The purpose of the Surviving in a Buoyant Economy summary is to provide a comprehensive overview of the book, including a chapter-wise summary, professional reviews, analytics, and the author’s background. It also includes details about the book’s edition and recent updates as of February 2024, offering readers a thorough understanding of Surviving in a Buoyant Economy and its reception in the market by this summary.
Introduction
The summary details the book “Surviving in a Buoyant Economy” by Dr. Joseph N. Glasgow, encompassing key information such as its 142-page length, English language, illustrated edition, and 4.5/5 rating. Released in October 2021 by Dorrance Publishing, the book has achieved significant popularity, selling out 1 lac copies and earning acclaim in America. The primary focus of the book is on the United States economy.
The Surviving in a Buoyant Economy summary determines that the writer Joseph N. Glasgow, is a first-time author diving into the world of publications. Driven by his commitment to his community, he actively engages with his church, the YMCA, and Big Brother Big Sister block organizations. Beyond his writing pursuits, Joseph finds joy in sports, fishing, and travel, making them his preferred pastimes. His curiosity extends to international politics, reflecting his keen interest in global affairs.
On the personal front, Joseph is a proud father of two boys and enjoys the blessings of being a grandfather to two grandchildren. Beyond his community involvement, he is a dedicated member of the International Trade Association, the North Carolina International Trade Association, and the Local Chamber of Commerce.
Surviving in a Buoyant Economy Summary
“Dynamics of the American Economy” delves exclusively into the intricacies of the United States’ economic landscape, a nation at the forefront of global development and boasting the highest GDP worldwide. The book meticulously traces the economic trajectory of the US from its inception to the present, shedding light on its interactions with adversaries and allied nations. Here in the Surviving in a Buoyant Economy summary we found that to enhance clarity, the author dissects the narrative of the evolving US economy into well-organized chapters, ensuring comprehensive coverage of crucial concepts.
With a historical lens spanning back to the seventeenth century, the book effectively communicates its central message. A thorough exploration of the book encompasses all fundamental principles governing the US economy, offering a succinct analysis of its integral components. The author’s intent is clear: to equip readers with a profound comprehension of the US economy, unraveling its evolution and navigating through significant transformations across the years.
Buoyant Economy
In the Surviving in a Buoyant Economy summary writers explore the influence of various factors on the US economy in the first chapter. A thriving economy has a high level of commerce and economic activity. It is a successful one in which people have faith in the economy and anticipate an increase in income. There is a lot of commerce and economic activity in a booming economy because the economy is doing well. People are feeling more secure as their money rises.
American economy ‘A Mixed Economy’
In the Surviving in a Buoyant Economy Summary writer found that the American economy can be aptly characterized as a “mixed economy,” where government involvement coexists with private sector activities. Ranking sixth globally in per capita income, the United States witnesses the concept of “full employment” when employment levels rise and unemployment rates decline. In April, nonfarm payrolls saw an increase of 266,000, maintaining the unemployment rate at 6.1 percent. Over the years, the US unemployment rate averaged 5.74 percent, reaching highs of 10.80 percent in November 1982 and lows of 2.50 percent in May 1953.
Being a mixed-market economy, the United States seamlessly blends aspects of both capitalism and socialism. This hybrid economic model facilitates efficiency, enabling mass production. Taxes, a fundamental aspect of governance, involve mandatory wealth contributions from individuals, whether natural or corporate, to cover the expenses of public goods and services. The US government employs various tax structures, such as progressive, proportional, or regressive taxes, with the overarching goal of generating revenue for public expenditures. Income tax, sales tax, excise tax, property tax, and capital gain tax contribute to this revenue, playing a pivotal role in achieving specific societal objectives and supporting various industries.
Tariff Rate
Tariffs serve as a deterrent to imports, with a high tariff rate aiming to shield the domestic economy from foreign debt by prioritizing local production. The Gross Domestic Product (GDP) stands as a crucial measure for evaluating a nation’s economic well-being, and the United States has held the position of the world’s largest economy since 1871, projected to double its size by 2021.
