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The Economy depended on imports and exports of certain products.

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Ratification of U.S. Constitution in 1788

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Ratification of U.S. Constitution in 1788

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The constitution outlines the economy, giving federal government, rather than individual state government, the power to issue money.

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When George Washington is in Office, 8 out of 10 Americans lived on farms and only 22,000 people lived in New York City (which was the largest city in the U.S. at the time)

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In 1789, the first U.S. congress imposed the first U.S. tariffs to raise revenue and to protect U.S. manufacturers of glass, pottery and other goods. Tariffs became a longstanding, divisive regional issue. Manufacturers and financiers in northern cities favored tariffs to raise the prices of goods from overseas while rural southerners tended to opposed tariffs, as they raised prices of imported European goods.

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Two Political Factions Emerged During Washington's Presidency (1789 - 1787)

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Two Political Factions Emerged During Washington's Presidency (1789 - 1787)

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Thomas Jefferson - Led a faction that wanted the United States to remain an agrarian society with minimal government intrusion.
Alexander Hamilton - Led a faction that wanted 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 created big division between the north and the south. The northern economy was focused on industrial products and slowly abolished slavery, but the southern economy was built on the free labor of African Americans on large farms.

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Inventions Throughout the 19th Century (1800-1900)

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Inventions Throughout the 19th Century (1800-1900)

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Eli Whitney created the cotton gin, John Deere created the steel plow and Cyrus McCormick mechanized the grain reaper. In the decades after the Civil War, inventions included steam tractors, gang plows, hybrid maize, refrigerated railroad freight cars, and barbed wire fencing to enclose rangelands.

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The Civil war had caused a divide in the America (North vs. South), and the war-time congress did not include representatives from the South. The congress then expanded the power of the federal government, passed the first national tax system, issued national paper currency, paying for public land-grant colleges, and starting construction of the first transcontinental railroad.

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The ending of Slavery had a large impact on the Southern economy. The economy of the now defeated South, that heavily depended on agriculture, switched from a plantation system to one of tenant farming. Former African-American slaves and rural white people (farmers mostly) lived in poverty for most of a century after.

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First railroad linking the Atlantic and Pacific (1869) 

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First railroad linking the Atlantic and Pacific (1869) 

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The railroad enabled the development of the national economy with available trade to both Europe and Asia.

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U.S. manufacturing and commercial output became more valuable in the economy than farming and agriculture. Europe financially backed these manufacturing outputs, as well as the railroads, and this attracted more immigrant labor to the Northern Cities

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Shift in economy creates economic recessions in 1870s and 1890s

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Shift in economy creates economic recessions in 1870s and 1890s

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Industrialization puts farmers in the South in debt, putting many out of work.

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They focused anger at wealthy industrialists and financiers, demanded lower interest rates on loans. They also wanted an inflationary money policy to let debtors repay their debts with "less valuable money"

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industrialization and urbanization of the country created an uprising in labor unions. demanded lower interest rates on loans and inflationary monetary policy to let debtors repay their debts with less valuable dollars.

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This movement reflected a growing sense among Americans that, as historian Carl Degler wrote, “the community and its inhabitants 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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President Theodore Roosevelt created these laws to break up concentrations of economic power in railroads, oil, beef and tobacco. President Woodrow Wilson, a Democrat, continued to strengthen these antitrust laws.

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President Theodore Roosevelt  (1901-1909)

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President Theodore Roosevelt  (1901-1909)

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President Roosevelt, who is a republican, enforced the antitrust law to break up concentrations of economic power in railroads, oil, beef, and tobacco

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President Wilson, a democrat, strengthened the antitrust laws and started collecting income taxes from corporations and wealthy indivisuals

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President Woodrow Wilson created the first U.S. central bank chartered since the 1830s.

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Strong economic expansion and prosperity during the 20s, but also speculation of the stock market.

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The Great Depression (end of 1920s, carried over to 30s)

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The Great Depression (end of 1920s, carried over to 30s)

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The decade ended with a stock market crash- collapsing prices; impoverishing farms, businesses, and families. Around 40% of U.S. banks failed. The U.S. imposed tariffs on trade (impacting those who traded with the U.S. around the globe), and the national unemployment approached 25%.

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Election of President Franklin D. Roosevelt (1932)

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Election of President Franklin D. Roosevelt (1932)

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Roosevelt proposed the “New Deal” economic program to combat the recent collapse of the economy. Roosevelt temporarily shut down all banks and a few days later allowed reopening of the solvent ones strong enough to survive, ending the runs on banks. He also creating government jobs for the unemployed and raising farm prices by reducing output. Also, he created minimum wage laws, 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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The American industry mobilized to support the United States’ entry into World War II. 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 alone.

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The International Monetary Fund and World Bank (1944)

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The International Monetary Fund and World Bank (1944)

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The U.S. largely headed the push to create this international fund and bank in order to promote a balanced global financial system.

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By the 1950s, services such as wholesale and retail trade, finance, real estate, health, law, and education surpassed in value in comparison to farm and factory. International trade and finance also became more crucial to the U.S.. From World War II until 2007, there were periods of economic prosperity. And until 2000, recessions that occurred were short and relatively harmless to American life.

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The Korean War was greatly financed by higher tax rates. Investment and consumption stalled while the stock market rose.

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Election of President Lyndon Johnson (1965)

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Election of President Lyndon Johnson (1965)

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He pushed to expand sharply the social safety net by passing Medicare and Medicaid government health insurance programs for the old and poor. Inflation increased by the end of Johnson's term.

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Although it wasn't officially declared war, the Vietnam war impacted life in the U.S. a lot. This war was largely funded by increases in tax rates, but also with
an expansive monetary policy which then led to inflation. Increases in non-military outlays
also had a role to play. GDP growth increased.

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President Richard Nixon briefly imposed government wage and price controls in a failed attempt to arrest inflation. The 1973 Arab-Israeli War and 1979 Islamic revolution in Iran caused oil shocks and contributed to stagnant economic performance. 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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President Regan pursued tax cuts and business deregulation in the 1980s. This marked resumption of robust economic expansion and a rise in stocks.Those policies also marked, however, the start of a climb in government debt. This time also saw a widening income gap between the wealthiest Americans and the rest of the populace.

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General Agreement on Tariffs and Trade (1995)

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General Agreement on Tariffs and Trade (1995)

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The world’s wealthiest countries negotiated this agreement to reduce import tariffs.

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Economic prosperity in 90s, followed by a short recession in 2000.

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The overbuilt housing market crashed in 2007, followed in 2008 by a financial crisis that spread to much of the world. For the first time since the Great Depression, U.S. unemployment soared to 10 percent in 2009, slipping only to 8.8% by March 2011. The governments of the United States and other countries took measures to combat the crisis. Interest rates were lowered close to zero, and more money was borrowed to support economic stimulus projects and to prop up ailing banks and industries. The theory was to spend as necessary to forestall another Great Depression and to repay creditors once economic growth returned. High unemployment persisted in the recovery.