# data[].attributes.body
The triangle trade is many oceanic trade ventures that required a round trip with three destinations. It involved 18th-century trading ships from New England that carried rum and other goods to the west coast of Africa to be exchanged for slaves. The slaves then became the cargo for the voyage to the West Indies, where they were exchanged for molasses to be transported back to New England and turned into rum.

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https://www.nytimes.com/2004/06/30/nyregion/study-confirms-9-11-impact-on-new-york-city-economy.html

When the World Trade Center was attacked on September 11th in 2001, it created a hole in the economy of New York City. It cost the economy 143,000 jobs in a month which translated to $2.8 billion in wages lost in the following 3 months. 70% of the jobs lost and 86% of the lost wages were in fields of finance, insurance, and banking. Michael L. Doorman stated “We lost he high-paying jobs, the people who pay more real estate taxes, higher sales taxes and support various elements of the economy.” In the past 30 years(at the time the article was written) the middle class had shriveled, which allowed more professional fields to grow. New York had become the capital of the global economy, with the average wage rising to about $100,000. In relation to 9/11, the finance jobs lost would soon attribute to many other jobs being lost.

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https://www.nytimes.com/2000/12/20/business/fed-shifting-goal-stresses-fighting-risk-of-recession.html

In 2000 the federal reserve decided to prioritize the prevention of economic downturns over the control of inflation. Usually the Fed(federal reserve) had focused on keeping inflation under control, but under new Chairman Alan Greenspan their focus was redirected towards preventing recessions. This attitude came at the threat of a recession in 2000. His decision was also influenced by factors such as a robust economy, low unemployment rates, and concerns of downturns triggered by external shocks. The Fed aimed to maintain the stability and growth of the economy. The shift marked the departure from traditional monetary policy strategies and reflected an understanding of the complexities included in modern economic management.

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https://www.nytimes.com/2018/08/10/books/review/adam-tooze-crashed.html

Steve Bannon a reporter believes that Trump’s revolution began during this time. The US was worried about the wrong issues in the world.

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https://www.washingtonpost.com/business/economy/why-hurricane-katrina-should-make-us-optimistic-about-economic-impact-of-sandy/2012/10/31/bb3483d4-2360-11e2-ba29-238a6ac36a08_story.html

The article is on Hurricane Katrina's economic impact, the initial concerns about severe and lasting damage due to the storm's impact on critical infrastructure such as ports and transportation networks in the Gulf Coast region. Despite these fears, the article suggests that Katrina actually demonstrated the resilience of the American economy, particularly in terms of supply chain adaptation and distribution efficiency through many companies like Walmart and UPS.

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https://www.washingtonpost.com/business/2020/02/04/trump-touts-his-economy-best-ever-data-is-more-mixed/

The article talks about President Trump's personal portrayal of the U.S. economy in his State of the Union address. The article says that while the economy is performing well by many measures, it is not experiencing unprecedented success as claimed. It points out that the current economic situation is similar to the late 1990s, with low unemployment, steady economic growth, low inflation, and high consumer rates. Janet Yellen (Former Chair Holder) acknowledges the strength of the U.S. labor market but cautions against overstating the current economic state as the "best ever”. It talks about Trump's attempt to discredit the previous administration and present himself as the savior of the economy. The article argues that while his policies such as tax cuts have contributed to growth, they also caused harm. Through tariffs and increased government spending, which have added to the national debt.

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https://www.nytimes.com/2024/02/21/us/politics/fact-check-biden-economy.html?smid=nytcore-ios-share&referringSource=articleShare

The article discusses Joe Biden’s claims on the economy with the new election nearing. President Biden began his claims with the tax rates of billionaires. He reported the average tax rate of a thousand billionaires was 8.2 percent. The article discusses why this claim is misleading. President Biden’s next claim was completely false. He supposedly attracted $640 billion in investments that would support factories and jobs through the CHIPS and Science Act. However the real monetary amount that the act gained was $220 billion, a still large but still very small portion of the claimed amount. The article then discusses Mr Biden’s claims on all of the stimulus checks, however the article then explains that Mr Trump had signed a large amount of the stimulus checks before Joe Biden came into office. The article finishes by explaining Mr Joe Biden’s claim that Trump is the only president since Herbert Hoover to have lost jobs during his term. The article then explains that this is severely out of context as Trump’s presidency had ended during a pandemic when people were consistently loosing jobs.

