Judicial branch: Supreme Court (the nine justices are appointed for life by the president with confirmation by the Senate)
Political parties and leaders: Republican Party [Jim NICHOLSON, national committee chairman]; several other groups or parties of minor political significance
International organization participation: AfDB, ANZUS, APEC,
AsDB, Australia Group, BIS, CCC, CE (observer), CERN (observer), CP,
EAPC, EBRD, ECE, ECLAC, ESCAP, FAO, G-5, G-7, G-10, IADB, IAEA,
IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, MINURSO,
MIPONUH, MTCR, NATO, NEA, NSG, OAS, OECD, OPCW, OSCE, PCA, SPC, UN,
UN Security Council, UNCTAD, UNHCR, UNIDO, UNIKOM, UNMIBH, UNOMIG,
UNPREDEP, UNRWA, UNTSO, UNU, UPU, WCL, WHO, WIPO, WMO, WTrO, ZC
Flag description: thirteen equal horizontal stripes of red (top and bottom) alternating with white; there is a blue rectangle in the upper hoist-side corner bearing 50 small, white, five-pointed stars arranged in nine offset horizontal rows of six stars (top and bottom) alternating with rows of five stars; the 50 stars represent the 50 states, the 13 stripes represent the 13 original colonies; known as Old Glory; the design and colors have been the basis for a number of other flags, including Chile, Liberia, Malaysia, and Puerto Rico
Economy
Economy—overview: The US has the most powerful, diverse, and technologically advanced economy in the world, with a per capita GDP of $31,500, the largest among major industrial nations. In this market-oriented economy, private individuals and business firms make most of the decisions, and government buys needed goods and services predominantly in the private marketplace. US business firms enjoy considerably greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, lay off surplus workers, and develop new products. At the same time, they face higher barriers to entry in their rivals' home markets than the barriers to entry of foreign firms in US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment, although their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The years 1994-98 witnessed solid increases in real output, low inflation rates, and a drop in unemployment to below 5%. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical costs of an aging population, sizable trade deficits, and stagnation of family income in the lower economic groups. The outlook for 1999 is for GDP growth somewhat below 1998's, continued low inflation, and about the same level of unemployment. Two shadows for 1999 are the severe financial crises in East Asia and Russia and the exuberant level of stock prices in relation to corporate earnings.
GDP: purchasing power parity—$8.511 trillion (1998 est.)
GDP—real growth rate: 3.9% (1998 est.)
GDP—per capita: purchasing power parity?$31,500 (1998 est.)
GDP—composition by sector: agriculture: 2% industry: 23% services: 75% (1998 est.)