The technological and industrial history of the United States describes the United States' emergence as one of the largest nations in the world as well as the most technologically powerful nation in the world. The availability of land and labor, the diversity of climate, the ample presence of navigable canals, rivers, and coastal waterways, and the abundance of natural resources facilitating the cheap extraction of energy, fast transport, and the availability of capital all contributed to America's rapid industrialization following the United Kingdom's Industrial Revolution.
Most historians agree that the period in which the greatest economic and technological progress occurred was between the end of the 18th century and the beginning of the 20th. During this period the nation was transformed from an agricultural economy to the foremost industrial power in the world, with more than a third of the global industrial output. This can be illustrated by the index of total industrial production, which increased from 4.29 in 1790 to 1,975.00 in 1913, an increase of 460 times (base year 1850 - 100).
American colonies gained independence in 1783 just as profound changes in industrial production and coordination were beginning to shift production from artisans to factories. Growth of the nation's transportation infrastructure with internal improvements and a confluence of technological innovations before the Civil War facilitated an expansion in organization, coordination, and scale of industrial production. Around the turn of the 20th century, American industry had superseded its European counterparts economically and the nation began to assert its military power. Although the Great Depression challenged its technological momentum, America emerged from it and World War II as one of two global superpowers. In the second half of the 20th century, as the United States was drawn into competition with the Soviet Union for political, economic, and military primacy, the government invested heavily in scientific research and technological development which spawned advances in spaceflight, computing, and biotechnology.
Science, technology, and industry have not only profoundly shaped America's economic success, but have also contributed to its distinct political institutions, social structure, educational system, and cultural identity. American values of meritocracy, entrepreneurship, and self-sufficiency are drawn from its legacy of pioneering technical advances.
(From Wikipedia, the free encyclopedia)
Text 3.
Economy of Wales.
In 2010, according to ONS provisional data, headline gross value added (GVA) in Wales was £44,517m, making the Welsh economy the tenth largest of the UK's twelve regions (counting Wales, Scotland and Northern Ireland alongside the nine English Government Office Regions) ahead of only Northern Ireland and the North East of England. The modern Welsh economy is dominated by the service sector. In 2000, services contributed 66% to GVA, the manufacturing sector contributed 32%, while agriculture, forestry and fishing contributed 1.5%.
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As with the rest of the United Kingdom, the currency used in Wales is the pound sterling, represented by the symbol £. The Bank of England is the central bank, responsible for issuing currency, although banks in Scotland and Northern Ireland also have the right to issue their own banknotes. The Royal Mint, which issue the coinage circulated over the whole of the UK, have been based at a single site in Llantrisant, south Wales since 1980, having been progressively transferring operations from their Tower Hill, London site since 1968. Since decimalization, in 1971, at least one of the coins in UK circulation has depicted a Welsh design, e.g. the 1995 and 2000 one Pound coin (shown right). However, Wales has not been represented on any of the coins minted since 2007.
Economic output per head has been lower in Wales than in other parts of the UK (and most other parts of Western Europe) for a very long time - in 2002 it stood at 90% of the EU25 average and around 80% of the UK average. However, care is needed in interpreting these data, since regional GDP/GVA per head data in the UK does not take account of regional differences in the cost of living, which in Wales is estimated to be 93-94% of the UK average. Thus the gap in real living standards between Wales and more prosperous parts of the UK is not as pronounced.
As the capital city of Wales, Cardiff is the main engine of growth in the Welsh economy and has been developing as a significant service centre and economic driver for the wider south east Wales economy. The city and the adjoining Vale of Glamorgan contribute a disproportionately high share of economic output in Wales. Cardiff is a centre for white-collar professions. The city relies principally on the retail, finance, media and tourism sectors and has been undergoing major regeneration since the late 20th century particularly in Cardiff city centre and Cardiff Bay.
(From Wikipedia, the free encyclopedia)
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Monopoly.
The word monopoly is of Greek origin: monos means alone or single and polein means to sell . A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly which consists of a few entities dominating an industry. Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb "monopolise" refers to the process by which a company gains much greater market share than what is expected with perfect competition.
A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations such that one or a few of the entities have market power and therefore interact with their customers (monopoly), suppliers (monopsony) and the other companies (oligopoly) in a game theoretic manner meaning that expectations about their behavior affects other players' choice of strategy and vice versa. This is to be contrasted with the model of perfect competition in which companies are "price takers" and do not have market power.
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When not coerced legally to do otherwise, monopolies typically maximize their profit by producing fewer goods and selling them at higher prices than would be the case for perfect competition. (See also Bertrand, Cournot or Stackelberg equilibria, market power, market share, market concentration, Monopoly profit, industrial economics). Sometimes governments decide legally that a given company is a monopoly that doesn't serve the best interests of the market and/or consumers. Governments may force such companies to divide into smaller independent corporations as was the case of United States v. AT&T, or alter its behavior as was the case of United States v. Microsoft, to protect consumers.
Monopolies can be established by a government, form naturally, or form by mergers. A monopoly is said to be coercive when the monopoly actively prohibits competitors by using practices (such as underselling) which derive from its market or political influence (see Chainstore paradox). There is often debate of whether market restrictions are in the best long-term interest of present and future consumers.
In many jurisdictions, competition laws restrict monopolies. Holding a dominant position or a monopoly of a market is not illegal in itself, however certain categories of behavior can, when a business is dominant, be considered abusive and therefore incur legal sanctions. A government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents, copyright, and trademarks are all examples of government granted and enforced monopolies. The government may also reserve the venture for itself, thus forming a government monopoly.
(From Wikipedia, the free encyclopedia)
Text 5.
