IV. Страноведческое чтение. «Реформирование экономики»

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Text c. Changes of a mature economy

In recent decades, the rapid maturity of the United States' capitalist economy has prompted some economists to contend that the country's industrial policy is not prepared for the future in what is being termed the "post-industrial age." One of the most significant structural changes has been a shift in production of goods to the delivery of services as the dominant feature of the American economy. Service industries include banking, hotels and restaurants, and communications, as well as many other areas. This sector of the economy now contributes the greatest share of the nation's gross national product. Businesses that manufacture high-technology computer, aerospace, and biochemical products and services are also on the rise.

Many economists feel that the U.S. has the potential to increase its overall economic productivity by making heavier investment in the new service and high-tech industries instead of subsidizing competitive manufacturing industries. These observers believe that the U.S. economy, still organized for basic production, is unprepared for the future. They believe the government should play a more active role in developing a long-term industrial policy that directs capital investment and training in the new service and high-tech industries. Leaders of labor and industry, however, resist theseproposals. One serious problem that hampers economic growth domestically and affects the United States' ability to sell products overseas is the enormous federal budget deficit. Almost every year since 1930, the government has been spending more money than it has taken in. Deficit spending in the Reagan administration exceeded $200 billion a year - nearly three times greater than that of any previous administration. Such huge deficits can cripple the economy because they lead to inflation, high interest rates, and unemployment. One of the reasons for the high value of the American dollar abroad which hurt the sale of U.S. products was these deficits. Pressures to decrease the budget are strong. One important measure to control the budget deficit was the Gramm-Rudman deficit reduction plan, adopted in December 1985. This act calls for yearly spending cuts of $36 billion until a balanced budget is reached in 1991. Most Americans are doubtful these targets will be met. Whether the deficit will be reduced depends on the ability of the president and Congress to agree on areas for spending cuts and/or tax increases. Many experts blame the budget deficit for the sudden stock market crash in October, 1987, which caused a drop in markets all over the world. The dramatic downturn of the U.S. stock market has intensified Americans' fears of an imminent recession. A falling market can contribute to a decline in spending which could severely weaken the U.S. economy and create economic distress all over the world.