Trace the transformation of economic systems, and emphasize this transformation in the United States

Question

What will be an ideal response

Answer 1

In the earliest human groups, the hunting and gathering society, members survived on a subsistence economy that provided for basic needs with little, if any, surplus. Native Americans would qualify as having this type of economy. As settlers moved west, some groups may also have utilized a similar system. Many colonists relied on either a horticultural or a pastoral society in the establishments created during the colonial period. These small, semi-permanent settlements began to create small surpluses and begin to trade. In agricultural areas, especially the South, larger surpluses developed along with increased trade and greater inequality. When the industrial society became established in the colonies, the young nation's products became more available and consumption increased. So did inequality and trade opportunities. The emphasis in the industrial society shifted from growing crops to producing and consuming goods. In the postindustrial society, the production of goods shifted to the reliance on technology and service. This has led to even greater trade and inequality. The emerging biotech society will create even greater surpluses, more extensive trade, and greater inequality. In summary, as society progressed and became more technical, production increased while the focus of production shifted. With each successive change in the economy, a greater accumulation of surplus, trade, and inequality resulted.