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Federal government has the power to issue money, impose tariffs, and grant patents and copyrights

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At first, many Americans were only providing enough crops for their consumption. Jefferson wanted to keep America and agrarian country, while Hamilton and Washington led it in another direction.

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Slavery worsened as the country split in two. In 1861, 11 southern states seceded from the United States and created the Confederate States of America. The U.S. That started the Civil War that ended slavery, and it led to many more changes.

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The North and South were divided economically. The South was dependent on slavery, but the North had industrial manufacturing. In the absence of Southern legislators, Congress gave the federal government more power, passing a national tax system, issuing a national paper currency, and starting construction for the transcontinental railroad.

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The farming economy was heavily increased through inventions such as the cotton gin, steel plow, and grain reaper and these were before the Civil War. After the war, steam tractors, gang plows, hybrid maize, refrigerated railroad freight cars, and barbed wire fencing were created to innovate farming.

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The North's industrial and commercial economy was booming post-Civil War, which was driven by the expansion of railroads. By the 1880s, manufacturing and commercial output surpassed farm output in value for the first time ever. With new inventions such as the telegraph, telephone, and light bulb, the U.S. became more and more dependent on electrical power to fuel factories, homes, transportation, among other things.

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The new and booming industrial economy did not go well for the, particularly southern, farmers of America. They were hit by tight credit and tight commodity prices. Recessions damaged many non-industrial workers in the 1870s and 1890s.

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Economy Involved with Politics (1890-early 1900s)

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Economy Involved with Politics (1890-early 1900s)

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Labor unions were formed, and the Populist party was formed, which directed anger at wealthy financiers and industrialists. They demanded lower interest rates on loans and to make it easier to pay off debts. The new Progressive movement found that communities and their people are no longer in control of their own fate.

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Although passed in 1890 by President Theodore Roosevelt, these laws were not truly enforced until the early 20th century by President Woodrow Wilson. The purpose of these laws were to break up monopolies, in order to promote competition and prevent a single company from having too much power.

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A stock market crash caused a worldwide depression. Prices collapsed, and farms, families, and businesses were impoverished. About 40% of banks failed, and the unemployment rate reached 25%.

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President Franklin D. Roosevelt created many new programs in order to stop the bank crisis, create government jobs for the unemployed, and raise farm prices by increasing output. In addition to this, minimum wage laws were created, the pension system was created, and several regulations on banks and the stock market were created. Eventually, this worked and the country was lifted out of the depression, going into the wartime economy of WWII.

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While many were away at war, American industry mobilized to support the troops fighting against the Axis Powers. American factories provided supplies to the Allies all over. Due to the war being fought in foreign countries, the US stood out as the economic power of the world, as many countries were destroyed and/or facing reparations for the war.

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The US understood that long term prosperity came hand in hand with other nations growing. The US created the International Monetary Fund to put forth a global balanced financial system. The General Agreement on Tariffs and Trade was created to reduce import tariffs, was succeeded by the WTO in 1995.