Philosophy Case
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Assessing the United States and Australia economic performance does not suggest that United States has a more dynamic economy; it is just to show how both countries economical growth compare between each other.
The United States has been one of the top economies in the world for years. In 2011 the United States Gross domestic product (GDP) was at $48,100 which puts us in 11 in the world. The United States has a capitalist Mixed economy. This economic system is where both the state and private sector help direct the economy. The United States is considered to be one of the leaders in technological advances. Some of these technological advances are in the fields of IT, medical research, aerospace, and military equipment. The United States government is a constitutional federal democratic republic. We have three branches of government; they are the Executive branch, the Legislative branch, and the Judiciary branch. The Australian economy has been on the rise for several years now and is currently 18 in the world. In 2011 the GDP was at $40,800. Their economy has developed in to a modern market economy. The service sector and mining sector are the controlling factor to their economy which means they use their diverse natural resources to attract foreign investments from all over the world. Australia is not considered to be one of the leaders in technology but it has a rapidly develop agricultural and manufacturing industries to make a major contribution to the world. The Australian government is a federal parliamentary democracy and a Commonwealth realm. Like the United States, Australia has the same three branches of government. There are some differences that one can see between the two countries. First being economical recovery. Australia has a good trade policy with china that has helped with the rebound of the economy while the United States struggles. Secondly the countries unemployment rates. Australias unemployment has dropped to 5% while the US unemployment rate is still up at 9%.
As one looks into the future of the economy between both countries one can see the data and other indicators that is obvious Australia is in a better position to progress economically in the future then the United States. The figures have shown that Australia has been rising for the last 17 years while those of the United States have been up and down and even slowed over recent years. It is not that neither United States nor Australia is better than the other. It is just that each country has formed an economy that works with their values.