Between 2000 and 2010
There were several actions that had an impact on economic growth, either positively or badly (Algan & Cahuc, 2010).
The introduction of the internet in the mid-2000s
Created a new route for business opportunities, resulting in a new generation of entrepreneurs in the online business (Samarajiva, 2010). Computer firms such as Microsoft, Apple, and Intel, Inc. have seen remarkable global expansion over the years, resulting in job creation and so strengthening economies. Notable economic developments that occurred throughout the decade include:
By 2005
Scientists and economists had observed the two countries' rise to prominence, citing their 7-8% growth rates. Western economies like the US that previously sourced work to China and India due to low-priced labor chose to retain their jobs in the two nations as a result of the new found talent for innovation in the high-tech field (Lai, 2013). Over the decade more scientists and engineers were trained in China and India compared to the United States; progressively the power in technologies has been shifting from West to the East.
The Global Recession and Collapse of Wall Street
The sub-prime mortgage predicament and corporate fraud caused the collapse of the investment banks on the Wall Street casing economic downturn across the globe in the September of 2008. The federal government had to pump in financial support in a bid to bail out these institutions to keep United States financial system operational (Temin, 2010). However, when the Obama Administration took over at the beginning of 2009, the downturn had taken hold, and by the end of the same year, there was sign of regaining (Santoro & Strauss, 2011).
Conclusion
The period between 2000 and 2010 had numerous economic events that will shape the economic status of the United States and the world for many years to come. The terrible attack of September 11, 2001, global recession and collapse of Wall Street, new US President election are only few of the events that have sufficiently influenced the future development of the world's economy.
References
Lai, C. (2013). Trade Union and Global Economic Growth. Global Economic Review, 42(2), 168-181.
Samarajiva, R. (2010). How the Developing World may Participate in the Global Internet Economy. ICTs for Development, 47(24), 75-117
Santoro, M.A., & Strauss, R.J. (2011). Does Wall Street Have Any Responsibility to Society? Wall Street Values, 123(72), 27-58.
Temin, P. (2010). The Great Recession and the Great Depression. Global Economic Times, 45(8), 417-523
