# data[].attributes.body
-8 out of 10 Americans lived on farms
-Agrarian economy

# data[].attributes.body
Jefferson: wanted the U.S. to remain an agrarian society with minimal government involvement
Hamilton: wanted a strong federal government to promote industrialization, infrastructure improvements and protective tariffs

# data[].attributes.body
This set the general overview for the governments role in American economy. Hamilton strongly supported the federal government's role in increased economical power and is responsible for this change.

# data[].attributes.body
The Constitution prohibits tariffs between states and gives federal government power to foreign and interstate commerce.
Companies in Northern cities favored tariffs to raise the prices of goods from overseas.
Southerners opposed tariffs because they led Europeans to reduce imports from the South.
People in the new Western states were divided over tariffs.

# data[].attributes.body
Eli Whitney’s cotton gin, John Deere’s steel plow and Cyrus McCormick’s mechanized grain reaper all made farming much more efficient.

# data[].attributes.body
As slavery worsened relationships within the South, 11 southern states seceded from the United States of America and created their own nation, The Confederate States of America.

# data[].attributes.body
Wartime Congress passed the first national tax system, issued a national paper currency, paid for public-land grant colleges and started construction of the first transcontinental railroad in the absence of Southern opposition.

# data[].attributes.body
After the Civil War, the south's economy had to adapt from the system of slavery. It moved from slavery to sharecropping, which kept the former slaves in poverty.

# data[].attributes.body
This railroad was the first one to link the Atlantic and Pacific coasts, which enabled a true national economy to develop.

# data[].attributes.body
Alexander Graham Bell invented the telephone, which made communication across long distances much more efficient.

# data[].attributes.headline
Invention of the Lightbulb and Phonograph (1877, 1879)

# data[].attributes.subject
Invention of the Lightbulb and Phonograph (1877, 1879)

# data[].attributes.body
Thomas Edison's invention of the lightbulb extended the workday by giving people light after dark, and his phonograph was the first machine able to capture sound and play it back.

# data[].attributes.body
American Production had attracted labor and money to the cities, as the economy started to switch from a farming economy to a more industrialized one. This caused multiple recessions in the farming industry.

# data[].attributes.body
Organized labor unions sprung up as a result of industrialization and urbanization, and thee Populist political party demanded lower interest rates on loans as well as let debtors pay back their debt with less valuable dollars.

# data[].attributes.body
Southern farmers were in a lot of debt and beaten down by tax credit and falling commodity prices, causing recessions in the 1870s and again in the 1890s for workers and businesses.

# data[].attributes.body
Under the presidency of Theodore Roosevelt, big monopolies of railroads, oil, beef and tobacco were broken up.

# data[].attributes.body
Woodrow Wilson in 1913 created the Federal Reserve, a central bank. The Federal Reserve plays a huge role in the modern economy, stabilizing the banking system.

# data[].attributes.body
World War One was the first mass mobilization of the American economy since the Civil War. The government spent billions of dollars. World War One was also one of the first mass uses of propaganda by the government. World War One was really a prelude to the second world war.

# data[].attributes.body
During the 1920's, America saw much economic expansion and improvement, as the stock market was becoming a more popular and stable part of the economy

# data[].attributes.body
This economic prosperity within the stock market came to a sudden halt in 1929, as the entire stock market crashed and countless people lost their money and jobs, marking the start of the Great Depression. An incredible 40% of U.S banks ended up failing and unemployment rates reached 25%.

# data[].attributes.body
Roosevelt successfully aided in preserving many of the banks, and started many social programs with his "New Deal." Things like the minimum wage, and social security.

# data[].attributes.body
After the great depression, America's economy bounced back in time to support America's war efforts. Many factories provided necessary war materiel and goods to the U.S and its allied forces, also mass constructing war vehicles such as tanks, putting the production of other private auto vehicles on hold. America was able to build around 30,000 tanks in solely the year of 1943.

# data[].attributes.headline
International Monetary Bank and World Bank (1944)

# data[].attributes.subject
International Monetary Bank and World Bank (1944)

# data[].attributes.body
The U.S. understood that the key to long-term economic prosperity was one in which the economies of other countries grew too, so the creation of these two systems promoted a balanced global financial system.

# data[].attributes.headline
General Agreement on Tariffs and Trade (1947)

# data[].attributes.subject
General Agreement on Tariffs and Trade (1947)

# data[].attributes.body
This agreement reduced trade for import tariffs.

# data[].attributes.headline
Farm and Factory output value surpassed (1950's)

# data[].attributes.subject
Farm and Factory output value surpassed (1950's)

# data[].attributes.body
During the 1950's, the farms and factories, which had been the staple part of America's economy for so many years, had their value surpassed by other economic services such as real estate, retail trade, law, education etc. This change gave insight on the future, as these services would become more popular and profitable for many.

# data[].attributes.body
This was an unsupported war, and one where America never officially declared war. However, much money ended up going into these war efforts.

# data[].attributes.body
There was a lot of economic expansion and prosperity in part as a result of the "baby boom", in which 76 million Americans were born during this time period.

# data[].attributes.body
During his presidency, he expanded the social safety net by through Medicare and Medicaid. Congress also passed many short-lived programs aimed at ending poverty through education and housing. Inflation also began to worsen during his presidency.

# data[].attributes.body
Nixon briefly imposed government wage and price controls in a failed effort to stop inflation

# data[].attributes.headline
Arab-Israeli War and Islamic Revolution (1973-1979)

# data[].attributes.subject
Arab-Israeli War and Islamic Revolution (1973-1979)

# data[].attributes.body
Oil shocks following these two events contributed to stagnant economic economic performance

# data[].attributes.body
Tax cuts and less business regulation under his presidency led to economic expansion; however, these policies greatly increased government debt and increased the gap between the wealthiest Americans and rest of the population.

# data[].attributes.body
Investment and over-expectations of the American semiconductor and programming market led to a large bubble that caused a small recession when it burst.

# data[].attributes.body
With was with Afghanistan and Iraq, as well as sharp hikes in healthcare, federal government debt jumped from 3.4 trillion to 14 trillion in 2011.

# data[].attributes.body
Starting in 2007, the world experienced a very serious financial crisis as banks, mortgage loans, and stocks crashed. Unemployment rates rose to 10% and many individuals, banks and investors lost significant amounts of money during this time.