36. American economy: from the 17 century to present times

17 century. The economy of colonial America was as unstable as its social class structure. Europeans were used to an economic system stabilized by the ancient guild system. Long-established trading houses preserved a consumer base with fixed desires. Nothing like these institutions existed in America. The economy of colonial America ranged from subsistence-level farming on a gradually expanding frontier to attempts at industry. The AMERICAN economy in the 18th century was one stricken inflation and worthlessness. After America claimed independence and fought the Revolutionary War it was severely in debt. The major focus of the first administrations was regaining economic power such as Alexander Hamilton`s Financial Program. Other countries around the world had a joke against American money of the time, the monetary unit was called a Continental and when they though something was worthless they said "It isn't worth a Continental". The major reason for inflation during the few years prior to 1920 was that WWI ended. Americans had not been able to obtain many consumer goods during the war. When the war ended, there was a surge of consumer spending, which inflated prices. After the economy readjusted in the early 1920s, prices stabilized and deflated relative to their highs after the war, though they remained higher than where they were before the war began. The Federal Reserve was not able to prevent the rapid inflation after the war because the pressures were just too strong. The same thing happened after WWII ended, and by that time the Federal Reserve was well-established. Some forces just cannot be controlled. The 20th century, continuing a trend that began in the latter part of the 19th century, brought an enormous leap in the scale and complexity of economic activity. In many industries, small enterprises had trouble raising sufficient funds and operating on a scale large enough to produce most efficiently all of the goods demanded by an increasingly sophisticated and affluent population. In this environment, the modern corporation, often employing hundreds or even thousands of workers, assumed increased importance. Today, the American economy boasts a wide array of enterprises, ranging from one-person sole proprietorships to some of the world's largest corporations. In 1995, there were 16.4 million non-farm, sole proprietorships, 1.6 million partnerships, and 4.5 million corporations in the United States -- a total of 22.5 million independent enterprises.

37. American arts, theatre, music

Theater of the United States is based in the Western tradition, mostly borrowed from the performance styles prevalent in Europe, especially England. Today, it is heavily interlaced with American literature, film, television, and music, and it is not uncommon for a single story to appear in all forms. Regions with significant music scenes often have strong theater and comedy traditions as well. Musical theater may be the most popular form: it is certainly the most colorful, and choreographed motions pioneered on stage have found their way onto movie and television screens. Broadway in New York City is generally considered the pinnacle of commercial U.S. theater, though this art form appears all across the country. Off-Broadway and off-off-Broadway diversify the theatre experience in New York. Another city of particular note is Chicago, which boasts the most diverse and dynamic theater scene in the country. Regional or resident theatres in the United States are professional theatre companies outside of New York City that produce their own seasons. Even tiny rural communities sometimes awe audiences with extravagant productions American contemporary music can be heard all over the world, through MTV, Channel V, VH1 and by artists such as Michael Jackson, Tupac Shakur, Jay-Z, Notorious B.I.G, Elvis Presley, Jimi Hendrix, Billy Joel, Metallica, Guns N' Roses, , Bob Dylan, Bruce Springsteen, Benny Goodman, Frank Sinatra, Randy Newman, Madonna, Eminem, Backstreet Boys, Aerosmith, B. B. King, The Doors, Prince, Bon Jovi, Nirvana, Van Halen, Garth Brooks, and The Ramones. American popular music also contains many styles of music that developed in the US and were popular music when they came up (or still are). Examples are Rock & Roll, Hip-Hop, Swing, Jazz, Blues, Country, R&B, Funk, and various others.