Tuesday, 24 July 2012

What was the US economy like during the 1990s?

The American
economy in the 1990s was changing and growing at a rapid pace, particularly later in the decade.
 This pace would turn out to be unsustainable as it was built on something of a
"bubble."  After a recession in the early part of the decade (that helped get
President Clinton elected), the economy took off as the internet fueled a boom.  The changing
technology in this and other sectors combined with rapid globalization and the rise of the
service sector to drive economic growth.  

Of course, this growth was not
shared by all.  Manufacturing jobs continued to be lost both to foreign competition and to
technological changes.  However, these losses were outweighed by jobs in new sectors of the
economy.  These factors made the late 1990s a very optimistic time in the US
economy.

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