Economy of North America 1222646 220996523 2008-06-22T16:01:47Z DOI bot 6652755 Citation maintenance. Initiated by [[User:Fconaway|Fconaway]]. You can [[WP:DOI|use this bot]] yourself! Please [[User:DOI_bot/bugs|report any bugs]]. {{Economy of North America infobox}} The '''economy of North America''' comprises more than 514 million people in 23 sovereign states and 15 dependent territories. It is marked by a sharp division between the northern English and French speaking countries of [[Canada]] and the [[United States]], which are among the wealthiest and most developed nations in the world, and the countries of [[Central America]] and the [[Caribbean]] that are less developed. [[Mexico]] lies in between these two extremes as a [[newly industrialized country]] or NIC, and is a part of [[NAFTA]] and the only Latin American member of the [[OECD]]. ==Economic development== <!--Note, some of these sections are just labels for development. Please don't remove sections just because they're empty--> ===Roaring Twenties=== The 1920s were a time of economic growth and prosperity in North America. Increased incomes as well as the large increase in the ability of private citizens to obtain credit resulted in a surge of consumer spending after [[World War I]].<ref>{{cite web|url = http://www.1920-30.com/business/|title = 1920's Business and Economy}}</ref> ===Great Depression=== The [[Great Depression]] began in North America in October 1929. The start is often dated to the stock market collapse of [[Black Friday (1929)|Black Friday]] although this was not the cause of the Great Depression.<ref>{{cite web|url = http://usinfo.state.gov/products/pubs/oecon/chap3.htm|title = Outline of the U.S. Economy|publisher = U.S. Department of State}}</ref> Canada and the United States experienced especially large declines, with the gross domestic producting fall 37% from 1929 to 1933 in the United States, and 43% in Canada over the same period.<ref>{{cite web|url = http://www.canadianeconomy.gc.ca/english/economy/1929_39depression.html|title = The Great Depression (1929-1939): historical context, economic impact and related links|publisher = Government of Canada}}</ref> The economy reached its lowest point in 1933, however recovery was slow. The outbreak of [[World War II]] in 1939 created demand for war materials that brought about the end of the depression. The Great Depression spurred increased government intervention in the economy in North America. The United States introduced unemployment insurance, a [[minimum wage]] and standardised working hours under the [[New Deal]].<ref>{{cite web|url = http://www.dol.gov/oasam/programs/history/dolchp03.htm|title = U.S. Department of Labor -- Brief History of DOL - The Department in the New Deal and World War II, 1933-1945|publisher = U.S. Department of Labor}}</ref> Canada introduced similar measures.<ref>{{cite web|url = http://www.canadianeconomy.gc.ca/english/economy/1941ui.html|title = Unemployment Insurance Act (1941): historical context, economic impact and related links|publisher = Government of Canada}}</ref> Mexico nationalised some key industries during the Great Depression, with the railroads nationalised by 1937 and the oil industry nationalised in 1938.<ref>{{cite journal|url = http://www.jstor.org/view/00218723/di952408/95p0357v/0|title = The Good Neighbor Policy and the Nationalization of Mexican Oil: A Reinterpretation|author = Klayton R Koppes|publisher = The Journal of American History|volume = 69|issue = 1|pages = 62–81|month = June|year = 1982|format = {{Dead link|date=May 2008}}}}</ref> ===World War II=== The large scale enlistment of men into armed forces during [[World War II]] women entered the workforce en masse, filling many jobs in manufacturing and technical areas that had previously been closed to women. This lead to the "We can do it!" campaign. <ref>{{cite web|url = http://www.pbs.org/wgbh/amex/tupperware/sfeature/sf_women.html|title = American Experience | Tupperware! | Women and Work | PBS|publisher = Public Broadcasting Service}}</ref> The economic output in North America increased substantially, with unemployment practically eliminated in the United States.<ref>{{cite web|url = http://www.nationalww2museum.org/education/history_war.html|title = The National World War II Museum, New Orleans|publisher = The National World War II Museum}}</ref> Rationing severely reduced the availability of consumer goods, with the increase in industrial production coming from the demand for war materials. ===Cold War=== ===US-Canada Free Trade Agreement and NAFTA - a new era of economic integration=== The [[Canada-United States Free Trade Agreement]] of 1989 and the subsequent expansion to [[NAFTA]] triggered a dramatic increase in trade between these three countries, with Mexican trade with the United States and Canada increasing threefold.<ref>{{cite web|url = https://www.cia.gov/library/publications/the-world-factbook/print/mx.html|title = CIA - The World Factbook -- Mexico|publisher = Central Intelligence Agency}}</ref> Over 85% of Canadian exports in 2006 went to the United States.<ref>{{cite web|url = https://www.cia.gov/library/publications/the-world-factbook/geos/ca.html|title = CIA - The World Factbook -- Canada|publisher = Central Intelligence Agency}}</ref> ==Regional variation== ''to be completed'' ==Trade blocks== ===Asia-Pacific Economic Cooperation=== The '''[[Asia-Pacific Economic Cooperation]]''' (APEC) is a group of [[Pacific Rim]] countries which meet with the purpose of improving economic and political ties. APEC's stated goals are aimed at free and open trade and investments by cutting tariffs between zero to five percent in the Asia-Pacific area for industrialised economies by 2010 and for developing economies by 2020. The organisation has members from four continents, those from North America are [[Canada]], [[Mexico]] and the [[United States]]. ===Caribbean Community=== The '''[[Caribbean Community]]''' (CARICOM) was created ''"To provide dynamic leadership and service, in partnership with Community institutions and Groups, toward the attainment of a viable, internationally competitive and sustainable Community, with