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Period: to
Economic Change
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Mayflower Ship Lands
When the Mayflower ship landed at Cape Cod in 1620, with over 100 colonists, the Mayflower Compact was signed which acted as a local government. This would influence the creation of many other governments throughout Colonial America. At the time, the main industry was ship building and lumber. -
Industrial Revolution
The first industry to move to the factory was the clothing industry. No longer were clothes made by hand, they were made by an assembly line of various different workers. This allowed goods to be made much faster and benefited the economy. -
Taxation of Colonial America
Taxes imposed by England during the mid to late 1700s had a large affect on the colonial economy. People in America were forced to pay heavy taxes for common items such as tea and sugar in order to pay for the King's wars in England. This created a civil uprising which lead to the Boston Tea Party and unrest between America and Britian. -
Cotton Gin
The invention of the cotton gin had the biggest effect on the economy of the southern, slave labor based states. The cotton gin allowed cotton seeds to picked out by a machine, which increased the speed of cotton production. -
Louisiana Purchase
The Louisiania Purchase impacted our economy because the US was able to buy a large amount of land for very little money. The Louisiana Purchase allowed us to open up ports in the south and more greatly control trade along the Mississippi. -
California Gold Rush
The Gold Rush had an impact on the US economy becuase of the large migration of people to the west coast. The Gold Rush created large trade centers along the west coast wich helped boost trade. -
Panic of 1873
When the value of silver dropped in 1873, many people's money lost its value. The panic was accompanied by a depression, which caused Americans to lose their jobs and become unable to support themselves. The panic ended in 1897. -
Knickerbocker Crisis
In October of 1907 the stock exchange fell almost 50% due to economic recession. The recession occured becuase of a failed attempt to corner the market of United Copper Company's stock. -
The Great Depression
The Great Depression was a period of worldwirde economic decline before WWII. The was started in September of 1929 when stock prices started to decline, until the stock market finally crashed in October. Due to this trade with other countries dropped by around 50% and the unemployment rate rose to over 25%. -
WWII
The huge govenment spending during WWII pulled the US out of the Great Depression. Industry to fuel the war effort was able to create enough jobs to bring the country up to almost full employment. -
Cold War
During the Cold War, defence spending was at an all-time high and jobs that were created in WWII continued to help the economy. This provided for steady economic growth throught the post-war era. -
9/11
The 9/11 attacks had a very influential impact on our economy. They not only caused the 2001 recession to increase, they also led to the War on Terror, one of the biggest government spending programs. -
2013
