Analysis: Economic Liberty in America

One of the great stories about America is the country’s economic dynamism. Put simply, the American economy has undergone seismic changes throughout its history, each time adapting and thriving in new circumstances. In the beginning, the nation’s economy was predominantly agricultural. But it transformed first into an industrial powerhouse, and then a largely services-based economy. The U.S. rose to become an economic leader in labor productivity by the early 20th century, with an increasing share of the population participating in the labor force that had transformed steadily away from a low-value add agricultural sector to both industrial and services sectors. In spite of a full civil war and numerous severe financial crises… Download PDF