The Political Economy of the United States

The author analyzes the characteristic features of the mechanisms of economic growth and profit formation in the United States of America 1950-2020, which, as the main country of modern capitalism and the most powerful imperialist power after World War II, had in this 70-year period a determining influence on the main trends of the world capitalist system. For the econometric study, first of all, a general growth model based on the Caldorian approach to technological progress was used. It takes into account both physical and human capital, as well as time in the role of the event space of creative economic activity. It compares the overall factor efficiency of the U.S. economy with the world level. The formation of profits in non-farm industries is considered with the help of a function distinguishing between innovative and technological profits. The latter is recognized by the market thanks mainly to natural monopolies in the broad sense.