics Show" or "Real Life Lore"

[@JohnSmith-ti3oy]

The Marshall Plan would make for a good deep dive.

[@TNk-np6lj]

Part 3 mate just be patient

[@Gonza-lh2vo]

Yes! Global trade would be impossible without the US Navy guarantying free navigation of the world's oceans.

[@patrickwang671]

I'd be interested in an analysis on why exactly Isolationism worked out so well for the US while it (even before the British came) led to a slow stagnation for China.

[@garrettallen7427]

I’d say it worked out because the Americans industrialized and the Chinese didn’t. The Chinese had several attempts to adapt and overcome stagnation and they failed miserably EVERY SINGLE TIME! This led to the fall of the Qing and the subsequent civil wars which happened later. They should have followed in Japan’s footsteps but instead stayed stubbornly to there ‘center of the world’ mentality to there own detriments.

[@patrickwang671]

@@garrettallen7427 I'm actually more after the recession of the late Mings physiocratic economy and the Qing states seemingly bottomless income holes safed partially only by export. Emphasis on before some cunts decided to play drug dealer since having your arse handed to you and not "going with the times" obviousely isn't inducive to a healthy economy. Or in other words, if the US had been founded 300 years earlier it would probably still have grown into an economic powerhouse and prospered (just on a smaller scale nominally) while the Ming withered and waned.

[@stafer3]

Those are 2 different forms of isolation you are mentioning. American isolation was there in regard of doing alliances. America won’t do alliance with France or Germany so it doesn’t have to go to war with France or Germany. So you don’t see any American troops fighting in Crimea war in 1850s. And America didn’t get territory in Balkan as winning loot. So it wasn’t tangled in politics of rest of the world. But it wasn’t isolationist at all in social stuff. I mean 100 million people emigrated from all around the world to America all bringing their knowledge and ideas from their home countries. Nikola Tesla was born in Austria-Hungary, yet all his famous inventions were made in USA. There was no actual isolation of USA. Compare that to east Asia. In Japan, foreign nationals were banned from country, and they had like one single port for limited trade. And one Dutch factory was allowed in country. Same with China, they kept contact and trade to minimum. Better term for US “isolation” would be just neutrality.

[@garrettallen7427]

patrick wang well if your talking about why the Ming fell to capitalize on there Isolation, Many people point to the voyages of Zheng He as a reference for Chinese expansionism, but many don’t realize that that voyage was more of a “check-up” voyage to see if the kingdoms that had previously paid tribute to the Chinese were still around and would continue to pay tribute. The Chinese already knew of these countries existence, they just wanted to make sure the tributaries were well aware of there existence in case they got any ideas. But that all changed when the advisors to the Emperor decided that China was under threat from Mongol invasion, we have to remember that the Ming had gained independence from the Yaun Dynasty not to long ago, and so the prospect of an invasion seemed more important to them, so they shutdown the expeditions budget and financed the Great Wall of China with it. They had no intention of ever gaining new unknown lands since they practically had everything they could ever want, after all it was everyone else who wanted to go to China, not the other way around. This partly explains why the Ming failed to adapt to when Europe discovered America, they lost there main bargaining chip (expensive luxury goods no one else had) and couldn’t keep up with the quick innovations like that of the Europeans, who were now coming close to China in terms of living standards (at least for the upper class).

[@patrickwang671]

@@stafer3 I'm specifically asking for those differences. Influx of knowledge is a good point. The two are comparable though in that it was mostly political isolationism. I don't understand why literally everyone needs to bring up Japan whenever talking about anything chinese. Those two actually are entirely different as the Japanese tried to curtail all outside influence. Foreign traders were welcomed (tolerated) in China. I'd actually argue that in terms of trade China was more open than the west back than, with all the ongoing rivalries and Mercantilism. The Qing would only adopt japanese-esque total isolationism after the opium wars.

[@fezerr2075]

I would have thought you’d have more than 20% American viewers, where are the rest of your viewers? Australia? Europe? I’m from England btw

[@maximilianlorosch936]

Germany

[@caesaraugustus3749]

Must be a lot of Europeans. I'm Australian and just judging from Economics Explained voice, he's aussie too.

[@andrewearl8926]

tbh I thought a lot more were americans

[@jimmym3352]

I'm American. But most Americans are pretty ignorant of this type of subject matter. They wouldn't even know who Adam Smith is. Funny enough, one of our politicians who claimed to be a fan of Adam Smith is now a socialist. Go figure.

