ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

American traditional beliefs and values mirrored in the US economic system

Updated on May 28, 2016

The US is the leading industry in the world. Despite different stages of development including long-term financial crisis between 1929 and 1932, known as “the great depression”, the US industry always tend to reflect the traditional American beliefs and values. These long-standing traditions have made considerable contributions to the economy and the general development of the whole country.

At the first place, the US economy reflects competition – one of the important traditional values. It is common knowledge that American business is based on the ideal of competition rather than any other institutions in the society. All the businesses have to compete with each other to maximize profit and get a good position in the market. This intense competition has positive effects on the development of the whole society. There is no monopoly of power and a reasonable cost of living is maintained to satisfy the inhabitants’ need; inflation, as a result, will be brought under controlled. In addition, with the aims of increasing their share in the market and attracting potential customers, businesses tend to provide with quality products and good services. Otherwise, they could be put on the edge of failure.

Second, equality of opportunity is also mirrored in the US economy. Business competition is regarded as a “race - open to all”. People of different social class and background can join the race and win. The one with capability and strategic vision to seize the potential chances will be handed with the victory. Therefore, the opportunity is distributed equally to every member of the society. This value, which is different from the idea of inherited privilege in some Asian countries, ensures that the economy will never be depressed or lose the pace of the contemporary trend. Those who win the market will replace the underdeveloped businesses to keep boosting the economy.

Third, the economy reflects hard-work. Because of strong competition, businesses have to work hard to gain competitive advantages over their rivals in the market. Those who invest less time and efforts on their business will lose, so for the fear of great failure, they all tend to form the habit of hard-work. It goes without saying that this will enhance the productivity and develop the economy.

Final, the American dream, i.e. going from rags to rich, is presented clearly in the characteristics of American business. This belief is derived from the fact that almost all the successful businesses started life with very little and without the aid of inherited title or inherited money. These entrepreneurs called “self-made millionaires” are considered as heroes and strongly preferred and admired by the public. The idea of American dream is one of the primary motives for any American person to devote his life to realize the dream of being rich. Thus, this tradition also plays an important part in the development of the US economy.

In conclusion, the US economy reflects such American traditional beliefs and values as competition, equality of opportunity, hard-work and American dream. In their turn, these traditional features make significant contributions to develop the whole economy.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)