eign affairs. According to Buechner it was about 1870 when the United States embarked on a growth rate of over 5% percent a year, which was sustained for a period of over 40 years. (Recording) No country in the history of the world matched that record. At the end of that period about the time of World War I the United States took Britain’s place as the leading industrial power of the globe.IntroductionHere is the subject, and the direction on which I would like to approach my thesis. In the 19th century the United States rate of growth was over 5% a year. According to Wayne D. Angel et al., chief economist for Bear, Stearns & CO. it’s estimated the best we can do is estimated at somewhere between 2 or 3 % a year. (Online) The long term expected growth rate in the United States has been cut in half. What has happened? As a student of economics I have an economic answer. I’m going to be looking at this from the perspective of the material, physical, and economic means of economic growth. That is the economic causes of economic growth or decline. I’m not talking about philosophy here I’m just looking at basic mechanics. What has to be done in reality? Well it is no surprise that the fundamental answer that question is thought; then, there is action that has to been taken based on the thought. What specific actions are required? I don’t want to be accused of ignoring philosophy so let me just state briefly the philosophical preconditions of economic growth because these are really fundamental. Any Rand, the infamous author of Atlas Shrugged states the belief in the reality of this earth, and the world we see around us is real, not just an imperfect reflection of a higher reality. Also the belief in the power of reason to grasp the world, to know the world, to grasp reality in order to deal with the facts, and that the mind is competent to guide life. Some sanction on the pursuit of personal happiness is a...
