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

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Constitution of United States (Ratified in 1788)

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Constitution of United States (Ratified in 1788)

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Gives the federal government and not the individual states the power to issue money. Hamilton’s objective was to create a strong national currency for a creditworthy economy.

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1789 George Washington Presidency Begins

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1789 George Washington Presidency Begins

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8/10 Americans lived on farms where they fed themselves, and the largest U.S. city, New York, had only 22,000 residents.

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1789 Tariffs are First Introduced by Congress

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1789 Tariffs are First Introduced by Congress

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This was the first tax on imported goods such as glass, and pottery and created a new age for taxes in the US.

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Formation of Two Political Parties (1790)

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Formation of Two Political Parties (1790)

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While George Washington was in office, 2 different political parties were emerging. One valued minimal government intervention with self serving citizens, and the other wanted a more centralized government that had bigger control over what happened in the U.S..

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1861 Southern States Succeeding from the US

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1861 Southern States Succeeding from the US

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11 southern states seceded from the United States and created the Confederate States of America leading to the Civil War.

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The war-time Congress passed the first national tax system, issued a national paper currency, payed for public colleges, and started construction of the first transcontinental railroad

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Railroad linking the Atlantic and Pacific (1869)

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Railroad linking the Atlantic and Pacific (1869)

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This enabled a true national economy to develop. After the Civil War, the American economy was driven by the expansion of the railroads.

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Industrial Economy hurts farmers (1870's and 1890's)

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Industrial Economy hurts farmers (1870's and 1890's)

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Debt-ridden farmers in the South and West were hurt by tight credit and falling commodity prices. Severe economic recessions wracked workers and businesses in the 1870s and again in the 1890s.

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U.S. manufacturing and commercial output surpassed farm output in value. With European financial backing, new industries and railroad lines proliferated, attracting immigrant labor to the North’s sprawling cities.

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President Theodore Roosevelt, a Republican, vigorously enforced antitrust law to break up concentrations of economic power in railroads, oil, beef and tobacco.

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Woodrow Wilson, a Democrat, strengthened the antitrust laws and started collecting income taxes from corporations and wealthy individuals. In 1913, Wilson also acted to create the Federal Reserve, the first U.S. central bank chartered since the 1830s.

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After a decade of " U.S. economic expansion and prosperity for many Americans", the stock market crashed in 1929. This sent the country into The Great Depression, the lowest point for the economy in the U.S.'s history. The unemployment rate reached 25%. In order to try to bring the country out of this, the government became more involved in the economy. The President at the time, Franklin D. Roosevelt, created many programs with the intent of creating more jobs and helping the economy. His big contribution was "the new deal". This included a minimum wage, social security, and regulations on the banks and the stock market.

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The United States took control of many manufacturing plants in order to sustain the war effort, converting automobile manufactures into tank manufactures.  Factories helped to supply critical building materials to allied countries to help in the war effort. Government intervened to use private manufacturing complexes in order to help the military be better prepared for the war.

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Creation of GATT, IMF, and World Bank (1944)

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Creation of GATT, IMF, and World Bank (1944)

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

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Americans experienced periods of unprecedented economic expansion and prosperity. This was propelled in part by the 76 million Americans born in the 1946–1964 “baby boom.” The recessions that occurred in the postwar years until 2000 were relatively short.

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U.S. stepped in the war and funded the south Vietnamese which turned out to be a costly war both in popularity and funds. This was a war to fight communism, however, the public did not want the U.S. to be involved in the war. This strained the government to the limit and caused a lot of damage.

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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. Congress also adopted many other programs, intended to eliminate poverty by improving education and housing.

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Inflation began to occur during the Johnson presidency and it got worse in the 70's. President Richard Nixon briefly imposed government wage and price controls, but inflation persisted. The inflationary spiral did not end until the Federal Reserve raised interest rates sharply in 1981–1982, causing a recession.

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Less taxes helped to let the American economy to reliably grow during this time.  Increased government debt. It kickstarted reliable growth that would last for 30 years until the recession, but also created a strong and resilient economy

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Innovation in technologies and new companies focusing on this industry brought a new market to the U.S. which created economic growth as these products became desirable. Silicon valley grew and became a driving force in the economy.

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Long and costly wars in Afghanistan caused a lot of national debt and also increased the national debt.  Low interest rates in the housing market led to a massive crash in 2009 leading to an economic recession.

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Caused by an overbuilt housing market on low interest rates, the recession led to a financial crisis all around the world creating a high unemployment rate. Government spent money to get out of it, knowing they would pay people back once the economy recovered.

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Unemployment dropped to 8.8% by March 2011

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The U.S. economy remains a resilient and strong economy, outpacing China and remaining the largest economy in the world. This makes the U.S. one of the world superpowers in the process.

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New technology has made it possible for peoples jobs to be automated. This saves companies a lot of money, but it is bad for normal people working those jobs. the technology is taking away jobs from real people. however, technology can also create jobs, so it is hard to tell whether these innovations are good or bad for the economy