BILL CLINTON’S PRESIDENCY (1993 – 2001): A HISTORIC ERA OF PROGRESS AND PROSPERITY. THE PHENOMENON OF US ECONOMIC GROWTH

Abstract

The analysis of the phenomenon of the US economic recovery in the period 1993–2001, during which the US economy maintained high rates of growth in all sectors, contributes to a better understanding of the whole range of problems related to the development and functioning of the modern economic system. It is an important prerequisite for the effectiveness of restructuring processes in the national economy and its reconstruction after the end of the full-scale war launched by the Russian Federation on February 24, 2022. The purpose of the article is to study, on the basis of a comprehensive analysis of the latest American sources, the characteristic features of the social and economic strategy of domestic policy, the main directions, dynamics and trends of the growth of the USA’s economic power during this period 1993 – 2001 in the context of the world economy. The methodology of the research is based on the critical analysis of the latest American primary and secondary historical sources and scientific literature, on the application of civilizational, problem-chronological, systemic, regional, interdisciplinary approach to the knowledge of the evolution of economic history. The fundamental principles of the article are the principle of historicism, objectivity, scientificіty, unity of positive and normative aspects of science. For scientific comprehension of the problem, comparative, systemic-synergistic, historical-genetic, comparative-statistical methods. The novelty of the research consists in the consideration of the problem in a historical retrospective, theoretical understanding of the fundamental principles of the functioning and development of the US economy as a leading state in the post-bipolar world, the evolution of its theoretical systems in the specified period in the context of globalization processes of the modern world, interrelations and trends in the development of the general civilization process. The research has revealed that at the turn of the two millennia, the United States turned into a leading country in the world, its economic power reached its highest level. The author analyzes the main factors that contributed to this: high level of scientific and technical potential; favorable foreign policy conditions; intensive inclusion of the USA in the world integration processes, strengthening the processes of globalization and internetization of the American economy, its focus on high technologies and higher competitiveness in the world, provision of leading positions in the institutes of world and regional, international economic cooperation and reformation of the system of management.