[@setshabamashigo3629]

South African here. I’m quite surprised too

[@BallyBoy95]

Gosh, I love this guy. Explains everything so well. More uploads please, thanks.

[@carsonneal]

his accent is so nice to listen to as well

[@priestofronaldalt]

I thought YOU of all people would be offended by capitalist economics

[@jeromewright93]

Even in it's ancient roots, the value of currency was based on the power of the government to back it up. Yes, it supposedly had a certain amount of precious metal, but actually accepting it required faith in the issuer.

[@napoleonibonaparte7198]

The Philippine did not celebrate independence day on the 4th of July because of the US, the US recognising their independence was coinciding with the US’s. Furthermore, they changed it back to the 1st independence day, 12th of June.

[@pyrofestimo]

.

[@pyrofestimo]

.

[@carlosandleon]

@@pyrofestimo not necessarily

[@carlosandleon]

@@pyrofestimo look at puerto rico

[@pyrofestimo]

.

[@noahpolicarpio1530]

Can't wait for the next video about the United States! Also, economy of China when?

[@koilamaoh4238]

China will be over taking the USA, since the US is slowing down and capitalist china is advancing rather fast and innovating much faster than any other countries.. While India in coming in 2 place.. USA will be singled out soon sadly. Its china and indias turn soon, for huge economies and money... and wars too.

[@RCXDerp]

@@koilamaoh4238 Maybe in like 10 years if their economy recovers

[@solivagant1170]

koila maoh Both China and India still have some huge problems, though.

[@jaghn4703]

@@koilamaoh4238 Ahhh shit, you're like one of those people who believed in the Internet bubble do you? No meant as an insult, but if you do believe in exponential economic growth in a short span of time dictates the well being of a nation, you're dead wrong. As of recent, China's economic stature can be seen as "Increasing", devouring the competition around it. However, people mistake this as one of China's strengths. That huge asian nation over there is losing a huge market because of countries like India and African nations having a piece of their pie - Manufacturing. It's no wonder why the Chinese are hell bent on winning over African nations, they won't survive without the support of the said nations.

[@nickolasbrown3342]

@@koilamaoh4238 do the words "non performing loans" mean anything to you?

[@adamwade1808]

I'm an American and I learned in history the main reason we took the Philippines from Spain (was a Spanish Colony) was so no one else (Germany, Japan, the UK) would- same way with Hawai'i

[@crystalmethshrimp]

My favourite KZbin channel by far! I’m a 37 year old Asian male Entrepeneur living in Canada. These series answers many questions I have had floating in the back of my head since I was a teen and does a seamless job of stitching everything together to provide a clear perspective of the inner workings of global economics. 1 million subscribers soon!!

[@the_spaceinvader7556]

LOVE THIS SERIES! It makes me feel optimistic about my country instead of the normal “America is doomed” talk that is put out by the media

[@theobserver3753]

America has done more good than bad in the world. I'm not an American but I think it's a cool nation. It has a lot of rude people though.

[@hukumbra]

@@theobserver3753 last sentence is where you are wrong buddy, I can tell you haven't been in US. spend last summer in US. Can't wait to be back, people are unreal, prices are unreal, wages are unreal, taxes are unreal. If you have knowledge how to manage your finance it's Paradise.

[@theobserver3753]

@@hukumbra Yes I haven't been to America but I have met many of them. I hope you're right though. I have plans visiting Hawaii.

[@raywei8472]

Honestly, SOOO many people from other countries look up to America. Yet many Americans are often very pessimistic and not as grateful for the things Americans take for granted

[@KrishnaAdettiwar]

Ray Wei this is so true!! I’m a dual citizen of immigrant parents from India, and I identity as a *very* proud American. I think having seen, travelled, and lived around the world, I’m able to just appreciate how blessed I am to be able to live and work in this country- it seems other people here are just stuck in the “American bubble” and don’t really realize how damn good they’ve got it because they’ve never been around. And to the other guy who said Americans are rude, I don’t think you’ve ever been here :) I’d say Americans are possibly some of the friendliest (and most generous according to money donated to the world economy!) people on the planet and many others would agree!

