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The economy of the United States of America is the largest in the world In 2000 the US had a Gross Domestic Product GDP of 93185 billion dollars Real Gross Domestic Product 2001 The United States has an economy that is market driven but government regulated Because the economy is market driven it tends to have a cyclical nature The market contracts which causes a decrease in GDP and it expands which causes the GDP to rise This cycle is constantly in motion Before the Great Depression the government did not intervene with the economy It did nothing to boost the economy during a slump or slow it down if it grew too fast The economic thinkers of the time believed that the economy would self-adjust if anything was to happen Once the economy began its downward spiral in 1929 it did not self-adjust itself It was during this time that Lord Keynes suggested that government intervene This became the basis for modern day economics Today the government plays on active in the economy Its primary goal is to act as a moderator for when it grows and slows down It also acts to promote economic growth while keeping inflation low One of the major factors that helps to achieve this balance is the Federal Reserve System Congress created the Federal Reserve System in 1913 to act as the central bank of the United States Board of Governors 2001 The Federal Reserve System has four primary duties These are to conduct the nations monetary policy supervise and regulate banking institutions while protecting the credit rights of consumers maintaining the stability of the financial system and to provide financial services to the US government the public financial institutions and foreign official institutions Board of Directors 2001 The Fed also maintains price stability and economic stability Koudsi 2001 p 30 The Federal Reserve is comprised of 12 districts There are 12 branches and twenty-four branches
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