who has the second largest economy in the world
List of countries by GDP (nominal) Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output.[13][14] Since China's transition to a market-based economy through privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016.[14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s.[17] When supranational entities are included, the European Union is the second largest economy in the world. It was the largest from 2004, when ten countries joined the union,[18] to 2014, after which it was surpassed by the United States.[19]
United States Secretary of Labor Alexander Acosta is the current U.S. Secretary of Labor since April 28, 2017.
Capitalism Historically, capitalism has an ability to promote economic growth as measured by gross domestic product (GDP), capacity utilization or standard of living. This argument was central, for example, to Adam Smith's advocacy of letting a free market control production and price and allocate resources. Many theorists have noted that this increase in global GDP over time coincides with the emergence of the modern world capitalist system.[86][87]
Anglo-Saxon model Characteristics of this model include low levels of regulation and taxes, and the public sector providing fewer services. It can also mean strong private property rights, contract enforcement, and overall ease of doing business as well as low barriers to free trade.