[@ezralimm]

vicissitudes: noun. a change of circumstances or fortune, typically one that is unwelcome or unpleasant.

[@EconomicsExplained]

Yeah this was extremely hard to read. I am surprised I didn’t butcher it more TBH

[@Sumanitu]

@@EconomicsExplained You pronounced it wrong though. Both in American and British English. I noticed it immediately because I first looked up the word after hearing it in the V for Vendetta monologue.

[@ipredictariot6371]

@@EconomicsExplained I noticed you said "collusion" where it said "collision"... just being a picky fellow Aussie (well didn't hear any traces of Kiwi) ex-pat

[@mr.dr.k3148]

I really enjoy how you lay the facts down with a concise, productive, history-lesson. It kind of just clicks, afterward. It definitely helps me better-understand the big picture of certain topics, discussed frequently-such as, in the news or just listening-in on coversations. Not that it matters, but I'm an American viewer. Well done! Cheers.

[@gelodude07]

Im from Philippines. Our government passed a law changing our independence day to June 12. Anyway, it would be fun if you can make video on Philippine economy.

[@wandamaximoff4804]

It would be a disaster video

[@kyledettman3484]

Really nice historical overview. I would definitely like to see more videos like these on different countries. Or even a more in depth look at certain aspects of this video series.

[@shorewall]

I love this series. I like how this video talked about adding value. That is key to advancing humanity.

[@yomanos]

These videos are so interesting! Keep 'em up, and keep up the good work EE!

[@budi5361]

"Dont need colonies", proceed manifest destiny

[@allenliu4956]

Yeah lol America was isolationist from Europe because they were too busy conquering all the Natives and the Mexicans

[@shorewall]

That's not a colony, though. :) The new areas were made territories, and eventually part of the country. And it worked out great. :D

[@adrianflare7951]

@@allenliu4956 Ironic that Mexicans were even bigger colonizers.

[@RealMikel]

@@adrianflare7951 that's ridiculous, and clearly shows how you don't understand the term 'colony/colonizers' (please read, I swear it's interesting) Mexico a colonizer? It's always been a 'middle' power AT BEST (being very kind and optimistic), who did they colonize? hahah It was the 'empire' of 'Nueva Espana', which was still linked to Spain, back in Europe, that owned most territories below the US/13 colonies. Once Mexico gained its independence, it progressively lost many territories, in the south, and the north (to the US). Over-simplifying it, they did not know how to run a country (still don't, but now they have different type of issues - Narco State, etc.. as they say in Mexico 'We're too far from God, but too close to the United States - which I think is one of the best quotes that explain Mexican history). The whole Texas 'independence' thing, was because they were stupid (MX) and didn't care for the northern territories, as its economy was centralized (heritage of Spain - as someone mentioned on a comment above, British Colonialism had its perks. No colony that belonged to Spain developed as well as those that were 'touched' by the British Empire), and it was slowly filled by US immigrants (lol the irony :P but that's why history is interesting). Of course, the US took advantage of that and 'helped' poor Texas. What followed was the US getting more territories, and always controlling Mexican growth, like any other Empire would do back in Europe (it was right at its backyard. You wouldn't want another country as strong as yours right next to you, right? That's the 'political theory' - realpolitik). Once the US was one of the strongest countries in the world, especially after WWII, it just did what it wanted with Latin America, infiltrating elections, staging coups, invading even. The only reason the US did not annex Mexico was because they aren't retarded and knew that it was impossible to integrate so many people that were very different culturally (whilst the northern territories were pretty much empty, as I said). Fun fact - There was a point where Mexico even destroyed its own infrastructure (damaging its economic progress, like always) just to avoid another American invasion when they were 'considering' taking control of Mexican oil fields (look it up) Conclusion, the US were, or are, the original heirs of British Colonialism. They just played it differently :) now, please explain how Mexicans were bigger colonizers, I'm genuinely interested (no sarcasm here)

[@lilldavid6903]

Shorewall A Colony is still a Colony even if you call it a territory. What you’re saying is like saying that Canada, New Zeeland, Australia and India weren’t colonies Because later They became dominions and independent countries

[@DerFroschMitMaske]

Really hope you’re continuing the series, maybe with consideration of cultural hegemony (as with Disney’s monopoly situation), it’s attracting of scientists and innovators and of course it’s general world policing which are a stark contrast to their former isolationism... (I’m thinking of actions like the Marshall plan, operation Condor and general military interventionism that tend to assure favorable conditions for American trade, while not so rarely being morally dubious ...)

