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In 1907 banking systems failed in large numbers, and the government was prompted to consider creating a more stable national banking system. This had an affect on the economy as a whole.
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This was known as the Great depression, one of the most severe break downs in history. The great depression lasted four years long but was many years more before it subsided. Economic growth declined almost 15% in one year during the great depression.
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This was created by Smoot- Hawley in 1930 as a response to the stock market crash. The high tariffs triggered a trade war that only worsed the economy for contries worldwide. Tariffs are a tax on imported and exported goods. When the tariff was signed in 1930, that raised 20,000 imported goods to record levels.
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In 1933 the Gross Demestic product has began to rise again. In 1933, the GDP was .78 trillion. Today it is recorded to be 16.30 Trillion and rising.
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During the Korean war the U.S. economy expanded again. The Real GDP Increased from year to year.
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In 1974, the U.S. entered a recession. This was followed by a major inflation of higher interest rates which reduced the levels of investment purchases. There was a higher unemplyment rate and increase in oil along with rising in food prices. This made everyday living much more expensive.
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This happened when the recession eneded by 1976. This means high unemployment and high inflation. It is a highly unusually situation because it reduces demand but keeps prices from rising. Inflation increased from3.4%-9.6% this year.
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Exonomy was expanding again. Inflation was hovering at about 5%, unemployment was low, and markets were booming again.
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Because of the Gulf War their was a brief period of recession
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The biggest expansion that America has ever seen was all because of the new internet economy. This expansion ended 10 years later.
