What Was the Typical Rate of Growth of United States

question 101

Essay

What was the typical rate of growth of United States GDP during the twentieth century and how did the decades of the 1970s and 1980s differ from that general pattern? Approximately how long (in years)was the typical business cycle in the last half century?

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Definitions:

Interstate Commerce

Trade, traffic, or transportation involving the exchange of goods, services, or persons between states.

Declaration of Independence

A fundamental document that declared the thirteen American colonies independent from British rule in 1776.

Taxing Without Representation

The principle against imposing taxes on people without their consent through an elected representative, famously summarized as "no taxation without representation."

King George III

The monarch of Great Britain and Ireland during the latter half of the 18th century, whose reign was marked by a series of military conflicts including the American Revolutionary War.