[@DravidianRealm69]

One of the best series ever!!!! Love it

[@sebastienringrose5440]

Like like like like like. More please more please more please. This is extremely good and informative. By far the best contemporary economics material and honestly I hope teachers are showing your videos in schools. Thank you so much and keep it up 🙏

[@ihswap]

Can't wait to get out of work to watch this. Been eagerly waiting for pt. 2

[@affentaktik2810]

„We will look after ourself“ Lives only 20 years at peace like a BOSS

[@allthenewsordeath5772]

Affentaktik In our defense at the time Canada looked really thick.

[@carsonneal]

usa goes boss mode

[@miyatenmeiritsu1810]

Before the World War 2, USA tried to be the next China, in the sense of being a big nation that keeps to itself. But then Japan and Nazi Germany brought the battle to them, and the rest is history.

[@jojobabok9373]

@@miyatenmeiritsu1810 That's an oversimplified-to-falsehood notion... Prez Woodrow Wilson once said, if we don't join this war, I'll be allowed to watch through a crack in the door, when Europe's fate gets decided... And he was talking of WW1. The US kept to itself because it was a new nation, unlike the European powers. The moment they were capable of a global presence, they went for it.

[@affentaktik2810]

Miyaten Meiritsu well the one about the second world war is only kinda true Yes japan defenetly dragged them into the war but germany not so much U see germany was basically already at war with the us before pearl harbour since the us atlantic fleet escorted not only american ships bit neutral and allied ships too so german submarines often had to fight against american ships Its not like the US had to do that but they chose so(which was the right decision) germany has plans to invadethe usa but only decades after the war ended since contorary to popular believe hitler was VERY aware of the american industrial capacity however he as well as many others didnt take the usa too serious cuz they simply didnt think it was ready for a total war(i like how that hasnt changed at all)

[@davidraath252]

Great series. I also enjoy the elevator piano music in the back ground. It’s a nice touch.

[@EconomicsExplained]

Haha something to smooth out the harsh Aussie accent certainly helps

[@willho4540]

Good stuff, always looking forward to your videos and this series.

[@hobbitreet]

Your presentation ticked all the boxes; kudos.

[@jonnyspratt3098]

Love the way you explain things, makes everything very clear

[@mailing7395]

Wir nenne es "sich schön reden"

[@sirrob1789]

I've always wondered why America has such a large economy. Now I know better. Thanks, great series

[@cassiusclark9653]

It's because America is overpowered. We control all of the top companies in every industry. We are farmers, industrialists, factory workers, businessmen, chefs, cashiers, accountants, soldiers, and although we as people may not seem like it, at the end of the day were United. It will take a common enemy to rebuild our strengths, but when that happens we will unleash an enemy never before seen by this generation. PRAISE AMERICA!!!!

[@mailing7395]

US government debt by months up to June 2023. In June 2023, the US government debt increased by around 930 billion US dollars compared to the previous month and thus amounts to around 32.33 trillion US dollars. The USA destroys peace in the world and social systems of other countries. Print dollars and buy them in the world without making a contribution to the global economy. war and weapons. The export business of the USA.🤨

[@lua3]

i'm loving the series! please do more

[@run4ever102]

Wow ! How interesting.. really liking it so far man!

[@Dj3ndo]

Thank you for the video! Is there going to be a part 3?

[@abrvalg321]

9:51 it's an irish company with netherlandian pattents from Bermudas))

[@marknaughton]

You mean Dutch?

[@fuckoff4705]

the netherlands, has 2 words, as a country it is called the netherlands but as influence it is called dutch, which is also our language. so it's not netherlandian pattents, they're dutch patents

[@FunnyMemes-dr3se]

That damn good double Dutch sandwich...

[@hithere1435]

Yo I saw that video

[@Libertino]

Ha!

[@48chappy]

Really liked this video. It gives an interesting context to things.

[@ronjon7942]

Trivia and trivial - 7:30 isn’t this the bomb bay of an Avro Lancaster? My friend, your channel is a nice cold splash of reality and your content is absolutely superb. And this series? Just excellent. Thank you.

