History Timeline by Bell, Jinx

Transition to Industrial Economy (18th and 19th Century)

252222_2 — 2024-12-16 17:31:28 UTC

The Industrial Revolution changed the economy by transitioning from a agrarian economy to a manufacturing based one. This led to increased production, which lowered prices, improved wages, and created more job opportunities.

First Bank of United States Established (1791)

252222_2 — 2024-12-16 17:34:58 UTC

The First Bank of the United States changed the US by stabilizing the currency, since the bank could print its own money. it also paid off war debt, provided credit, and established a national currency across the country for the first time.

Second Bank of the United States established (1816)

252222_2 — 2024-12-16 17:37:05 UTC

The Second Bank of America alter the supply of money and credit in the economy, which led to the level of interest rates charged to borrowers. It also again helped to stabilize the currency, and helped stimulate the economic growth.

U.S. Economy transition to industrial economy (20th century)

252222_2 — 2024-12-16 17:37:40 UTC

The Transition to industrial economy led to a significant boost in the economy by enabling mass production of goods, increased urbanization, development of large working class, and the rise of new industries.

Panic with Stock Market fall (1907)

252222_2 — 2024-12-16 17:38:12 UTC

With the Panic of the Stock Market fall caused people to loose their life savings, feared for their jobs, and worry of not being able to pay bills. They also couldn't by big purchases, like cars, thus led to a decline in demand.

Federal Reserve System established (1913)

252222_2 — 2024-12-16 17:38:44 UTC

The Federal Reserve System provided a central authority to mange money supply, and regulated banks. But it also influenced employment and inflation through policies that effected financial conditions.

U.S Borrowed large sums of money (WW1)

252222_2 — 2024-12-16 17:39:11 UTC

When the U.S borrowed large sums of money, it reduced private investment, increased interest rates, slowed economic growth, and raised concerns about future stability.

Credit service first offered to individuals (1920's)

252222_2 — 2024-12-16 17:39:53 UTC

The creation of the credit card allowed consumers to borrow money and spend more, while enterprises can borrow and invest more. It also led to a rise in consumption and investments created jobs and led to a growth of income and profit.

Stock Market Crash (1929)

252222_2 — 2024-12-16 17:41:02 UTC

The Stock Market crash led to the Great Depression, causing panic among investors. This led to a decline in consumer spending, business closure, mass unemployment, bank failures, and the global economy severe a huge downturn.

Great Depression (1930's)

252222_2 — 2024-12-16 17:41:19 UTC

The Great Depression had a huge impact on the economy, causing a massive decline in industrial production, widespread unemployment, bank failures, falling prices, and a significant reduction in consumer spending. This led to millions impoverished and with limited economic opportunities. But it led to the government to make policies to stabilize markets during future crises.

Great prosperity (1940's - 1960's)

252222_2 — 2024-12-16 17:42:06 UTC

The Great prosperity impacted the economy by creating a period of time where wages rose for most workers, leading to a strong middle class. it also led to high levels of mass production and consumption, and overall economic security for many Americans.

Congress passed consumer credit protection Legislation (1970's)

252222_2 — 2024-12-16 17:42:52 UTC

Congress passing consumer credit protection led consumers being protected by predatory lending practices, promoting finical stability, and stopped refinancing a loan in order to charge fees.

Stock Market made major gains (1990's)

252222_2 — 2024-12-16 17:43:37 UTC

When the Stock Market made a major gains, it had a positive impact. it led to consumer confidence, increase spending, stimulating business investment, and created a 'wealth effect'.

Terrorist Attacks on World Trade Center (9/11)

252222_2 — 2024-12-16 17:44:26 UTC

After 9/11, it caused an immediate stock market decline. Substantial loses for airline and insurance industries, a drop in tourism, negative impact on businesses in NYC, and job loses and economic disruption in the region.

Economic Recession (2007)

252222_2 — 2024-12-16 17:45:07 UTC

The economic recession caused a decline in overall economic activity, reduced GDP, increased unemployment, falling consumer spending, decreased business investment, and turmoil in financial markets.