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The U.S. gained independence from Britain. The U.S. economy at first was dependent on exports of the natural resources and imports of basic finished products.

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When debating what the American economy would look like, Jefferson preferred for the country to be an agrarian society with minimal government intervention. Hamilton on the other hand preferred a stronger federal government that would support U.S. manufacturing via infrastructure projects, tariffs, a strong currency, and central banking.

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Constitution is ratified, which outlines the federal governments role in the economy. The objective was to  create a strong national currency for a creditworthy economy. The federal government and not the individual state had the power to issue money.

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George Washington is the 1st President

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The first congress imposed the first U.S. tariffs to raise revenue and to protect U.S. manufacturers of glass, pottery and other goods.

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The Northern United States would go on to develop a more industrialized economy, while the Southern United States was agriculture based. Due to industrialization, it led to the lesser need of slaves and the later outlawing of it in some states, however the South relied on it for their agriculture based economy.

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11 southern states seceded from the United States and created the Confederate States of America.

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When the South became the Confederate states, the war-time Congress expanded the power of the federal government, passing the first national tax system, issuing a national paper currency, paying for public land-grant colleges and starting construction of the first transcontinental railroad.

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Economy in the North continued to succeed while moving along with the Great Expansion. In 1869, the first railroad to stretch from the Atlantic to the Pacific was completed. This achievement signified full trade with Europe and Asia, and also brought hope to a greater expansion on the US economy.

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U.S. manufacturing and commercial output surpassed farming output. Sprouting railroads, increased jobs, and European financial backing caused an attraction for immigrants coming to Northern U.S. cities dramatically increased.

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A short-lived Populist political party, focusing anger at wealthy financiers and industrialists, demanded lower interest rates on loans and inflationary monetary policy to let debtors repay their debts with less valuable dollars. A political movement called Progressivism found adherents among both major political parties, Democrats and Republicans alike.

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The progressive movement grew large in this time period due to having support from both sides. This party supported the common people against the powerful industrialists and financiers. President Theodore Roosevelt created antitrust laws to break economic powers of the oil, railroad, beef, and tobacco.

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President Wilson acted to create the Federal Reserve, the first U.S. central bank chartered since the 1830s.

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Strong U.S. economic expansion and prosperity for many Americans but also increasing speculation in the stock market. The decade ended with a stock market crash and the onset of the Great Depression. Prices collapsed, impoverishing farms, businesses and families. About 40 percent of U.S. banks failed and many depositors lost their savings.

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The United States imposed punitive tariffs on imports, and its trading partners retaliated in kind, spreading the economic contraction around the world. The U.S. unemployment rate approached 25 percent.

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President Franklin D. Roosevelt is elected. Congress dominated by his fellow Democrats enabled passage of a “New Deal” economic program. Roosevelt temporarily shut down all banks and a few days later allowed reopening of the solvent ones strong enough to survive, effectively ending the runs on banks. Roosevelt launched many programs aimed at halting the banking crisis, creating government jobs for the unemployed and raising farm prices by reducing output.

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The Tennessee Valley Authority, a federally chartered corporation formed to control flooding and generate electric power in an impoverished region of the South.

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The International Monetary Fund and World Bank was created to promote a balanced global financial system. The world’s wealthiest countries subsequently negotiated a General Agreement on Tariffs and Trade for reducing import tariffs.

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The US entry into World War II brought economic recovery. During this time, factories supplied war materials to the US and its allies. And by the time the war ended, with many of Asia and Europe in ruins, America stood as the greatest economic power in the world

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Korean War- increased U.S. military spending.

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Following World War II, the United States found itself much more involved in international trade than before. The value of farm and factory output would be surpassed by services such as wholesale and retail trade, finance, real estate, health, law, and education.

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The Vietnam War accelerated the mechanization of the agricultural industry. A lot of funding was going towards the military which had a great impact on the economy.

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Under the Lyndon B. Johnson administration, Congress would expand the social safety net by passing government programs such as Medicare and Medicaid for the old and poor. Other short-lived programs would be adopted, intended to provide education and eliminate poverty.

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After World War II the United States had unprecedented economic expansion. This was mostly caused by the "baby boom" where 76 million Americans where born in a 20 year span. Any recession that did occur was short and did not impact Americans greatly.

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The Civil Rights Act of 1968 was passed. It prohibited discrimination around sale, rental, or financing based on race, religion, sex, or national origin.

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President Richard Nixon had briefly imposed government wage and price controls in a failed attempt to arrest inflation. Oil shocks to the U.S. economy following the 1973 Arab-Israeli War and 1979 Islamic revolution in Iran contributed to stagnant economic performance.

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In the begging of the 1980s the U.S. Federal Reserve raised interest rates very high to cause a recession. During the Reagan administration he had created tax cuts and business deregulation which caused great economic expansion and increase in stocks. However, government debt had increased. AS well, a divide between the rich and the rest of America grew.

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Saw strong economic expansion, increased prosperity and stock market speculation.

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The World Trade Organization succeeded the GATT

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The stock market crashed and the economy went through a short recession.

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The United States engaged in costly wars in Afghanistan and Iraq.   The cost of providing Americans with health care increased sharply at great cost to federal, state, and local governments.  Federal government debt, already $3.4 trillion in 2000, was approaching $14 trillion in 2011, an increasing proportion of it owed to foreigners.

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During 2007, the overbuilt housing market crashed, causing a financial crisis that spread throughout the world during 2008

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Unemployment soared to 10 percent in 2009, slipping only to 8.8% by March. Interest rates were lowered close to zero, and more money was borrowed to support economic stimulus projects and to prop up ailing banks and industries.