[@sssutube1]

Felt like commenting when I heard that iPhone component is made in India. I believe it's not since I know for a fact that most major components of the iPhone are made in Japan. Indian suppliers might have contributed to the design of the chips or broad circuit. As per the video..as commented by some other person as well it would have been better if it was explained how the ecenomic policies dictated by WTO, IMF, World Bank shaped world economics. USD being accepted as a world reserve currency being an important part of the process.

[@johnryan4745]

This mans is pumping out the videos, hooray :). Pls don't get burnt out though.

[@danethegeographer]

this was great, please make more!

[@johnlacey3857]

Excellent videos! Keep up the good work!!

[@CocoaBeachLiving]

Thank you for presenting a video that points out the positive impact of the US system.

[@mailing7395]

The USA destroys peace in the world and social systems of other countries. Print dollars and buy them in the world without making a contribution to the global economy. war and weapons. The export business of the USA. US government debt by months up to June 2023. In June 2023, the US government debt increased by around 930 billion US dollars compared to the previous month and thus amounts to around 32.33 trillion US dollars.🤨

[@FunnyMemes-dr3se]

Yay! I was waiting for this!

[@Grimjack13]

Very much enjoying these videos! Keep it up please!

[@timetwootango4464]

something intelligent to start the day thanks :)

[@rexappleby4731]

Could you do a video on the economics of monarchical systems and the little ice age. Also great video, the United States never ceases to amaze me.

[@jessewoodrum8571]

Thank you for these videos. They are great!!

[@austinjorgensen5158]

Fantastic video. More series like this please.

[@Smoothbluehero]

George Washington's speech was literally AMERICA FIRST

[@mrjimmbo]

America was always first. Global reserve and trade currency has ensured that. Just because the US does something for another country doesn't mean it's Ultimately for the US

[@DaDARKPass]

@Blackpilled Saint Let me just remind you that George Washington lived at a time when almost every other nation were empires trying to dig into each other. There was no way an empire would ally itself with America back then and America didn't have to. However, now an "america first" strategy will end up with a weaker America on the world's scale.

[@DaDARKPass]

@Blackpilled Saint I don't mean that, I mean on foreign policy. If America tries to force everyone to follow rules that only benefit America then they're not going to ally themselves with America.

[@Sam-ui1ll]

Oh ffs not this shit again

[@patatopotate4692]

Dude, your videos are soooooo Guuuuuuuudddd!! 👍👍👍👍👍👍

[@JuanPerez-qd3yj]

Keep making more videos for the series, please!

[@kerboplaytv8744]

This is pretty much the book wealth of nations in a video essay... I love it!

[@bokky2k72]

Could you maybe do a video on Croatian or Balkan economy, what makes them different from each other, western Europe and the world, and which changes need to be implemented

[@harshitgupta6856]

2:42 Bro that’s just an SAT reading passage right there

[@JR-mr1tw]

Liking and commenting to show my appreciation for this series :D

[@ChillinwithLandD]

I'm a big fan of your videos! Keep them up!

[@J_Arashi]

I enjoy this series and the breakdown on how you added value to useless materials. I initially thought this video was about the facts that war put the US on the forefront of manufacturing. Ether way this was a great video keep it up

[@mailing7395]

US government debt by months up to June 2023. In June 2023, the US government debt increased by around 930 billion US dollars compared to the previous month and thus amounts to around 32.33 trillion US dollars. The USA destroys peace in the world and social systems of other countries. Print dollars and buy them in the world without making a contribution to the global economy. war and weapons. The export business of the USA.🤨

[@PraneetCastelino]

Nice video, well done. I definitely want to see more on US Economics.

[@keatongroom]

Please do a video like this on the Australian economy and how it became successful!

[@dangiscongrataway2365]

I enjoy this series, keep doing this. USA's economy is very interesting.

[@unfiltered_ramblings]

9:49 - Possibly 2 problems with that explanation. 1) The iPhone hardware was designed in the United States. The design of a chip is a tricky and long process. If you ever had a pre-japan IBM hard drive and a post-japan IBM hard drive, you'd know it's not just about brand. 2) The majority of software was programmed in the United States. All major operating systems were designed and created in silicon valley. Most apps that make the phones useful are created in the United States (at least until recently). Those two reasons don't even cover the trial and error that went into the systems or logistics. One of the reasons why coding is primarily a USA thing is because the docs, support and a lot of the words in the languages are english words. It's also hard to pick up. It requires a lot of upfront costs to even start to code which most countries don't have funds to start. There's also something to be said on having a concentration of brain power in one physical location. Sillicon valley / Washington state. There was a famous book about it written about it. Anyway, I'll stop old man rambling

[@simplexr233]

I just discovered your channel and love your Videos! What do you think of adding background music or sth?