https://www.nytimes.com/2023/04/27/business/economy/what-causes-inflation.html?smid=nytcore-ios-share&referringSource=articleShare

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https://www.nytimes.com/2022/03/01/business/economy/russia-ukraine-sanctions-economy.html?smid=nytcore-ios-share&referringSource=articleShare

In just a few days, the world had took action on Russia. Many countries had placed sanctions on Russia, however this meant a spike in the price of oil, and gas following the effects. The economic sanctions sent Russia into an international struggle, and put them on a timer economically. There was a large surge in energy prices following the beginning of the war. In addition to this Russia had closed its airspace to other countries creating holes int he shipping routes. In addition to this with summer approaching, companies would temporarily slow production to allow for their summer portions of the year. Inflation running at 7.5% only increased the already large issue. Gas prices had also increased to $3.61 a year almost a whole dollar above the previous price. Since the post WW2 world the US’s defense spending had lowered however this spending may rise with the war in Ukraine.

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This article talks about how the Russian invasion on Ukraine has caused much economic harm. It highlights the impact that the whole conflict would cause an influx in speculations on the stock market and reduced economic growth through inflation. This inflation would be caused by the rise in oil prices and disturbances in the supply chain. It also says that this economy would have happened either way due to the failing relationship between the U.S. and China, and failing national trade negotiations.

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People stand in line to withdraw U.S. dollars and euros from an ATM in St. Petersburg on Feb. 25. (Dmitri Lovetsky/AP)

Russia's invasion of Ukraine and the financial reckoningimposed on Moscow in response are proof that the triumphant globalization campaignthat began more than 30 years ago has reached a dead end.

Fallout from the fighting in Ukraine will take a meaningful bite out of the global economic recovery this year, with the greatest impact in Europe, economists said. A spike in oil prices to more than $110 per barrel and renewed supply chain disruptions - including fresh headaches for the auto industry - also are likely to aggravate U.S. inflation, already at a 40-year high.

But the war's long-term consequences could be more profound. Even before Russian President Vladimir Putin sent tanks and missiles hurtling toward Ukraine, years of deteriorating U.S.-China relations and failed global trade talks had stalled the tighter integration of finance and trade flows that had been anticipated during globalization's heyday.

Historic sanctions on Russia had roots in emotional appeal from Zelensky

What comes next is unlikely to mirror the Cold War's distinct blocs. Even as the global economic order fractures, no rival ideologies compete for supremacy. And China's harsh authoritarian turn under President Xi Jinping co-exists with extensive commercial ties to the United States, Europe and Japan. But governments, corporations and investors all are adjusting to a new reality.

"It's the end of one era and the beginning of another, which is a less complete form of globalization than we had ambitions for in the immediate post-Cold War era," said Michael Smart, managing director of Rock Creek Global Advisors. "We have to think differently about what we mean by the global trading system. There are certain requirements that, if you don't meet them, you're not part of it. You can't be in the club."

In just over a week, Western allies have imposed one of the most rapidly moving sanction campaigns in modern history against Russia. (Video: Luis Velarde/The Washington Post)

With the United States, Europe, Canada, Britain and Japan uniting to punish Russia with unprecedented financial sanctions, the war has triggered a "major geopolitical realignment" akin to the aftershocks from the 9/11 terrorist attacks, according to Citibank analysts.

Virtually overnight, most major Russian banks were blocked from moving money across borders. Moscow's stock market has been closed for a week. Russian customers are cut off from much of the world's most advanced technologies.

On Friday, Russia's isolation deepened as the country's communications regulator blocked access to Facebook, one of the few sources of information that the government already did not control, saying it had discriminated against Russia media.

