Editing Economy of the United States (section)

==Business culture==
A central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces. This is enhanced by relatively low levels of regulation and government involvement,<ref>{{cite web |first=Jack |last=Anderson |url=https://www.forbes.com/global/2006/0522/032.html |title=Tax Misery & Reform Index |work=Forbes |date=May 22, 2006 |access-date=November 17, 2008}}</ref> as well as a court system that generally protects [[Right to property|property rights]] and enforces contracts. Today, the United States is home to 29.6 million small businesses, thirty percent of the world's millionaires, forty percent of the world's billionaires, and 139 of the world's 500 largest companies.<ref name="sba.gov">{{cite web|url=http://www.sba.gov/advo/stats/sbfaq.pdf |title=Office of Advocacy – Frequently Asked Questions – How important are small businesses to the U.S. economy? |publisher=SBA.gov |access-date=April 21, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20101202170306/http://www.sba.gov/advo/stats/sbfaq.pdf |archive-date=December 2, 2010}}</ref><ref name="forbes.com">{{cite news| url=https://www.forbes.com/wealth/billionaires | title=Forbes | date=March 14, 2011}}</ref><ref name="Global 500 2010: Countries">{{cite news| url=https://money.cnn.com/magazines/fortune/global500/2010/countries/US.html |publisher=CNN | title=Global 500 2010: Countries}}</ref><ref>{{cite web |url=http://articles.moneycentral.msn.com/Investing/Extra/WhereTheMillionairesAreNow.aspx |title=Where the millionaires are now |publisher=MSN |date=October 22, 2007 |access-date=April 21, 2012 |archive-url=https://web.archive.org/web/20110927143337/http://articles.moneycentral.msn.com/Investing/Extra/WhereTheMillionairesAreNow.aspx |archive-date=September 27, 2011 |url-status=dead}}</ref>

[[File:Boeing 787-10 rollout with President Trump (32335755473) (cropped).jpg|thumb|[[Boeing]] CEO [[Dennis Muilenburg]] at the [[Boeing 787 Dreamliner|787-10 Dreamliner]] rollout ceremony]]
From its emergence as an independent nation, the United States has encouraged science and innovation. In the early 20th century, the research developed through informal cooperation between U.S. industry and academia grew rapidly and by the late 1930s exceeded the size of that taking place in Britain (although the quality of U.S. research was not yet on par with British and German research at the time). After World War II, federal spending on defense R&D and antitrust policy played a significant role in U.S. innovation.<ref>{{cite book|author1=Walker, William|title=National innovation systems : a comparative analysis|date=1993|publisher=Oxford University Press|isbn=978-0195076172|editor1-last=Nelson|editor1-first=Richard R.|location=New York|pages=61–64|chapter=National Innovation Systems: Britain|ref=Walker1993|chapter-url=https://books.google.com/books?id=YFDGjgxc2CYC&pg=PA61}}<!--Author profile: https://www.st-andrews.ac.uk/intrel/people/index.php/wbw.html--></ref>

The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent and the [[Great Lakes]] (the five large inland lakes along the Canadian border) provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's fifty individual states together in a single economic unit.<ref>{{cite web| url = http://usinfo.state.gov/infousa/government/forpolicy/chap2.html| archive-url = https://web.archive.org/web/20081114043907/http://usinfo.state.gov/infousa/government/forpolicy/chap2.html| url-status = dead| archive-date = November 14, 2008| title = U.S. Department of state: How the U.S. Economy Works}}</ref>

The number of workers and, more importantly, their productivity help determine the health of the U.S. economy. [[Consumer spending]] in the U.S. rose to about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013.<ref name=consumerecon /> Throughout its history, the United States has experienced steady growth in the labor force, a phenomenon that is both cause and effect of almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans who were mostly slaves taken from Africa, or their descendants.<ref>"''[https://books.google.com/books?id=EB29BrnCMm4C&pg=PA280 Trends in International Migration 2002: Continuous Reporting System on Migration]''". Organisation for Economic Co-Operation and Development (2003). OECD Publishing. p. 280. {{ISBN|9264199497}}</ref>