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The economy depended heavily on exports of those resources and imports of many other basic and finished products.

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When George Washington took office as the first president of the United States in 1789, eight out of 10 Americans lived on farms, mostly just feeding themselves, and the largest U.S. city, New York, had only 22,000 residents.

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In the constitution, the Federal government set up a strong currency system after Hamilton's advocacy of this particular system. In addition, they created patents to protect intellectual property which helped form inventing as an industry

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The first Congress in 1789 imposed the first U.S. tariffs to raise revenue and to protect U.S. manufacturers of glass, pottery and other goods. Tariffs became a longstanding, divisive regional issue. Southerners opposed tariffs, which raised prices of goods they imported from Europe and led Europeans to retaliate by reducing imports from the South.

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1789 – 1797 George Washington's presidential term

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1789 – 1797 George Washington's presidential term

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During Washington’s eight years in office, two rival political factions emerged. One led by Thomas Jefferson, and the other led by Alexander Hamilton. Their ideas have influenced U.S. economic debates ever since.

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In the era of rapid industrialization and a growing internal market after the Civil War, it became less dependent on trade.

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Slavery worsened regional tensions. In 1861, 11 southern states seceded from the United States and created the Confederate States of America.

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Slavery becomes a controversial issue leading to the Civil War. Amidst the absence of Southern legislators, 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. Southern economy moves on from slavery to tenant farming.

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1869-First railroad connecting Atlantic and Pacific coasts

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1869-First railroad connecting Atlantic and Pacific coasts

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Enables development of national economy as trading opportunities expand to be able to trade with both Europe and Asia.

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With the creation of new inventions such as the cotton gin, agricultural output boomed which allowed for the economy to grow

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Manufacturing and commercial based economy surpasses farming dependent economy.

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As northern economy moves on from farming, south is left behind as debt-ridden farmers in the South and West were battered by tight credit and falling commodity prices causing severe economic recessions.

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Short lived political party focused 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.

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In 1913, Wilson  acted to create the Federal Reserve which was the first U.S. central bank since the 1830s.

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Early 20th Century- Electric Power takes over America

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Early 20th Century- Electric Power takes over America

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By the early 20th century, electric power surged throughout 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.

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In the early 20th century, a political movement called Progressivism found adherents among both major political parties, Democrats and Republicans alike. Progressives used government power to represent common people against the interests of powerful industrialists and financiers.

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Early 1920's showed economic prosperity however decade ends in a crash as 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 New Deal was used to stop the great depression by helping banks and provide a safety net for the working class

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The US recovered from their economic crisis which allowed for them to enter World War II. By the end of the war, the US was the most powerful nation in the world

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In June 1950 communist North Korea invaded South Korea. The United States came to the aid of South Korea at the head of a United Nations force composed of more than a dozen countries.

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Congress passes Medicare and Medicaid government health insurance programs for the old and poor. Congress also adopted a raft of other programs, many of them short-lived, intended to eliminate poverty by improving education and housing.

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1960s: Cold War/Vietnam spending in America

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1960s: Cold War/Vietnam spending in America

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Due to the Vietnam and Cold War, American spending was at its peak.

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Inflation continued to spiral out of control until the Federal government raised interest rates which resulted in a small economic recession

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1980s-National debt increases along with wealth gap between rich and poor

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1980s-National debt increases along with wealth gap between rich and poor

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Again the stocks market fell which forced the country into an economic recession for a short period of time

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2009-US import and export dependent economy 

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2009-US import and export dependent economy 

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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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The overbuilt housing market crashed in 2007, followed in 2008 by a financial crisis that spread to much of the world. U.S. unemployment increased to 10 percent in 2009 for the first time since the Great Depression, decreasing only to 8.8% by March 2011.

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2011-National debt increased by over 10 million since 2000

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2011-National debt increased by over 10 million since 2000

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Federal government debt, already $3.4 trillion in 2000, was approaching $14 trillion in 2011, an increasing proportion of it owed to foreigners.