In Washington, top Democrats and Republicans have begun demanding that the United States stop importing oil from Russia, a move that would intensify Moscow's financial plight if European nations followed suit. Meanwhile, the International Monetary Fund warned Saturday that the war and rapidly accumulating sanctions on Russia would "have a severe impact on the global economy."

"This event does seem to be one that is a game changer and will be with us for a very long time," Federal Reserve Chair Jerome H. Powell told Congress last week.

Russia's financial exile caps more than a decade of erosion in globalization, beginning with the 2008 financial crisis and continuing through the rise of Xi in 2012, the U.S.-China trade war that began in 2018, and diplomats' repeated failures to agree on trade liberalization. The coronavirus pandemic, which highlighted the risk of ocean-spanning supply lines and restricted international travel, further thinned cross-border links.

Together, Russia and Ukraine account for 3 percent of global output, according to JPMorgan Chase. Putin's brutal invasion of his neighbor, however, will have broad economic repercussions, economists and government officials said.

"There's a chance - which increases with every human rights outrage that Putin commits - that Russia is shut out of the global economy for a long time. ... You are removing this big chunk of the global economy and going back to the situation we had in the Cold War when the Soviet bloc was pretty much closed off," said Maury Obstfeld, an economics professor at the University of California at Berkeley. "But that doesn't mean the rest of the world can't be tightly integrated in terms of trade and finance."

Washington's crackdown on Russia intensifies as White House targets oligarchs and Pelosi backs oil ban

Expectations for an enduring era of peace and prosperity were high in the early 1990s. After the Soviet Union ceased to exist in December 1991, Russia embarked on a helter-skelter series of economic reforms, including establishment of the country's first stock market, and welcomed foreign investors.

China, meanwhile, was also moving along a market-oriented path that relied upon access to foreign technology, capital and executives.

From the outset, many U.S. officials saw a link between political and economic freedom. By 2000, when Congress was debating China's entry into the World Trade Organization, President Bill Clinton saw trade ties heralding "very profound change," including in the country's political system.

"By joining the WTO, China is not simply agreeing to import more of our products; it is agreeing to import one of democracy's most cherished values: economic freedom,"Clinton said at the time."The more China liberalizes its economy, the more fully it will liberate the potential of its people - their initiative, their imagination, their remarkable spirit of enterprise. And when individuals have the power, not just to dream but to realize their dreams, they will demand a greater say."

Hopes for a steady forward march of free markets and free people have proved unrealistic. Globally, democracy is down. Poverty is up.

The number of countries considered "not free" by the nonprofit Freedom House and those with annual average economic growth of less than 3 percent have risen in tandem.

Even before the pandemic drove the developing world into deeper poverty, about 70 percent of the world's countries were experiencing subpar growth, roughly three times the figure in 2008, according to the World Bank. Nondemocratic rule similarly spread across much of the globe.

In 2020, for the first time in more than two decades, global poverty increased, according to World Bank data. Russia's recession will intensify that trend, including in the Central Asian republics that once were part of the Soviet Union. Remittances from migrant workers from Central Asia who work in Russia make up about 30 percent of the economy in both the Kyrgyz republic and Tajikistan and are almost certain to plummet as Russia plunges into a deep recession and the ruble sinks.

"We moved out of that benign era a while ago. But this [war] has brought it home very forcefully," said Carmen Reinhart, chief economist for the World Bank. "The golden era for globalization ended with the global financial crisis in 2008."

Global trade and financial links also have plateaued.

World trade volumes would be nearly twice as high today if they had continued on their 2000-2008 path, according to data from CPB Netherlands Bureau for Economic Policy Analysis, an independent research institute.

Likewise, major cross-border financial flows have virtually stagnated even as the global economy grew about 30 percent larger since 2008. Top banks have $31.1 trillion in foreign exposure today, little more than the $30.4 trillion in early 2008, according to data from the Bank for International Settlements in Basel, Switzerland.

