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Economics 100 Year Timeline
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Gold Standard Act
The act was passed to allow gold as the only acceptable standard in redeeming paper money. It stopped things like bimetallism. -
Wright Brother's First Flight
The two Wright brother's tested out their new flyer with Orville going first. He flew 120 feet in 12 seconds and got 10 feet off the ground. This established a whole new way of transport that would start making lots of money. -
Panic of 1907
When, during a recession, the entire country fell into a state of panic once the New York Stock Exchange fell nearly 50% from the year before. Many people withdrew their deposits causing most banks to go bankrupt. -
Federal Trade Commission
The Federal Trade Commission was created to establish consumer protection and to help stabalize the competitive field between businesses. It created a fair chance for diffferent companies to make profits and also prevented coercive monopolies. -
US Enters WWI
After much fighting over in Europe, the US finally joins in the fighting. It caused many people to get jobs as soldiers and made many factories start making weapons. -
18th Amendment
The amendment that banned all alcoholic drinks was passed. This caused organized crime to flourish and also hurt the economy with less money being circulated. -
Esch-Cummins Act
During WWI to make things easier, all the railroads were public but this act put them under private operation again. -
The Jazz Singer
As technology advanced, the first motion picture with sound debuted, known as The Jazz Singer. -
Wall Street Crash
The stocks on Wall Street plummetted and created a panic for all investors. It started The Great Depression. -
FDR is President, New Deal
FDR is elected president and decided to bring change. He introduces the New Deal that will create many programs to help out the poor and unemployed. -
Dust Bowl
Terrible weather strikes the Midwest and causes much damage to the land and many farms. Farmers struggle to make profit and many people move out of the area. -
Works Progress Administration
The New Deal created the WPA to help aid the unemployed. It established many jobs for mostly unskilled men to build structures such as highways and bridges. -
Pearl Harbor
The Japanese decide to attack the US in Hawaii. Many men died and a decent amount of ships were sunk at the base in Pearl Harbor. -
V-E Day
The fighting of World War II stops in Europe. Germany officially surrenders and the majority of the fighting is over. -
Atomic Bomb
The fighting against Germany has stopped but Japan refused to give up. Truman made the decision to drop an atomic bomb on Hiroshima and then another on Nagasaki until Japan surrendered. -
Korean War
The Korean War takes place between North and South Korea. The US gets involved in support of Souther Korea. -
Federal Aid Highway Act
The government gave $25 billion to construct 41,00 miles of the interstate highway system over 10 years. -
NASA was Formed
The space organization NASA was formed, which would construct many missions and create different space crafts. -
Embargo on Cuba
After Cuba nationalized properties of US citizens, the US decided to start blocking off trade from Cuba. In 1962, it turned into a full embargo. -
Vietnam War
The Vietnam War continues to take place and the US gets more involved in the fighting. US troops are tripled. -
Economic Opportunity Act of 1964
This act implemented programs to promote health, education, and welfare. -
Oil Crisis
Gas prices skyrocketed making it harder to obtain it. It was caused by low gas and oil supply. -
Paris Peace Accords of 1973
This ended directed US military support in Vietnam causing many soldiers to go home. -
Volkwagen
The German car manufacturer Volkswagen opened a plant in the US. This will allow for Americans to easier obtain these cars and stimulate the German economy and not the American economy. -
Grenada
The US invade Grenada sending many troops over there. -
Tax Reform of 1986
The act broadened the tax base. It also eliminated tax shelters. -
Hurricane Hugo
Hurricane Hugo hits the East Coast and causes lots of destruction from rain and wind. It cost %7 billion in damages. -
Hurricane Andrew
Hurricane Andrew formed and ripped through the Florida Keys and the entire Gulf Coast. It killed many people and cost $26 billion in damages. -
Great Flood of 1993
The Great Mississippi and Missouri Rivers overflowed badly and created major flooding all over the area. It cost $15 billion in damages. -
North American Blizzard of 1996
A huge snowstorm struck the Northeast and paralyzed much of the East Coast with almost 4 feet of snow. The storm caused $3 billion in damages. -
9/11
A group of terrorists decided to hijack planes and drive them into the Twin Towers and other important buildings. It shocked the entire country and also killed 3,00 people, injured 6,000 and caused much destruction. -
US Invades Iraq
After the events of 9/11 and other commotion happening in the Middle East, the US decides to invade Iraq. There were 148,000 troops sent over. -
Hurricane Katrina
Hurrican Katrina blasted through the Gulf Coast and ripped apart New Orleans. It killed almost 2,000 people and caused $81 billion in damages.
