Assessing Economic Performance

Course Project: Assessing Economic Performance

The United States (US) is considered to be the world's largest and most technologically powerful economy in the world. The US has an estimated GDP of $15.1 trillion, and the per capita GDP, adjusted by purchasing power parity, of $48,100 US dollars, according to the CIA World Factbook, is the among the world's highest. The United States is a federal constitutional republic composed of a mixed economy, in which extremely powerful private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. A central feature of the US economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the US economy produces. The private sector has been the focal point for the availability of money and resources helping to pioneer technical advancements in science, technology, and industry that has profoundly shaped the economic success of the country, as well as contributed to its distinct political institutions, social structure, educational system, and cultural identity. As a result, the US is one of the world's largest and most influential financial markets and is a leading economic, political, and cultural force in the world.

Russia is the largest country in the world with an estimated GDP of $2.4 trillion, and a per capita GDP of $16,700 according to the CIA World Factbook. In 2011, Russia’s gross domestic product grew by 4.2 percent, the world’s third highest growth rate among leading economies in contrast to the -3.5 decrease in the growth rate of the US, making it one of the world's fastest growing major economies. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more mixed economy under a federal semi-presidential...