improved quality of life for all"''. - On January 1, 2006 six members: ([[Barbados]], [[Belize]], [[Guyana]], [[Jamaica]], [[Suriname]] and [[Trinidad and Tobago]]) un-officially ushered in the [[Caribbean (CARICOM) Single Market and Economy]] (CSME). - At the official signing of the protocol on January 30, 2006 in Jamaica, A further six members: ([[Antigua and Barbuda]], [[Dominica]], [[Grenada]], [[Saint Kitts and Nevis]], [[Saint Lucia]] and [[Saint Vincent and the Grenadines]]) announced their intention to join by the second quarter of 2006. [[Montserrat]], a British Oversees territory is awaiting approval by the [[United Kingdom]]. [[Haiti]](suspended) and [[the Bahamas]] have no immediate plans to join. ===Central American Free Trade Agreement=== The '''[[Central American Free Trade Agreement]]''' (CAFTA) is an agreement between the [[United States]] and the Central American countries of [[Costa Rica]], [[Guatemala]], [[El Salvador]], [[Honduras]], and [[Nicaragua]]. The treaty is aimed at promoting [[free trade]] between its members. [[Canada]] and [[Mexico]] are negotiating membership. ===North American Free Trade Agreement=== The '''[[North American Free Trade Agreement]]''' (NAFTA) is an agreement between [[Canada]], [[Mexico]] and the [[United States]] to eliminate tariffs on goods traded between themselves. Although currently only a trade agreement, with no supranational bodies or laws as in the [[European Union]], all three members support proposals to move towards an EU style organisation.{{Fact|date=November 2007}} It is unknown whether or not this may eventually develop into a North American Union similar to that of [[Europe]]. ==Currency== Below is a '''list of the currencies of North America''', with exchange rates between each currency and both the ''euro'' and ''US dollars'' <sup>as of 12th April 2008</sup>. {| class="wikitable" |- bgcolor="#efefef" !Country !! Currency !! worth in euro !! worth in USD !! [[Central bank]] |---- |[[Antigua and Barbuda]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Bahamas]] |[[Bahamian dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=BSD 0.63] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=BSD 1.00] |[[Central Bank of the Bahamas]] |---- |[[Barbados]] |[[Barbadian dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=BBD 0.32] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=BBD 0.50] |[[Central Bank of Barbados]] |---- |[[Belize]] |[[Belizean dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=BZD 0.32] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=BZD 0.51] |[[Central Bank of Belize]] |---- |[[Canada]] |[[Canadian dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=CAD 0.62] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=CAD 0.98] |[[Bank of Canada]] |---- |[[Costa Rica]] |[[Colón (currency)|Colón]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=CRC 0.001] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=CRC 0.002] |[[Banco Central de Costa Rica]] |---- |[[Dominica]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Dominican Republic]] |[[Dominican Republic peso]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=DOP 0.02] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=DOP 0.03] |[[Banco Central de la Republica Dominicana]] |---- |[[El Salvador]] |[[US dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=USD 0.63] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=USD 1.00] |[[The Central Reserve Bank of El Salvador]] |---- |[[Grenada]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Guatemala]] |[[Quetzal (currency)|Quetzal]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=GTQ 0.08] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=GTQ 0.13] |[[Banco de Guatemala]] |---- |[[Haiti]] |[[Gourde]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=HTG 0.02] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=HTG 0.03] |[[Central Bank of Haiti]] |---- |[[Honduras]] |[[Honduran lempira|Lempira]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=HNL 0.03] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=HNL 0.05] |[[Central Bank of Honduras]] |---- |[[Jamaica]] |[[Jamaican dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=JMD 0.009] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=JMD 0.01] |[[Bank of Jamaica]] |---- |[[Mexico]] |[[Mexican peso]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=MXN 0.06] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=MXN 0.09] |[[Banco de Mexico]] |---- |[[Nicaragua]] |[[Córdoba (currency)|Córdoba]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=NIO 0.03] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=NIO 0.05] |[[Banco Central de Nicaragua]] |---- |[[Panama]] |[[Balboa (currency)|Balboa]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=PAB 0.63] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=PAB 1.00] |[[National Bank of Panama]] |---- |[[Saint Kitts and Nevis]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Saint Lucia]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Saint Vincent and the Grenadines]] |[[East Caribbean dollar|EC dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=XCD 0.24] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=XCD 0.38] |[[Eastern Caribbean Central Bank]] |---- |[[Trinidad and Tobago]] |[[Trinidad and Tobago dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=TTD 0.10] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=TTD 0.16] |[[Central Bank of Trinidad and Tobago]] |---- |[[United States]] |[[US dollar]] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=EUR&To=USD 0.63] |[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=USD 1.00] |[[Federal Reserve System]] |---- |} ''Table correct as of 12th April 2008'' ==Economic sectors== ===Agriculture=== ===Manufacturing=== ===Service=== ===Investing and banking=== ==Global trade relations== {{Expand-section|date=June 2008}} ==References== {{reflist|2}} ==Economy by country/territory== {{North America in topic|Economy of}} ==See also== *[[North America]] [[Category:Economies by region|North America]] [[Category:Economy of North America| ]] [[fr:Économie de l'Amérique du Nord]]