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the economy depended heavily on exports of forests, seacoasts, arable land, rivers, lakes and rich mineral deposits, and imports of many other basic and finished products.

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The Ratification of The Constitution - 1788 

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The Ratification of The Constitution - 1788 

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outlines the federal government’s role in the economy, giving the federal government and not the individual states the power to issue money.

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George Washington Becomes President - 1789

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George Washington Becomes President - 1789

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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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Tariffs became a longstanding, divisive regional issue because it gave some individuals an economic advantage, while leaving others at an economic disadvantage.

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two rival political factions emerged. Their ideas have influenced U.S. economic debates ever since. Thomas Jefferson lead the group that wanted the United States to remain an agrarian society with minimal government intrusion. Alexander Hamilton lead the group thatsought a strong federal government to promote U.S. manufacturing through government support of infrastructure improvements, protective tariffs on imports, a strong currency and central banking

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slavery worsened regional tensions and contributed to the civil war as the southern economy heavily relied on the practice - slavery was eventually abolished as a result of the civil war but continued to exist in many different forms.

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This war was costly and left the Northern and Southern economies in different states. The North, the victors, was thriving and continuing to industrialize. However, the South moved from a plantation system to one of tenant farming, and Former African-American slaves and rural whites lived in poverty for most of a century afterward.

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The first railroad linking the Atlantic and Pacific coasts enabled a true national economy to develop, one capable of trading on equal terms with Europe and Asia.

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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

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By the 1880s 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. This marks an evolution in the American economy.

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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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The Progressive movement reflected a growing sense among Americans that the community no longer controlled their own fate. Progressives used government power to represent common people against the interests of powerful industrialists and financiers.

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vigorously enforced antitrust law to break up concentrations of economic power in railroads, oil, beef and tobacco.

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President Woodrow Wilson, a Democrat, strengthened the antitrust laws and started collecting income taxes from corporations and wealthy individuals. The Federal Reserve was the first U.S. central bank chartered since the 1830s.

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The 1920s saw 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.

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There was 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. The U.S. unemployment rate approached 25 percent.

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President Franklin D. Roosevelt - New Deal - 1932

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President Franklin D. Roosevelt - New Deal - 1932

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“The only thing we have to fear is fear itself.” 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 Other New Deal initiatives have continued to the present: a minimum wage law, the Social Security retirement pension system, regulations on banks and the stock market, and limited government insurance against losses on consumer bank deposits.

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A federally chartered corporation formed to control flooding and generate electric power in an impoverished region of the South.

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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. Factories supplied war material to U.S. and Allied armed forces in both the European and Pacific theaters. The U.S. auto industry ceased producing private vehicles and produced tanks instead, 30,000 during 1943 alone.

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Recessions were relatively short and did relatively less harm to Americans’ lives than the depressions of previous eras. The value of farm and 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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This was a costly and unpopular war. It affected the production of goods and factories were producing things for the military instead of consumer goods. Few consumer goods were being produced and this was affecting the American economy greatly. Interest rates also increased and that restricted the amount of money that businesses and consumers used.

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President Lyndon Johnson - Safety Net - 1965

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President Lyndon Johnson - Safety Net - 1965

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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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Oil shocks to the U.S. economy following the 1973 Arab-Israeli War and 1979 Islamic revolution in Iran contributed to stagnant economic performance during this time.

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Marked the end of the inflationary spiral as the Federal Reserve raised interest rates sharply, causing a recession.

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California-based entrepreneurs introduced transformative computer technologies. These sparked new domestic and international consumer markets, and invigorated the U.S. economy. The raw material for semiconductors gave the California center of computing innovation the name Silicon Valley.  The 1990s (not unlike the 1920s) saw strong economic expansion, increased prosperity and stock market speculation.

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Too much was put into the internet, resulting in the stock market crashing and the economy went through a short recession

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Americans experienced unprecedented economic expansion and prosperity, propelled in part by the 76 million Americans born in the 1946–1964 “baby boom.” Also, The overbuilt housing market crashed in 2007, followed in 2008 by a financial crisis that spread to much of the world.

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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. However, for the first time since the Great Depression, U.S. unemployment soared to 10 percent in 2009.

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In the first decade of the 21st century, the United States engaged in costly wars in Afghanistan and Iraq. Meanwhile, 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.