The First American Empire

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Introduction There is no doubt that the First American Empire brought about economic bloom and prosperity not just for itself, but for other developing countries. From 1950 – 1980 marvelled at the economic growth that was brought about the First American Empire. Growth in developing countries soared than any other stage in colonial history (Amsden, 2007:1). The first American Empire can to some extent be spotted by, military, cultural influence and economic power over other countries or states. America had spread over foreign lands of the developing world. “The American Empire’s own culture and counterculture made a deep impression on all developing countries” (Amsden, 2007:2). “The First Empire was a great champion of decolonization, not least…show more content…
Excessive technological transmissions that were impossible to imagine emerged – political control, prices and markets were highlights of the American operation (Amsden, 2007:5). Contemporary industries started in developing countries and income grew faster in developing countries than in developed ones. Amsden (2007:6) states that this was the first recorded history, a period of unique expansion in living standards, wages and poverty reduction. This was indeed a time characterized as a heavenly time as no bloom like this has ever been seen before. The First Empire perished at the hands of the Vietnam War, oil price hikes and the and cheap credit resulting to the fall of Wall Street (Amsden, 2007:6). The brutal ending of the heavenly phase of American Empire not only crushed the prospects of developing countries but also brought rise to the Second American Empire which rose on the Ember of Vietnam and the hot coals of Japanese competition. This essay will discuss the fall the First American Empire which resulted to the rise of the Second American Empire. This essay will evaluate how the Second American Empire shaped prospects for industrialization in the developing…show more content…
Asia stepped into the technological frontier in the Second American Empire. Amsden (2007:6) states that new policies emerged. “A new empire appeared with new policies. Then the average growth rates in the Third World plummeted and barely reached 3 percent for more than 25 years. The Middle East’s decline was steepest, from about 8 percent to 2 percent, as savings and investment fell. Latin America and Africa also suffered high and chronic unemployment and a sharp slowdown” Amsden

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