Economy

The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.7 trillion in 2010,[1] approximately a quarter of nominal global GDP.[15][16] Its GDP at purchasing power parity was also the largest in the world, approximately a fifth of global GDP at purchasing power parity.[15] The U.S. economy also maintains a very high level of output per capita. In 2010, it was estimated to have a per capita GDP (PPP) of $47,284, the 7th highest in the world. The U.S is the largest trading nation in the world. Its three largest trading partners as of 2010 are Canada, China and Mexico. Historically, the economy of the United States has maintained a stable overall GDP growth rate, a low unemployment rate, and high levels of research and capital investment funded by both national and, because of decreasing saving rates, increasingly by foreign investors. It has been the world's largest national economy since the 1870s[17][18] and remains the world's largest manufacturer, representing 19% of the world's manufacturing output. In 2009, consumer spending, coupled with government health care spending constituted 70% of the American economy.[19] About 30% of the entire world's millionaire population reside in the United States (in 2009).[20] Furthermore, 34% of the world's billionaires are American (in 2011).[21][22] The US is also home to the world's largest stock exchange, the New York Stock Exchange. It also boasts the world's largest gold reserves and the world's largest gold depository, the New York Federal Reserve Bank. The United States is also home to 139 of the world's 500 largest companies, which is almost twice that of any other country.[23] A large contributor to the country's success has also been a very strong and stable currency. The US dollar holds about 60% of world reserves, as compared to its top competitor, the euro, which controls about 24%. Since the 1960s, the United States economy absorbed savings from the rest of the world. The phenomenon is subject to discussion among economists. The US is by far the most heavily invested-into country in the world, with foreign investments made in the US measuring almost $2.4 trillion, which is more than twice that of any other country.[24] The US is also by far the largest investor in the world, with US investments in foreign countries totaling over $3.3 trillion, which is almost twice that of any other country.[25] Like other developed countries, the United States faces retiring baby boomers who have already begun withdrawing money from Social Security; however, the American population is young and growing when compared to Europe or Japan. The United States public debt is in excess of $14 trillion and continues to grow at a rate of about $5.48 billion each day by direct calculation between December 31, 2010 and July 31, 2011.[26][27] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.[28] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.[29] Due in part to the amount of both public and private investment, the economy of the United States is regarded as a type of mixed economy. The American labor market has attracted immigrants from all over the world and in 2009 ranked 16th in terms of net migration rate. The United States is ranked fourth, down from first in 20082009 due to the economic crisis, in the Global Competitiveness Report.[30] The country is one of the world's largest and most influential financial markets, home to major stock and commodities exchanges like NASDAQ, NYSE, AMEX, CME, and PHLX.

Political

The United States is a federal constitutional republic, in which the President of the United States (the head of state and head of government), Congress, and judiciary share powers reserved to the national government, and the federal government shares sovereignty with the state governments. The executive branch is headed by the President and is independent of the legislature. Legislative power is vested in the two chambers of Congress, the Senate and the House of Representatives. The judicial branch (or judiciary), composed of the Supreme Court and lower federal courts, exercises judicial power (or judiciary). The judiciary's function is to interpret the United States Constitution and federal laws and regulations. This includes resolving disputes between the executive and legislative branches. The federal government's layout is explained in the Constitution. Two political parties, the Democratic Party and the Republican Party, have dominated American politics since the American Civil War, although other parties have also existed. There are major differences between the political system of the United States and that of most other developed democracies. These include increased power of the upper house of the legislature, a wider scope of power held by the Supreme Court, the separation of powers between the legislature and the executive, and the dominance of only two main parties. The United States is one of the world's developed democracies where third parties have the least political influence. The federal entity created by the U.S. Constitution is the dominant feature of the American governmental system. However, most people are also subject to a state government, and all are subject to various units of local government. The latter include counties, municipalities, and special districts. This multiplicity of jurisdictions reflects the country's history. The federal government was created by the states, which as colonies were established separately and governed themselves independently of the others. Units of local government were created by the colonies to efficiently carry out various state functions. As the country expanded, it admitted new states modeled on the existing ones
Legal

The United States legal system is the full interconnected system of judicial, regulatory and governmental authorities who together administer and enforce the laws of the United States, operate the judicial system, and resolve judicial disputes and appeals. It consists of various official bodies at the federal, state and local levels.

Culture

The culture of the United States is a Western culture, having been originally influenced by European cultures. It has been developing since long before the United States became a

country with its own unique social and cultural characteristics such as dialect, music, arts, social habits, cuisine, and folklore. Today, the United States of America is an ethnically and racially diverse country as result of large-scale immigration from many different countries throughout its history.[1] Its chief early influences came from English and Irish settlers of colonial America. British culture, due to colonial ties with Britain that spread the English language, legal system and other cultural inheritances, had a formative influence. Other important influences came from other parts of western Europe, especially Germany, France, and Italy.[citation needed] Original elements also play a strong role, such as the invention of Jeffersonian Democracy.[2] Thomas Jefferson's Notes on the State of Virginia was perhaps the first influential domestic cultural critique by an American and a reactionary piece to the prevailing European consensus that America's domestic originality was degenerate.[2] Prevalent ideas and ideals which evolved domestically such as national holidays, uniquely American sports, military tradition, and innovations in the arts and entertainment give a strong sense of national pride among the population as a whole.[citation needed] American culture includes both conservative and liberal elements, military and scientific competitiveness, political structures, risk taking and free expression, materialist and moral elements. Despite certain consistent ideological principles (e.g. individualism, egalitarianism, and faith in freedom and democracy), American culture has a variety of expressions due to its geographical scale and demographic diversity. The flexibility of U.S. culture and its highly symbolic nature lead some researchers to categorize American culture as a mythic identity;[3] others see it as American exceptionalism. It also includes elements which evolved from Native Americans, and other ethnic subcultures; most prominently the culture of African Americans and different cultures from Latin America. Many cultural elements, especially popular culture, have been exported across the globe through modern mass media. The United States has often been thought of as a melting pot, but recent developments tend towards cultural diversity, pluralism and the image of a salad bowl rather than a melting pot.[4][5] Due to the extent of American culture there are many integrated but unique social subcultures within the United States. The cultural affiliations an individual in the United States may have commonly depend on social class, political orientation and a multitude of demographic characteristics such as religious background, occupation and ethnic group membership.[1]