[@EconomicsExplained]

It’s there it is just very quiet because I don’t want it to drown out my voice

[@simplexr233]

@@EconomicsExplained oh thats understandable, thx for your answer :)

[@jonathansanchez8802]

Keep em coming!

[@Je.rone_]

*great video*

[@chairde]

This is a spot on history of my country. Thank you for staying with the facts free of the usual anti American nonsense I see on KZbin all the time.

[@alexbright7735]

Too many ads ruining flow. Ad in middle of quote reading ! Would have left video but content was interesting.

[@magentasound_]

Captilaism wins

[@jakenight517]

It’s how we pay for all his great content

[@muckily]

ikr it's quite distracting when it's placed willy-nilly

[@alexbright7735]

I looked again. 2 ads at beginning and 4 throughout. That is 6 ads for 11 min video. Guys that is too many. Cut them back.

[@raywei8472]

I agree, he could control where the ad is placed

[@snapinfinity4749]

Bit late on these vids but I just found ur channel and enjoy the content 🙂 keep it up

[@lenitypious6579]

Woow I like it it's super duper educative and entertaining all at once thanks bro

[@jordanhaney6842]

Love the video. Would love to see one on whether a VAT would be good for the US.

[@julianrios6394]

I know this is an incredibly complex topic to add a footnote or small section to a broader topic, so I understand why it wasn't included, but it may be prudent to note the US colonial practices towards its overseas territories like Puerto Rico and how these continue to have wealth and brainpower (STEM graduates from universities like the UPR) extracted. This would include how the US shipping industry is kept artificially alive without needing to compete with other countries as it ships products to millions of overseas consumers.

[@shorewall]

The US shipping industry...shipping to millions of overseas consumers...is artificial? And the solution to brain and wealth transference is to not allow immigration. It's not the US's fault that the best and brightest from other countries would rather live here.

[@mightymilkshake6105]

Fantastic stuff, keep it comin

[@EconomicsExplained]

Thanks mate :)

[@OttomanDrifter91]

awww, i see what you did there with that background music :D

[@EconomicsExplained]

Hahaha yes someone picked up on it, excellent!

[@OttomanDrifter91]

@@EconomicsExplained gotta admit, it was pretty sneaky :D

[@charleswannemacher2280]

When a new EE video comes out, everything else stops

[@TheChemist2159]

Great work!!

[@codyfinnegan9197]

That opening music was such a funny little reference 🤣

[@MakiC]

this comment is buried way too deeply

[@armchairwarrior963]

US did have a huge colony, its called rest of the US. Literally went from tiny coastal settlements and took it from Natives. They had treaty ports in China too. Dealing drugs along with the Brits.

[@allmendoubt4784]

Indeed early modern global politics is complicated, the company based wealth creation system highlighted is more akin to the ideas of the Dutch, Portuguese and then every emerging power since, franchise and royalties are nothing specific to American economics.

[@aaronwells6608]

That is the story of very nearly everyone on Earth. Canada and the US aren't special. Just about everyone is sitting on land their ancestors pushed someone else off of.

[@VeganCheeseburger]

In the four years leading up to Pearl Harbor, the US implemented ever more restrictive trade measures on Japan, including embargoes on much-needed oil, gasoline, and scrap metal, and froze Japanese assets. Other Western countries followed suit. As a result, Japan lost access to nearly 90% of its imported oil and three-quarters of its overseas trade.

[@mailing7395]

Und? Hast du dich an der Not der Menschen ergötzt? Amerika first? Drucken sie weiter Geld und saugen sie an der Welt. Niemand mag Amerika.

[@stevenjohnston7809]

Love this series

[@cockiepoopie9046]

I’ve watched all your videos. And what I have learned is this: “In their own right”

[@ianisbell500]

Are you going to talk about how the Petro dollar created demand for the US dollar which in turn allowed the US to print more money without hyper devaluating it. This allowed the US to pay for an even larger military to secure more oil reserves and the cycle continued

[@reehji]

Ian Isbell no worries, we’re the oil exporter now

[@Untilitpases]

NO! :P

[@FunnyMemes-dr3se]

Isn't branding also a way to add value? It changes the price of something a lot, even if it is the same quality.