However, In the Surviving in a Buoyant Economy Summary author describe the impact of tariffs on the US economy is multifaceted. While they can protect domestic industries, tariffs also have the potential to restrict US output in various ways. For instance, the cost of tariffs may be transferred to manufacturers and consumers in the form of elevated prices. This, in turn, can escalate the expenses of components and materials, leading to increased prices for goods produced using those inputs and a subsequent reduction in private-sector production. The consequence is a decline in salaries for both capital owners and labor.
Moreover, the rise in consumer prices due to tariffs can erode the value of labor and capital income after taxes. As higher prices diminish the returns on both labor and capital, individuals may become less inclined to work and invest, ultimately resulting in a decrease in overall production. Therefore, while tariffs may offer short-term protection to domestic industries, their long-term impact on economic motivation and production is a complex interplay of various factors
G20
The Group of Twenty, or G20, consists of 20 countries and the European Union, namely Argentina, Australia, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, Shinzo Abe, and the United States. Established with the objective of facilitating discussions on global financial stability among governments, central banks, and the European Union, the G20 plays a pivotal role in fostering international economic cooperation.
The G20 places a strong emphasis on global governance collaboration, aiming to simplify communication and coordination among nations. It serves as a platform for the United States to take a leadership role in business and establish connections with key economic partners such as China, Korea, and Canada. Recognizing the pivotal role of women in growth and sustainability, the G20, as per global conferences, underscores the importance of women’s involvement in economic development. Despite these aspirations, progress in advancing women’s rights has been slow.
Addressing environmental concerns, the G20 has undertaken significant initiatives to combat climate change, focusing on areas like improving recycling rates and reducing solid waste sent to landfills. Public-private partnerships are actively promoted, particularly in the development of transportation infrastructures such as roads, airports, and other modes of transportation. The G20’s multifaceted approach reflects its commitment to addressing global challenges and fostering collaborative solutions on various fronts.
Inflation and Deflation
Inflation occurs when demand surpasses supply, leading to a rise in prices, while deflation is characterized by a decline in prices. In the realm of economics, deflation is considered more detrimental than inflation. The federal budget serves as the government’s projection of revenue and expenditures for each fiscal year, serving as a fundamental measure for improvements in material living standards and benefiting economic participants.
In the Surviving in a Buoyant Economy Summary the metric for improvements in living standards is often linked to the federal budget, impacting various economic players. Individual earnings tend to increase alongside GDP growth, and a parallel uptick is observed in the production of goods and services. In this the Surviving in a Buoyant Economy Summary The economic rebound has shown considerable strength in certain regions, with sectors like software, telecommunications, and pharmaceuticals thriving, while others have experienced more subdued activity.
This disparity in economic performance contributes to the growing issue of income inequality. The widening gap in economic outcomes reflects the divergent fortunes experienced by different segments of society, with some businesses flourishing while growth in other industries lags. The nuanced landscape of economic development underscores the complex interplay of factors shaping income distribution and overall economic well-being.
Current US Economy
To analyze economic activity and its contributions to domestic output, countries like the United States categorize their economies into public and private sectors, measured by the Gross Domestic Product (GDP). Numerous entities, such as the Bureau of Labor Statistics (BLS) and the United States Census Bureau, meticulously monitor and report on both governmental and private sector activities. In the Surviving in a Buoyant Economy Summary the U.S. economy stands as a well-developed mixed economy, holding the world’s highest nominal GDP and net worth, along with the second-largest purchasing power parity economy (PPP). In 2021, it ranked fifth globally in nominal per capita GDP and seventh in PPP per capita GDP.
Renowned for its technological advancement and innovation, the U.S. economy excels in sectors like artificial intelligence, computers, pharmaceuticals, medical, aeronautical, and military technology. The U.S. dollar is a dominant force in international transactions, functioning as the primary reserve currency globally, supported by factors such as the country’s economy, military strength, petrodollar system, and an extensive U.S. treasury market. Not only is it the official currency of certain nations, but it also serves as the de facto currency for others.
The United States engages in significant trade with top partners including China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan. As the world’s leading importer and exporter, the U.S. has established free trade agreements with various nations, such as the USMCA, Australia, South Korea, and Israel, among others. This global economic engagement underscores the U.S.’s pivotal role in the international economic landscape.