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Tobacco Cultivation
Tobacco farming began, along with the selling of it, which quickly became popular among citizens, leading to a wealthy industry and caused the economy to boom. -
First Slaves Brought
African slaves were taken to Jamestown for the first time; the [forced] ‘free labor’ from the slaves benefited the economy because the owners refused to pay them, but still became rich with the things that they produced, which led to more money and product in circulation, aiding the economy. -
Currency Act
The Currency Act created regulation standards for the colonies’ currency and encouraged economic growth before the revolution. -
Boston Tea Party
The protest led to an increase in taxes for the colonists and caused an economic downturn due to the destroyed products (millions of dollars worth of tea). -
Lousiana Purchase
The land was purchased for $27 million dollars, which led to a brief economic downturn, then allowed it to skyrocket due to more land, more jobs, and more people to contribute to the economy. -
U.S. Stock Exchange
The stock exchange was created in the U.S. which provided an easier way to obtain wealth, creating an upturn in the economy. -
Bank Panic
A bank in New York failed, which eventually led to almost 250 other banks failing, causing a small recession of the economy, and stocks also fell about 50%. -
Stock Market Crash
The crash caused most people to lose all of their money and the banks had no federal protection, so those crashed too, leading to unemployment, low circulation of money, and the Great Depression. -
Terrorist Attacks - 9/11
U.S. defense spending was drastically increased, leading to the national debt crisis; the stock market also closed for four days, causing an economic disaster. -
Hurricanes Katrina + Rita
The two hurricanes caused over $2 billion in damages, 400,000 jobs were lost, and 275,000 homes; it caused temporary economic recession, but lead to growth that surpassed the current rate. -
The Great Recession
The fall of the housing market caused consumers to spend less and a decrease in investments and securities; it was an economic downturn. -
US-China Trade Wars
The government limits the trading rates through raising export tariffs, which limits economic growth.