Financial markets that once rose and fell in near lockstep are increasingly going their own way, according to MSCI research. A decade ago, markets in different regions moved together about 80 percent of the time. Today, the correlation is a bit more than 50 percent, reflecting "less of a globalized economy," according to Peter Zangari, MSCI's global head of research and product development.

It's not that globalization is over. But it will be different.

"It's closing the door on a chapter that never had a strong intellectual basis," said economist Joseph Stiglitz of Columbia University. "It won't be the same. What we're going to see is a process of delinking, disengagement. But it's going to be slow, particularly in the case of China."

Indeed, the United States since 2018 has been limiting the flow of high-tech goods to China and raising tariffs on Chinese imports. Chinese authorities, watching the United States and its allies deliberately shove Russia into a deep recession, are expected to intensify their efforts to become more self-sufficient in production of goods such as semiconductors.

The United States, too, is moving in that direction with President Biden's "made-in-America" initiative designed to spur domestic manufacturing.

China's economy, however, is 10 times the size of Russia's and is far more intertwined with the outside world - making it unlikely that Beijing or its trading partners would seek a complete divorce.

Taiwan's leaders try to calm residents' fears over Ukraine invasion

The war's immediate impact on the U.S. recovery is likely to be limited. Total U.S. two-way trade with Russia and Ukraine last year amounted to $40 billion, and Wall Street banks have less than $15 billion at stake in loans to Russian borrowers.

But there will be collateral damage from the sweeping U.S. and allied sanctions that have slashed most of Russia's links to global trade and finance. Gas prices in the United States, which now average a nine-year high of $3.84 per gallon, may soon smash $4, according to Capital Economics.

Russia also is a major producer of other commodities, including wheat and industrial metals. The price of palladium, which is used to make catalytic converters, is up more than 60 percent this year for automobiles.

Renewed supply chain disruptions also will put upward pressure on inflation. Both Federal Express and United Parcel Service have halted shipments to and from Russia. Maersk, the giant ocean cargo carrier, stopped accepting new bookings this week for Russia-bound goods, causing cargo to begin piling up at terminals across Europe.

"Cargo is getting delayed and our already congested transshipment hubs are getting more pressured," Maersk said in a customer advisory. "This is a global impact, and not only limited to trade with Russia."
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Russia's Ukraine invasion could be a global economic 'game changer'

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Russia's invasion of Ukraine and the financial reckoningimposed on Moscow in response are proof that the triumphant globalization campaignthat began more than 30 years ago has reached a dead end. Fallout from the fighting in Ukraine will take a meaningful bite out of the global economic recovery this year, with the greatest impact in Europe, economists said.

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The Cold War was a long period with intense tension between the Soviet Union and the U.S.. They used proxy wars and had intense rivalry in ideals, and the nuclear arms race.

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The Industrial Revolution transformed society by introducing machinery and factories, leading to urbanization and economic growth. It created wealth but also social challenges like harsh working conditions and labor exploitation, sparking movements for change.

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https://www.britannica.com/money/triangular-trade

Three legged Economic model with trans Atlantic trade. Included the trade of enslaved people. Triangular trade was successful from the 16th century until the 19th century. The first portion of the trade began in Europe where manufactured goods such as metals, brass dishes, knives, tools, textiles, firearms, ammunition, and alcoholic beverages were created, then shipped to the west coast of Africa. In Africa goods such as enslaved people were traded for, giving it the name the slave coast. From there the triangular trade would reach North America where all the raw materials were then sent to Europe in place of the manufactured goods.

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https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/252752?terms=Great+Depression&sTypeId=2

This economic crisis began in 1929, and affected countries all over the world. On October 25 of that year the New York Stock Exchange crashed. However this was more of a symptom than a cause of the depression. It is still one of the most dramatic economic events in US history, where ¼ of people were unemployed, 5,500 banks closed, and 32,000 businesses went bankrupt. Even Europe went further in economic decline because of the great depression following the end of WWI. The economies of Asian and Latin American countries also collapsed following this crash as well.

