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The U.S gained its independence and the economy heavily relied on exports and imports of basic resources.

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The Revolutionary War had disrupted much of the U.S. economy. British powers had destroyed most American ships, crippling the flow of trade

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The Constitution of the United States was ratified in 1788. It outlined the federal government’s role in the economy. The government received power to grant patents and copyrights to protect inventors

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

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Slavery greatly boosted economy

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

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The government 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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The economy went through a period of rapid industrialization and growth after the Civil war. We became less dependent on trade.

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In the decades after the war, steam tractors, gang plows, hybrid maize, refrigerated railroad freight cars, and barbed wire fencing to enclose rangelands all appeared and sped up the agricultural aspect of the economy.

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The first railroad linking the Atlantic and Pacific coasts

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Recessions greatly hurt workers and businesses

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U.S. manufacturing and commercial output surpassed farm output in value

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Once again, Recessions hurt the stability of businesses and workers

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President Theodore Roosevelt passed the antitrust law, breaking up concentrations of economic power in railroads, oil, beef and tobacco.

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Electricity became the number 1 power source for the U.S. economy, powering factories, promoting automated manufacturing, lighting offices and homes, illuminating department stores and movie theaters, lifting elevators in skyscrapers and powering city streetcars and subways. It gave factories more efficient ways to produce their goods.

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Wilson acted to create the Federal Reserve

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The United States put tariffs on imports which were retaliated against, causing economic contraction around the world.

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Stock market crashed and 40% of banks failed

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Roosevelt launched many programs aimed at stopping the banking crisis, creating government jobs for the unemployed and raising farm prices by reducing output.

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President Franklin D. Roosevelt and a Congress began the “New Deal” economic program. “

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"Strong, lasting economic recovery finally came about as American industry mobilized to support the United States’ entry into World War II in 1941."

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WWII

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International Monetary Fund and World Bank

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The Korean War

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After World War II, international trade and finance became ever more crucial to the U.S. economy. Factory output was surpassed by the output of services such as wholesale and retail trade, finance, real estate, health, law, and education

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Vietnam War

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Medicare and Medicaid government health insurance programs for the old and poor.

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Following Arab-Israeli War, economy experienced oil shocks

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U.S. Federal Reserve raised interest rates sharply in 1981–1982, causing a recession.

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Stock market crash
The Federal government debt was already $3.4 trillion in 2000

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The overbuilt housing market crashed in 2007

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The United States ranked first in imports and third in exports, first in direct investment in foreign countries and first in direct investment by foreign countries.

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Unemployment soared to 10 percent in the U.S.

The recession ended in June 2009

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The U.S. government owed $14 trillion in 2011, an increasing proportion of it owed to foreigners.