US GDP has ranked first globally for 124 consecutive years; experts analyze the four pillars

As everyone knows, the United States is today the country with the strongest economic power. Since the end of the 19th century, when its total GDP surpassed that of the United Kingdom, it has remained the "world's number one economic system" for 124 consecutive years, and by 2017 its economic aggregate even accounted for about one-fifth of the global economy. So what exactly is supporting the US economy behind such strength? Some experts have offered an analysis.

Experts say the reason the US economy is so strong is that it rests on four major pillars.

First, agriculture is the foundation of the US economy. Anyone who has studied the international grain market knows that US agricultural product forecast reports are practically a bellwether for the international market. As long as US agricultural output fluctuates in a given year, whether a bumper harvest or a poor one, it triggers fluctuations in the international grain market. A single weather forecast for a US grain-producing region can even become the basis for grain price speculation.

Although few people in the US grow grain, thanks to high technology the United States has already become the world's main grain exporter, and the prices at which it sells grain have always been very low. This has given US agricultural products complete command of the discourse power in the international grain market, to the point that setting international grain prices is only one step away.

Second, technology is the US economy's trump card. The United States has been hailed as today's "pinnacle of human technology," and the advanced level of its technology is evident. We now always have the impression that US industrial strength is weak, but in fact this is because, in order to develop high technology, the United States moved all of its mid- and low-end industry abroad. Today, the world's top five technology companies all belong to the United States, and with these five companies alone, the US can occupy half of the global technology field.

Third, finance is the centerpiece of the US economy. It is said that "when Wall Street sneezes, the world catches a cold," which describes just how formidable the US financial industry is. The US dollar is the world's currency; if a country today has no dollar reserves, its international trade system could collapse in a very short time. This makes the dollar a sharp weapon for financial sanctions against other countries. The United States has also, by implementing the international petrodollar settlement system, grasped the power to set international oil prices, even reaching the point where without the dollar there is no oil. Today the dollar system easily lets the United States live a luxurious life, but at the same time the US's extreme dependence on it also exposes the US economy to certain risks.

Fourth, military strength is the guarantee of the US economy. The United States holds many world number ones, and military strength is one of them. Its advanced and sophisticated economic strength is, for the United States, like a "money-counting machine." In past wars, the United States made enormous profits by selling arms and military supplies, enabling it to complete its economic accumulation rapidly and become the country with the strongest economic power in the world. Today, the military is still the guarantee of the US economy; the United States uses it both to threaten other countries and to secure enormous economic income.

Alright, the above are the reasons why the United States has been able to sit firmly as the "world's number one economic system" for 124 consecutive years. What do you think about this? You are welcome to leave a comment and chat with us.

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