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Great Depression/ Stock Market Crash (1929)

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Great Depression/ Stock Market Crash (1929)

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The Great Depression occurred in 1930. It was the start of a period with many hardships through economic failure. The whole stock market was affected by the horrible employment rate, tax rates, and the underlying problem of poverty.

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World War 2, from 1939 to 1945. This war involved major powers in a conflict with widespread warfare, genocide, and the use of nuclear weapons, leading to the reshaping of international alliances and the establishment of the United Nations in its aftermath.

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The North American Free Trade Agreement was a trilateral free trade agreement among the United States, Canada, and Mexico. This agreement removed or reduced trade barriers among the three countries.

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First major financial crisis in America. Halted the expansion of the cotton belt. Economic problems that were rooted partially from the war of 1812. Triggered by a collapse in cotton prices.

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Globalization

https://ebookcentral.proquest.com/lib/iolani-ebooks/reader.action?docID=496315&ppg=46

Events such as the NAFTA which allowed free trade among all countries in North America created the beginning of Globalization. This allowed countries to expand their relations internationally. Furthermore Outsourcing was started. Outsourcing meant less factories in America, and more office jobs. However this also meant that there were less easy work opportunities in America having less factories.

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This event began in 1837 and lasted through a large portion of the 1840s as well. Effects of it were constant with a depression having low wages etc.

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This panic was triggered by the failure of the Ohio Life Insurance and Trust Company, which was mainly a bank. Stock prices fell, and by the end of 1857 the economy was deteriorated. Recovery began in early 1859

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Jay Cooke and Company went bankrupt in September of 1873 causing this panic of 1873. This lasted 5 years until 1878. 3 million Americans lost their jobs. Led to a populist movement that created the Greenback Party.

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This is the second largest depression in Americas history. In may of 1893 the New York Stock market dropped sharply and in late June the stock market crashed. More than 16,000 businesses failed which included 156 railroads, and 500 banks. One in six Americans had lost their jobs. The depression lasted for four years.

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https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/270421?terms=Civil+war+reconstruction&sTypeId=2

The time period lasted from 1865 until 1877. The goal was to rebuild the nation following the Civil war, with a large focus on re-integrating the Southern states into the country, with the status of freed slaves. Key parts of this event were the passings of the 13, 14, and 15th amendments, which abolished slavery, granted citizenship, and equal protection to all citizens. It also prompted the rise of African American political participation. However the reconstruction ended negatively with the compromise of 1877 where troops were withdrawn from the south.

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https://americanhistory-abc-clio-com.ez.iolani.org/Search/Display/263229?terms=American+industrial+revolution

The industrial revolution in America began in the 1870s. With the beginning many saw a shift in manufacturing processes. Major changes happened to: how people earned a living, where people lived, and people’s roles at work. The beginning of the Industrial Revolution in the world began in the 1700s in Great Britain. Inventions such as the cotton gin, and factory system in America changed the lives of the people. Working conditions for people in america changed as well. Workers began 12-14 hour work days 6 days a week with no holidays or vacations. Weaknesses were found in Lowell’s machines mainly in the way they were powered. Weapons manufacturers also became more popular during this time. These events would later result in monopolies being created.

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The 1848 discovery of gold at Sutter's Mill started the California Gold Rush, bringing hundreds of thousands of prospectors from around the world. This influx caused economic growth, with demand surging for goods and services to support the mining population. The rush led to the development of key infrastructure and industries in California, laying the foundation for its future.

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The Colorado Gold Rush attracted miners and settlers to the Rocky Mountains, leading to the growth of mining camps and towns. Economic activity grew as infrastructure such as roads and railways were built to support the mining industry.

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The Gold Rush in Alaska, triggered by gold discoveries in the Yukon territory. While smaller in scale than the California Gold Rush, it still attracted thousands of prospectors. Creating a mass of economic activity in the Pacific Northwest. The rush started the establishment of towns and transportation routes, contributing to economic development for the greater U.S.

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These wars, fought primarily in Europe between 1803 and 1815, disrupted trade, caused inflation, leading to economic instability in the U.S. and changes in economic policies across affected countries.