“People of Plenty”: The American Economic Exception

Abstract

Americans are an exceptional “people of plenty” (Potter 1954). Since colonial times, North America has promised wealth and opportunity to new settlers. As an independent country, the United States became first a commercial and then an industrial power, overtaking Britain by the early 1900s. During the “American Century,” the U.S. led the way in creating a new kind of consumer economy that transformed daily life around the globe. After World War II, it instigated a reorganization of the world economy, forging a new financial infrastructure while promoting trade.