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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.

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