A history of the US economy From Colonial

A history of the US economy: From Colonial to the present day superpower.

The economy of colonial America (pre-1776) Colonial America was a predominately agricultural economy. Even as the economy expanded over the decades of the eighteenth century, the colonies only moved slowly toward industrialization by the year of the Declaration , in 1776. Dynamic economic expansion occurred with population growth from births and immigration , but colonial Americans had naturally become self-sufficient. By 1776 , the standard of living of free white American society was already high, with abundant food and good life.

The Constitution and Pre-Civil War Economy(1787 -1850 s) The signing of the united states constitution in 1787, opened the market of the US territory. America”s first secretary of the treasury, alexander hamilton and his federalist party were proponents of a stronger central government in order to encourage manufacturing and commerce as the core of the new American economy. Hamilton furher advocated for a natural bank to back a strong currency and push policy that would generate capital to support young American industry.

The signing of the united states constitution in 1787, opened the market of the US territory. America”s first secretary of the treasury, alexander hamilton and his federalist party were proponents of a stronger central government in order to encourage manufacturing and commerce as the core of the new American economy. Hamilton furher advocated for a natural bank to back a strong currency and push policy that would generate capital to support young American industry.

The Economics of War The 1848 discovery of gold in California not only drew hundreds of thousands of people out West. It also shifted the balance economic attention of the United States. By the beginning of the Civil War in 1861, gold not only backed American currency. Before long, however, both the North are the South resorted no paper currency.

Reconstruction through the Roaring Twenties (1865 -1929) By the Civil War the American economy was driven by innovation and invention. It was a “Gilded Age”in America. In economic history of the United States, the early twentieth century remains critical for major advancements in technology. The steam-and waterpowered economy received a jolt by the spread of modern electricity, and the advent of automobile.

«Gilded age» in America Advancements in technology New York – financial center of the world

Great Depression through World War 2 Unemployment Banks failed, deposits were lost The stock market crash The «New Deal» of F. D. Roosevelt The growth of the GNP and lowest point of employment

The Modern Era(1950 s. Present) «Baby boom» «Middle class» become dominant The ctock market crash High-tech «dot. com» industries Labor unions and labor policy

The end. Thanks you for your attention!