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

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Gives the federal government and not the individual states the power to issue money. The federal government also received the sole power to grant patents and copyrights to protect the rights of inventors and writers. The Constitution prohibits tariffs on goods moving between states. It gives the federal government sole power to regulate this interstate commerce and to impose tariffs on foreign imports. 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.

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George Washington took office as the first president of the United States (1789)

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George Washington took office as the first president of the United States (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.During Washington’s eight years in office, two rival political factions emerged. Their ideas have influenced U.S. economic debates ever since."

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Inventions were made that transformed the American workforce in the farming industry. These inventions include Eli Whitney's cotton gin, John Deere’s steel plow and Cyrus McCormick’s mechanized grain reaper.

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11 Souther States seceded from from the United States (1861)

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11 Souther States seceded from from the United States (1861)

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They then created the Confederate States of America

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The Civil War led to the end of slavery in the United States. During the Civil War, Congress expanded the power of the federal government. After the Civil War, the United States became less dependent on trade with other countries.

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Steam tractors, gang plows, hybrid maize, refrigerated railroad freight cars, and barbed wire fencing to enclose rangelands were all inventions made after the Civil War. These inventions helped reduce the amount of time it took to harvest crops in the agriculture industry.

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The first railroad linking the Atlantic and Pacific coasts - (1869) 

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The first railroad linking the Atlantic and Pacific coasts - (1869) 

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This "enabled a true national economy to develop, one capable of trading on equal terms with Europe and Asia. “The American economy after the Civil War was driven by the expansion of the railroads"

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The first Congress in 1879 imposed tariffs 

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The first Congress in 1879 imposed tariffs 

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did this to raise revenue and to protect U.S. manufacturers of glass, pottery and other goods.People in north liked them and people in south didn't like them

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U.S. manufacturing and commercial output surpassed farm output in value (1880) 

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U.S. manufacturing and commercial output surpassed farm output in value (1880) 

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"With European financial backing, new industries and railroad lines proliferated, attracting immigrant labor to the North’s sprawling cities."

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Another severe economic recession (1890) 

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Another severe economic recession (1890) 

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Organized labor unions for millions of workers around the country formed as a measure of uniting for better treatment from their employers.

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A short-lived Populist political party impacted many (1890) 

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A short-lived Populist political party impacted many (1890) 

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They "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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Creation of the progressive movement(Early 20th century)

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Creation of the progressive movement(Early 20th century)

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The progressive movement represented the voice of the average people, allowing them to gain power against the elite wealthy. In this time frame monopolies were broken, income tax was collected from corporations, and the federal reserve was established

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Wilson created the Federal Reserve (1913)

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Wilson created the Federal Reserve (1913)

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This was the first U.S. Central Bank chartered since the 1830's

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U.S. economic expansion and prosperity for many Americans (1920)

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U.S. economic expansion and prosperity for many Americans (1920)

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In the 1920's, the U.S. faced a huge economic expansions, and found great value in the stock market.

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In the early 20th century, the economy was on a downfall after the stock market crashed in 1929. This caused prices to collapsed, farm production decreased, businesses and families lost lots of money. About 40 percent of U.S. banks failed and many Americans lost their savings.

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Franklin D. Roosevelt was elected (1932) 

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Franklin D. Roosevelt was elected (1932) 

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Congress passed the "New Deal" economic program. Also, when he took office, he temporarily shut down banks and a few days later allowed the ones strong enough to survive reopen. This effectively ended the runs on banks.

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To spur America out of the great depression, America switched its efforts to the world war. Factories supplied war materiel 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.

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Creation of the International Monetary Fund and World Bank (1944) 

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Creation of the International Monetary Fund and World Bank (1944) 

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The International Monetary Fund and World Bank were created in order to promote a balanced global financial system.

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Americans experienced unprecedented economic expansion as a result of the 76 million Americans who were born during this time period.

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The value of farm and factory was surpassed (1950's)

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The value of farm and factory was surpassed (1950's)

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It was surpassed by the output of services such as wholesale and retail trade, finance, real estate, health, law, and education.

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The U.S. entered the Vietnam War in an attempt to prevent the spread of communism. Foreign policy, economic interests, national fears caused backlash from the war.

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Introduction of Medicare and Medicaid(1965)

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Introduction of Medicare and Medicaid(1965)

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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 a raft of other programs, many of them short-lived, intended to eliminate poverty by improving education and housing.

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An inflationary spiral began during the Johnson administration and worsened during this time. In addition, during this time, Nixon briefly impost government wage and and price controls in a failed attempt to arrest inflation.

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Following this war, Oil shocked the U.S. economy

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This revolution contributed to stagnant economic performance

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Tax cuts and business deregulation pursued by President Reagan in the 1980s marked resumption of robust economic expansion and a rise in stocks. Those policies also marked, however, the start of a climb in government debt. Economic disparity between the rich and the poor increased greatly.

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The Inflationary spiral not ending (1981-1982)

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The Inflationary spiral not ending (1981-1982)

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"The inflationary spiral did not end until the U.S. Federal Reserve raised interest rates sharply in 1981-1982, causing a recession"

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These computer technologies sparked new domestic and international consumer markets. This lead to strong economic expansion, increased prosperity and stock market speculaiton.

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The World Trade Organization succeeded the GATT (1995)

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The World Trade Organization succeeded the GATT (1995)

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Wars with Afghanistan and Iraq (Early 21st century)

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Wars with Afghanistan and Iraq (Early 21st century)

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US engaged in costly wars in the Middle East over oil. At the same time Meanwhile, the cost of providing Americans with health care increased sharply at great cost to federal, state, and local governments.

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During this time, debt was 3.4 trillion

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The housing market crashed in 2007, followed by a world wide financial crisis in 2008. This lead to unemployment rates up to 10% in 2009.

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-Ranked first in imports
-Ranked third in exports
-Ranked first in direct investment in foreign countries
-Ranked first in direct investment by foreign countries

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During this time, debt was approaching 14 trillion, an increasing proportion of it owed to foreigners.