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Declaring Independence from Britain and officially becoming an independent country with its own government and economy.

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Outlines government's role in economy, federal government has power over money and economy, not so much power for the states.

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George Washington becomes the first president of the United States, when 8/10 people depended on farms to feed themselves, and to live on it.

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Rival political parties formed creating economic controversy for years to come.

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Raised price of goods that were imported from Europe, and it became a long-lasting regional issue in America.

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The southern states had seceded from the United States, which led to the creating of the Confederate States of America.

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The slave economy created a. system in which the southern states of the U.S. become reliant on free labor and eventually led to the Confederate States (ultimate divide).

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After slaves were liberated, many faced poverty. The former rural whites also faced poverty since they relied so heavily on their now freed slaves.

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More power to federal government, first national tax system and paper currency, first transcontinental railroad.

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Railroad is created linking the Atlantic and Pacific coasts, in order to expand trade and create larger amounts of wealth among many Americans.

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Many farmers were in debt in the South, and the West was battling against tight credit and falling commodity prices.

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1880s: Manufacturing started to overtake farm output in value within the American economy

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1880s: Manufacturing started to overtake farm output in value within the American economy

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Caused increased population and immigrants to go to industrialized Northern cities.

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Time it took to produce 100 bushels of wheat went from 300 hours to 50 from 1800 to 1890. Inventions and technological advancements helped increase economic output.

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Focused anger on wealthy financiers and industrialists and demanded lower interest rates on loans and inflationary money policy allowing debtor repay debts with less monetary value.

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Progressivism is something that many Americans started to identify with, both Democrats and Republicans. Historian Carl Degler wrote that “the community and its inhabitants no longer controlled their own fate."

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Progressivism Cont. (Early 20th Century)

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Progressivism Cont. (Early 20th Century)

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Both Theodore Roosevelt and Woodrow Wilson developed antitrust laws in the early 1900s in order to break up monopolies and large concentrations of economic power.

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President Woodrow Wilson, who was a democrat, created the Federal Reserve, being first U.S central bank chartered since the 1830s.

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Stock market crash, caused collapsing prices, bussiness, families. Unemployment rates were very high and 40% of U.S. banks failed. Major setback to U.S. Economy...................................................................................................................................................................................

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U.S. imposed punitive tariffs which spread to the rest of the world, rivaling international economies

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President Roosevelt enabled the new deal economic program as well as closed banks. After reopening them, which effectively ended the runs on banks.

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Roosevelt increased government involvement in economic activities that were previously thought of as private, and the Tennessee Valley Authority was a controversial example of that.

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American industry mobilized had to support the United States’ entry into World War II in December 1941. Factories supplied war material to U.S. and Allied armed forces. The U.S. auto industry ceased producing private vehicles and produced tanks instead, 30,000 during 1943 alone.

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President Lyndon Johnson pressed Congress to expand sharply the social safety net by passing Medicare and Medicaid government health insurance programs for the old and poor. Gov implemented other policies to eliminate poverty by improving education and housing.

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Oil shocks were put on the U.S economy which followed the Arab-Israeli War and 1979 Islamic revolution. This occurred in Iran, which made a contribution to poor economic performance.

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When the U.S. Federal Reserve raised interest rates sharply, ending the inflationary spiral and causing a recession.

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Some of the wealthiest countries, after the global financial system was promoted, negotiated a General Agreement on Tariffs and Trade, to lower the import of tariffs. The World Trade Organization succeeded in 1995.

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In the beginning of the 21st century, the "dot com" bubble bursted. The crashing of the stock market caused a short recession in the economy.

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In 2007, many houses were built, resulting in the housing market crash. In 2008, the financial crisis occurred, spreading to various places around the world.

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The U.S. was ranked first in imports, third in exports, first in direct investment in foreign countries, and first in direct investment by foreign countries.

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Unemployment went back down to only 8.8% in 2011, but lowering interest rates was one of many others tactics used to try to limit unemployment in America.