Economy of North America
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| Population: | 495.4 million... |
| GDP (PPP) (2006): | US$15.560 trillion |
| GDP (Currency): | $11.865 trillion |
| GDP/capita (PPP): | $25,263 |
| GDP/capita (Currency) : | $24,155 |
| Annual growth of per capita GDP: |
1.84% (1990-2002) |
| Income of top 10%: | 32.9% |
| Millionaires: | 3.2 million (0.65%) |
| Unemployment | |
| Estimated female income |
55.7% of male |
| Most numbers are from the UNDP from 2002, some numbers exclude certain countries for lack of information. | |
| See also: Economy of the world - Economy of Africa - Economy of Asia - Economy of Europe - Economy of North America - Economy of Oceania - Economy of South America | |
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The economy of North America comprises more than 514 million people in 23 sovereign states and 15 dependent territories. It is marked by a sharp division between the northern English and French speaking countries of Canada and the United States, which are among the wealthiest and most developed nations in the world, and the countries of Central America and the Caribbean that are less developed. Mexico lies in between these two extremes as a newly industrialized country or NIC, and is a part of NAFTA and the only Latin American member of the OECD.
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[edit] Economic development
[edit] Roaring Twenties
The 1920s were a time of economic growth and prosperity in North America. Increased incomes as well as the large increase in the ability of private citizens to obtain credit resulted in a surge of consumer spending after World War I.[1]
[edit] Great Depression
The Great Depression began in North America in October 1929. The start is often dated to the stock market collapse of Black Friday although this was not the cause of the Great Depression.[2] Canada and the United States experienced especially large declines, with the gross domestic producting fall 37% from 1929 to 1933 in the United States, and 43% in Canada over the same period.[3] The economy reached its lowest point in 1933, however recovery was slow. The outbreak of World War II in 1939 created demand for war materials that brought about the end of the depression.
The Great Depression spurred increased government intervention in the economy in North America. The United States introduced unemployment insurance, a minimum wage and standardised working hours under the New Deal.[4] Canada introduced similar measures.[5] Mexico nationalised some key industries during the Great Depression, with the railroads nationalised by 1937 and the oil industry nationalised in 1938.[6]
[edit] World War II
The large scale enlistment of men into armed forces during World War II women entered the workforce en masse, filling many jobs in manufacturing and technical areas that had previously been closed to women. This lead to the "We can do it!" campaign. [7] The economic output in North America increased substantially, with unemployment practically eliminated in the United States.[8] Rationing severely reduced the availability of consumer goods, with the increase in industrial production coming from the demand for war materials.
[edit] Cold War
[edit] US-Canada Free Trade Agreement and NAFTA - a new era of economic integration
The Canada-United States Free Trade Agreement of 1989 and the subsequent expansion to NAFTA triggered a dramatic increase in trade between these three countries, with Mexican trade with the United States and Canada increasing threefold.[9] Over 85% of Canadian exports in 2006 went to the United States.[10]
[edit] Regional variation
to be completed
[edit] Trade blocks
[edit] Asia-Pacific Economic Cooperation
The Asia-Pacific Economic Cooperation (APEC) is a group of Pacific Rim countries which meet with the purpose of improving economic and political ties. APEC's stated goals are aimed at free and open trade and investments by cutting tariffs between zero to five percent in the Asia-Pacific area for industrialised economies by 2010 and for developing economies by 2020.
The organisation has members from four continents, those from North America are Canada, Mexico and the United States.
[edit] Caribbean Community
The Caribbean Community (CARICOM) was created "To provide dynamic leadership and service, in partnership with Community institutions and Groups, toward the attainment of a viable, internationally competitive and sustainable Community, with improved quality of life for all".
- On January 1, 2006 six members: (Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago) un-officially ushered in the Caribbean (CARICOM) Single Market and Economy (CSME).
- At the official signing of the protocol on January 30, 2006 in Jamaica, A further six members: (Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines) announced their intention to join by the second quarter of 2006. Montserrat, a British Oversees territory is awaiting approval by the United Kingdom. Haiti(suspended) and the Bahamas have no immediate plans to join.
[edit] Central American Free Trade Agreement
The Central American Free Trade Agreement (CAFTA) is an agreement between the United States and the Central American countries of Costa Rica, Guatemala, El Salvador, Honduras, and Nicaragua. The treaty is aimed at promoting free trade between its members. Canada and Mexico are negotiating membership.
[edit] North American Free Trade Agreement
The North American Free Trade Agreement (NAFTA) is an agreement between Canada, Mexico and the United States to eliminate tariffs on goods traded between themselves.
Although currently only a trade agreement, with no supranational bodies or laws as in the European Union, all three members support proposals to move towards an EU style organisation.[citation needed] It is unknown whether or not this may eventually develop into a North American Union similar to that of Europe.
[edit] Currency
Below is a list of the currencies of North America, with exchange rates between each currency and both the euro and US dollars as of 12th April 2008.
Table correct as of 12th April 2008
[edit] Economic sectors
[edit] Agriculture
[edit] Manufacturing
[edit] Service
[edit] Investing and banking
[edit] Global trade relations
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Please help improve this section by expanding it. Further information might be found on the talk page or at requests for expansion. |
[edit] References
- ^ 1920's Business and Economy.
- ^ Outline of the U.S. Economy. U.S. Department of State.
- ^ The Great Depression (1929-1939): historical context, economic impact and related links. Government of Canada.
- ^ U.S. Department of Labor -- Brief History of DOL - The Department in the New Deal and World War II, 1933-1945. U.S. Department of Labor.
- ^ Unemployment Insurance Act (1941): historical context, economic impact and related links. Government of Canada.
- ^ Klayton R Koppes (June 1982). "The Good Neighbor Policy and the Nationalization of Mexican Oil: A Reinterpretation" ([dead link]) 69 (1): 62-81. The Journal of American History.
- ^ American Experience. Public Broadcasting Service.
- ^ The National World War II Museum, New Orleans. The National World War II Museum.
- ^ CIA - The World Factbook -- Mexico. Central Intelligence Agency.
- ^ CIA - The World Factbook -- Canada. Central Intelligence Agency.
[edit] Economy by country/territory
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