THE EMERGENCE AND RISE OF AMERICAN ECONOMIC THOUGHT (1820 -1950)

Abstract

An original economic thought in USA was born in the early 20th century. American economic thought and public policy model are based on minimal state intervention. US public policy model is considered as the best model that supports private entrepreneurship in the world. Behind the rise of the American economy there are several factors like the economic thought they developed, their success in business, talented entrepreneurs and the success of corporations. Protestants, who have greatly contributed to the development of America, are at the center of American culture. In this context, American economic thought and capitalism emerged from the Protestant culture. Protestant culture is modern, rational and individualistic. American society was able to make an industrial revolution, developed technology and became a global power by the help of Protestant culture. Protestant American society has been the leader of Western societies since World War II. In the Protestant culture that prevails in American society, the economic success and happiness of the individual are the basic moral values. American economic thought is also based on these values. There is a great harmony between economic thought and religious morality in USA. In this study, the emergence of the US economic thought and its own form is explained.