American business life

The 20^th century has seen the rise and decline of a succession of industries in the United States. The auto industry has had to struggle to meet the challenge of foreign competition. But over the years many new industries have appeared. Many of the currently rising industries are among what are known as high technology industries because of their dependence on the latest developments in technology.

High-tech industries tend to be highly automated and thus to need fewer workers than traditional industries such as steelmaking. As high-tech industries have grown and older industries have declined in recent years, the proportion of American workers employed in manufacturing has declined. Service industries-industries that sell a service rather than make a product – now dominate the economy. Service industries range from banking to telecommunications to the provision of meals in restaurants. It is sometimes said that the United States has moved into a ‘post-industrial era.’

Scottish philosopher Adam Smith, whose, economic ideas had a strong influence on the development of capitalism published one of the most important books in history of economics ‘The Wealth of Nations.’

The main argument in The Wealth of Nations might be stated rather simply People are naturally selfish. When they engage in manufacturing or trade, they do so in order to gain wealth and/ or power. This process should not be interfered with because, despite the self-interest of these individuals, their activity is good for all of society. The more goods they make or trade, the more goods people will have. The more people who manufacture and trade, the greater the competition. Competition among manufactures and merchants helps all people by providing even more goods and probably lower prices. This activity creates jobs and spreads wealth.

1. The 20^th century has seen the increase of a succession of industries in the

United States.

2. But over the years many modern industries have appeared.

3. High technology industries depend on the outdated developments in

technology.

4. High-tech industries tend to be a bit automated and thus to need fewer workers.

5. We can observe the decline of older and high-tech industries in the recent years.

6. Now the manufacturing industries dominate in the US economy.

7. Service industries include: banking, telecommunications, teaching, provision of meals in restaurants.

8. It is known that the United States has moved into a ‘post-industrial era.’

9. The Wealth of Nations is an educational book written by Adam Smith.

10. The main idea of the book is to work and manufacture.

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