Political Economy (Theories of Late Capitalism) Essay - 1

Political Economy (Theories of Late Capitalism) - Essay Example American economy, also, is no exception to it. For instance, after The World War-2, America emerged as economic giant because of rapid progress in different fields, but hardly a decade had passed that The US confronted Great Depression. It was asserted that stock market collapse was the major cause of the great depression and â€Å"as the consequence of this stock market collapse, an unparalleled depression overtook United States† (Majumdar et al 234). The way America made achievements during era of industrialization and during the World War-1; she could not withstand stock speculation and its ultimate consequences. Leading points for the United States’ rise to power. America with its progressive policies marked its existence as economic giant and witnessed economic boom once again after decade of Great Depression was over and particularly in the post World War 2 era. The leading points which led to the rise of American economy initially include many things. To begin with America gave suppleness in taxation. It made taxation as easy as possible. Secondly, it applied theories of monetary pull and occupied employment financial plan. Thirdly, it included in its economic policy to include quantitative targets for the economy. Fourthly, a growth model of economy was put into practice rather than earlier cyclical model which allowed just transaction of the same. Finally, substitute of the impression of being without a job as a structural predicament by a consciousness of a low down combined stipulate. Mechanisms that Immanuel Waller stein credits with weakening US power. The mechanisms which Immanuel Waller stein consider for the weakening og American superpower are also various. In this pretext, to begin with, geographic expansion of the European world-economy to include the whole of the globe shook US economy. In the second place, the expansion meant the elimination of other world-systems as well as the absorption of the