Happy economy 600

History of U.S. Econmy

  • Period: Jan 1, 1500 to

    Columbian Exchange

    It was a trade between European settlers and Native Americans in which they traded goods, animals, and diseases
  • Mercantilism in North America

    Mercantilism in North America
    Belief in benefits of profitable trading. This was a practice found in the colonies where the mother country would benefit on trades made by the colonies.
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    Tobacco Cultivation

    Tobacco was the initial cash crop which aided Jamestown's economy and would settle it as a stable English colony.
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    North American Fur Trade

    A fierce rivalry between Great Britain and France grew as both nations wanted to control the trade in order to strengthen their bonds with the Native Americans. The rivalry later led into the Seven Year's War leaving the British as the main superpower in North America.
  • Molasses Act

    Molasses Act
    A tax imposed by parliament that charged sic pence per non-British molasses. This was targeted for large plantations in the West Indies.
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    Industrial Revolution

    Originated in Great Britain but expanded to North America. This period led from hand production to machines. The efficiency of water power, steam power, machine tools and coal helped manufacturing expand to new hights. The most predominant manufactured good was in the textile industry.
  • Sugar Act

    Sugar Act
    The parliament of Great Britain passed a modified version of the Molasses Act, which reduced the rate by half and enforced the tax collection.
  • Stamp Act

    Stamp Act
    Passed by parliament as a direct tax to the British colonies which required printed materials to be produced on stamped paper.
  • Economy of the Boston Tea Party

    Economy of the Boston Tea Party
    Event where the sons of liberty threw 342 chests of tea into the Boston Harbor. Hurt Britains economy because it was worth more than 1 million dollars.
  • Coercive Acts and the closure of the Boston Harbor

    Coercive Acts and the closure of the Boston Harbor
    A series of laws tht were placed after the Boston Tea Party. This resulted in the closure of the Boston Harbor which caused alot of people to lose their jobs.
  • Cotton becomes a Cash Crop

    Cotton becomes a Cash Crop
    Cotton becomes the cash crop of the South and gives a big boost in the economy of the South.
  • First Bank of the United States

    First Bank of the United States
    Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury.
  • First Textile Factory

    First Textile Factory
    Textile became a big buisness since cotton was starting to become the main crop of the United States.
  • Cotton Gin Invention

    Cotton Gin Invention
    The cotton gin increased the speed in which cotton could be picked and that led to more and more cotton plantations.
  • Louisiana Purchase

    Louisiana Purchase
    The Louisiana Purchase (1803) was a land deal between the United States and France, in which the U.S. acquired approximately 827,000 square miles of land west of the Mississippi River for $15 million dollars.
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    Second Industrial Revolution

    The Second Industrial Revolution, also known as the Technological Revolution, was a phase of the larger Industrial Revolution corresponding to the latter half of the 19th century until World War I.
  • The Invention of the Model T and the Assembly Line

    The Invention of the Model T and the Assembly Line
    The Model T let people have jobs away from home since they had a method of transportation. The assembly line allowed things to be mass produced and gave people the oppurtunity to have a simple 9 to 5 job.
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    Roaring Twenties

    The Roaring Twenties refers to the 1920s in the United States and Europe, characterizing the decade's distinctive cultural edge in New York, Montreal, Chicago, Paris, Berlin, London, Los Angeles, and many other major cities during a period of sustained economic prosperity
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    Economy throughout the Prohibition

    During this time, the manufactioring and distribiution of alcohol was banned. This led to factories closing, people without a job and a great decline in the economy as alcohol was sold illegally costing the U.S. millions of dollars.
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    Great Depression

    The Great Depression was an economic recession in North America, Europe, and other industrialized areas of the world. It was the longest and most severe depression ever experienced by the industrialized Western world.
  • First Stock Market Crash

    First Stock Market Crash
    First time the United States had ever experienced a real problem in their economy.
  • Stock Market Crash of 1929

    Stock Market Crash of 1929
    The Stock Market Crash of 1929 or Black Tuesday began in late October 1929 and was the most devastating stock market crash in the history of the United States
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    The Economic effects of the New Deal

    The New Deal boosted the economy of the Untied States in certain ways such as supplying millions of jobs and creating the Social Security System.
  • FDR takes U.S. off the Gold Standard

    FDR takes U.S. off the Gold Standard
    As a result of the Great Depression, FDR takes the United States off the gold standard momentarly in order to get the economy back into shape. This rose the value of gold and helped stabalize the American economy.
  • Lend-Lease Act

    Lend-Lease Act
    The Lend-Lease Act was a program under which the United States supplied France, Great Britain, and other allied nations with food, oil, and materials.
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    Cold War and Economy

    The arms race between both superpowers, United States and the U.S.S.R. caused a massive production in weapons and advances in technology. The results of the arms race led to government spending and accumulation of debt, which would remain high for a long period of time.
  • Stagflation of the 1970's

    Stagflation of the 1970's
    Stagflation is a situation in which the inflation rate is high and the economic growth rate slows down and unemployment remains steadily high. Richard NIxon's imposition of wage and price controls was one of the cause for the Stagflation in the 1970s.
  • President Nixon takes the U.S. of the Gold Standard

    President Nixon takes the U.S. of the Gold Standard
    President Nixon cancelled the ability to covert the US dollar to gold, which ultimately led to some problems in the economy.
  • Oil Embargo of 1973

    Oil Embargo of 1973
    The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries set an embargo on oil. This resulted in an energy crisis in the United States.
  • Recession of 2007-2009

    Recession of 2007-2009
    The Great Recession was the general economic decline observed in world markets around the end of the first decade of the 21st century.