when did the us become the biggest economy
Economy of the United States The United States has been the world's largest national economy in terms of GDP since at least the 1920s.[43] For many years following the Great Depression of the 1930s, when danger of recession appeared most serious, the government strengthened the economy by spending heavily itself or cutting taxes so that consumers would spend more, and by fostering rapid growth in the money supply, which also encouraged more spending. Ideas about the best tools for stabilizing the economy changed substantially between the 1930s and the 1980s. From the New Deal era that began in 1933, to the Great Society initiatives of the 1960s, national policy makers relied principally on fiscal policy to influence the economy.[citation needed]
Economy of the United States The economy of the United States is a highly developed mixed economy.[29][30] It is the world's largest economy by nominal GDP and the second-largest by purchasing power parity (PPP).[31] It also has the world's seventh-highest per capita GDP (nominal) and the eleventh-highest per capita GDP (PPP) in 2016.[32][33] The US has a highly diversified, world-leading industrial sector.[34] It is also a high-technology innovator with the second-largest industrial output in the world.[34] The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U.S. government to reimburse its debts, its central role in a range of international institutions since World War II, and the petrodollar system.[35][36] Several countries use it as their official currency, and in many others, it is the de facto currency.[37][38] Its largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan.[39]