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The economy was based around exports of their resources and imports of many other basic and finished products.

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During the 1780's there was a dispute between Alexander Hamilton and Thomas Jefferson. Jefferson wanted the US to remain an  agrarian society with minimal government intrusion. Hamilton sought a strong federal government to promote manufacturing, infrastructure improvements, protective tariffs on imports and central banking.

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The federal government gained the power to issue money, grant patents and copyrights, and the power to regulate this interstate commerce and to impose tariffs on foreign imports

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1789: The first Congress in 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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1789: The first Congress in 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 raise of tariffs was harmful to the US economy as Manufacturers and finances in northern cities took advantage of tariffs. They favored them as they increases the prices of goods overseas. Those in the south were opposed to tariffs which in the end led to Europe decreasing imports from the South. Imposing tariffs also created a divide amongst the nation.

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Early 1800s Industrial Revolution (farming)

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Early 1800s Industrial Revolution (farming)

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The cotton gin, steel plow and mechanized grain reaper were improving farm productivity. Following the war, steam tractors, gang plows, hybrid maize, refrigerated railroad freight cars also improved farming. The time it took to get 100 bushels of wheat went from about 300 hours to about 50.

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During war time, the US Congress passed the first national tax system. This system issued a national paper currency, started the construction of the first transcontinental railroad, and paid for public grant colleges. After the civil war the plantation economy was defeated in the south leading to tenet farming. Former slaves and rural whites lived in poverty for most of the following century.

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- Former enslaved people and rural whites lived in poverty for most of a century afterward.
- caused the agriculture economy of the South to move from a plantation system to one of tenant farming
- The North continued its great expansion

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By the 1880s U.S. manufacturing and commercial output surpassed farm output in value.  Farmers in the South and West were battered by tight credit and falling commodity prices. Severe economic recessions wracked workers and businesses in the 1870s and again in the 1890s.

Inventions like the telegraph, telephone, light bulb, phonograph, and systems for distributing electric power to homes and businesses resulted in an electric power surged throughout the U.S. economy. Creating prosperous city communities

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- Severe economic recessions wracked workers and businesses
- Organized labor unions
- Populist political party: focused anger at wealthy financiers and industrialists. They demanded lower interest rates on loans and inflationary monetary policy to let debtors repay their debts with less valuable dollars

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Woodrow Wilson acted to created a Federal Reserve the first U.S. central bank since the 1830s.

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- Prices collapsed, impoverishing farms, businesses and families.
- About 40 percent of U.S. banks failed and many depositors lost their savings
-U.S. unemployment rate approached 25 percent.

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Economic Programs created by President Franklin D. Roosevelt to stop the banking crisis. Such actions included:

- temporarily shut down all banks and only reopening the ones strong enough to survive
- a minimum wage law
- the Social Security retirement pension system
- regulations on banks and the stock market
- limited government insurance against losses on consumer bank deposits

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Economy shifted to one solely based upon the war efforts. Factories supplied war materiel and the U.S. auto industry shifted to producing tanks and other war vehicles, making 30,000 of them during 1943 alone.

After the war, international trade and finance became the center of the U.S. economy

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1944, the International Monetary Fund and World Bank

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1944, the International Monetary Fund and World Bank

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World organizations focused on promoting a balanced global financial system. The first action taken was negotiating a General Agreement on Tariffs and Trade for reducing import tariffs.

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November 1, 1955 start of Vietnam war (1975 end of war)

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November 1, 1955 start of Vietnam war (1975 end of war)

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- The war affected the production of goods and factories were producing things for the military instead of consumer goods
- put a strain on the nation's production capacity

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From 1946–1964, 76 million Americans born. This lead to a period of economic expansion and prosperity that lasted until 2007. Any recessions that did occur during this time period were short and did not have as much impact on American life as some of the previous recessions such as the Great Depression.

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President Lyndon B Johnson declared war on poverty. The President had congress pass Medicare and Medicaid government health insurance programs in order to help the impoverished and the elderly.

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- President Richard Nixon imposed government wage and price controls in order to attack inflation
-  Oil shocks following the 1973 Arab-Israeli War and 1979 Islamic revolution in Iran led to a changing economic performance
- End of Vietnam War in 1975

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President Reagan created a variety of policies to try to make economic expansion and a rise in stocks.

These policies led to an increase in government debt and widening of the income gap between the wealthiest Americans and the rest of the country

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- new domestic and international consumer markets
- invigorated the U.S. economy
- strong economic expansion
- increased prosperity
- stock market speculation

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- The world’s wealthiest countries subsequently negotiated a General Agreement on Tariffs and Trade for reducing import tariffs
- The World Trade Organization succeeded the GATT in 1995

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December 2007 - June 2009: economic recession 

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December 2007 - June 2009: economic recession 

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- stock market crashed
- Providing Americans with health care increased in cost to federal, state, and local governments
- Federal government debt went from $3.4 trillion in 2000 to $14 trillion in 2011
- financial crisis spread to a lot of the world
- unemployment went to 10% in 2009

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- U.S. engaged in the Afghanistan and Iraq wars, adding to debt.
- Health care prices across the nation increased sharply
- Federal Government debt approached $14 trillion in 2011, mostly owned to foreigners.

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- Government shut down in March of 2020, lasting well into the summer
- 26.3% Black  Americans live in poverty and 12.3% White Americans live in poverty because of the pandemic
- Global economic shut-down, massive unemployment