Question

Please explain the American economic progress and wealth.

Explain how American money and banking in the developing economy?

Thanks

Answer 1

America is one of the richest countries of the world because of its capitalist economy and heavy industrialisation. But being one of the wealthiest and most developed nation, it is also one nation having most income inequality.

Banks play a major role in the economic development, the deposit the surplus money of people, and provide interest in turn and give that money as a loan to needy. This fulfills the overall money requirement and economic process keeps on going. Being a capitalist economy, America needs huge amount of investors hence, banking plays a major role there.