[@zacharyneilson9220]

Yeah, he acts like intellectual property is worthless. Without it, there would be no iPhone for China to make.

[@ChubDetector]

Great video 👍

[@lau4893]

In your video on automations you said that consumers aren't as important to the economy as we are led to believe, I would love to see a video about that!!

[@mailing7395]

Deshalb sind die Menschen egal. So verhalten sich Manager entsprechend. Ist das gut?

[@spaceboi231]

The 3rd video should be on American neocolonialism.

[@LoneStar48]

"neocolonialism" really pulled that epic gamer move.

[@SCHMALLZZZ]

The USA is actually anti colonial. Colonialism means that the colony can only trade with it's parent country. India could only trade with the UK. Greenland could only trade with Denmark, etc. USA wants everyone to trade with everyone.

[@cashewnuttel9054]

The next video should be: If the USA is so evil, why hasn't the world united to kill them all?

[@cashewnuttel9054]

@Stephen Jenkins A) According to KZbin it is, B) I thought the world hated them so why would they depend on them, C) They should get worldwide coalitions against them.

[@carlosandleon]

Philppine Independence day is celebrated on the 12th of June

[@simpleone4914]

Shut up Chinese troll 😂

[@ccx22]

loved it u can add china, European union, india in the list of future videos

[@danielkolev9270]

Greetings from Bulgaria! Keep up the good work ! :) Wanna make a video about Balkan's economics. I know it gonna be funny at least :D

[@tylerberks2756]

Discord’s been having some issues mate so the stream may not work too well

[@samuelmundula2216]

Comment on America's slavery: Not many, or any, other countries in the world abolished slavery so quickly after their founding compared to the United States. Sure, the southern half literally fought tooth & nail to keep its slavery but the other half fought, and died, in part to remove it. I think that, given the norms of the day, that gives early America quite a moral background. We can't judge historical figures on modern standards.

[@KurtGodel-po3zl]

That's a skewed way of looking at it. The founding is not really relevant. Most other countries had already abolished it at the time.

[@houstonharwood7197]

​@@KurtGodel-po3zl Sure, they "abolished" it, but they still kept their colonies for another hundred years after slavery was abolished in the U.S.

[@HRW957]

Do a video on the economics of Economics Explained thx

[@nathandessalegne3970]

One of my favorite channels

[@EconomicsExplained]

Cheers mate :) glad you are enjoying my little videos

[@radradR0bot]

I'm pretty sure being one of the first countries to abolish slavery and have a civil war over it does give us moral high ground.

[@TXMEDRGR]

True, it was the USA and Western Europe that brought about the end of slavery in most of the world.

[@salvatore5553]

Yea that was an incredibly stupid thing for him to say

[@tislr8830]

Good.... Now an episode about the European union's economy 🙏

[@mohanytube]

Useful video 👍

[@markisaac3550]

Great video

[@harisasif6781]

Hey EE did you study economics at university to be this knowledgeable and if you did would you recommend the degree to others?

[@IxoraNera]

Better ask through discord, he usually lurk around there.

[@stackootb9822]

Economics degrees these days are basically statistics and maths degrees

[@stackootb9822]

I wish they were more debate based

[@stackootb9822]

Take it from me I’m a sad economics student

[@harisasif6781]

@@stackootb9822 damn that really sucks. If you could go back what would you choose. I just finished hs so I'm pretty confused.

[@dpsilver1]

1:25 the irony of talking about american military bases while showing a Soviet ship lol Protected Cruiser Avrora(Aurora)

[@Dog.soldier1950]

Russian is owned by Germany with Lockheed- Martin as a partner

[@Aa-yw6fq]

Great video mate. Hope you'll consider doing one on china :)

[@djacks247]

5:52 “The United States at the beginning of the 20th century.” Sir, this is Detroit. In 2018. They’re just driving an old car.

[@curtiscarpenter9881]

Only as far as agriculture goes Holland in 2017 even produced more food then America, America is normally the largest producer on average but I find amazing how Holland can keep up at second place as a food producer.

[@pepe8560]

Exporter* two different things