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Economic history of the United States
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Contents For more details on this topic, see Technological and industrial history of the United States.
Featured content The economic history of the United States is about characteristics of and important developments in the
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U.S. economy from colonial times to the present. The emphasis is on economic performance and how it was
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affected by new technologies, the change of size in economic sectors and the effects of legislation and
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government policy. Specialized business history is covered in American business history .

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Help 1 Colonial economy to 1780s
About Wikipedia 1.1 Demographics
Community portal 1.2 The economy
Recent changes 1.2.1 New England
Contact page 1.3 Urban centers
1.4 Political environment
1.4.1 Mercantilism: old and new
What links here 1.4.2 Free enterprise
Related changes 1.4.3 Taxation
Upload file
1.5 The American Revolution
Special pages
2 The New Nation
Permanent link
2.1 Industry and commerce
Page information
2.1.1 Transportation
Wikidata item
Cite this page 2.1.2 Automatic flour mill
2.1.3 Cotton gin
Print/export 2.1.4 Mechanized textile manufacturing
Create a book 2.2 Finance, money and banking
Download as PDF 3 The early 19th century
Printable version 3.1 Political developments
3.2 Agriculture, commerce and industry
In other projects
3.2.1 Population growth
Wikimedia Commons 3.2.2 Labor shortage
3.2.3 Agriculture
3.2.4 Roads
3.2.5 Canals
3.2.6 Steam power
3.2.7 Mechanical power transmission
3.2.8 Shipbuilding

中文 3.2.9 Steamboats and steam ships
Edit links 3.2.10 Railroads
3.2.11 Finance, money and banking
3.2.12 Manufacturing Development of interchangeable parts[22-Oct-17 5:23:42 PM]

Economic history of the United States - Wikipedia

4 The mid 19th century
4.1 Commerce, industry and agriculture
4.1.1 Railroads
4.1.2 Iron industry
4.1.3 Coal displaces wood
4.1.4 Manufacturing
4.1.5 Steam power
4.1.6 Steamboats and ships
4.1.7 Telegraph
4.1.8 Urbanization
4.1.9 Agriculture Slave labor
4.2 Finance, money and banking
4.2.1 Panic of 1857
4.3 Immigration surge
4.4 Collapse of the South
4.5 Political developments
4.5.1 Treasury
4.5.2 Land grants
4.5.3 Banking
4.5.4 Education
4.5.5 Civil War
5 Late 19th century
5.1 Commerce, industry and agriculture
5.1.1 Railroads
5.1.2 Steel
5.1.3 Electric lights and electric street railways
5.1.4 Communications
5.1.5 Modern business management
5.1.6 Agriculture
5.1.7 Oil, minerals and mining Oil Coal Iron ore
5.1.8 Finance, money and banking
5.1.9 Water supply and sewers
5.1.10 Labor unions
6 Early 20th century
6.1 Economic growth and the 1910 break
6.2 Industry, commerce and agriculture
6.2.1 Electrification
6.2.2 Manufacturing
6.2.3 Electric street railways
6.2.4 Electrochemicals
6.2.5 Railroads
6.2.6 Automobiles and trucks
6.2.7 Highway system
6.2.8 Water supply and sewers
6.2.9 Agriculture
6.2.10 Communications[22-Oct-17 5:23:42 PM]

Economic history of the United States - Wikipedia Telephone Radio
6.2.11 Finance, money and banking
6.3 Political developments
6.3.1 World War I
6.3.2 Roaring twenties: 1920–1929
6.4 Quality of life
7 From 1929 through World War II
7.1 Pre-war industry, commerce, and agriculture
7.1.1 Manufacturing
7.2 Great Depression: 1929–1941
7.2.1 Spending
7.2.2 Banking crisis
7.2.3 Unemployment
7.2.4 Relief
7.3 Wartime output and controls: 1940–1945
8 Postwar prosperity: 1945–1973
8.1 Agriculture
8.1.1 Government policies
8.1.2 Changing technology
8.2 Aircraft and air transportation industries
8.3 Housing
8.4 Interstate highway system
8.5 Computer Technology
8.6 Fiscal Policy
8.7 Military and space spending
9 Late 20th century
9.1 Post industrial (service) economy
9.2 Service sector expansion
9.3 Productivity slowdown
9.4 Inflation woes: 1970s
9.5 Deregulation and Reaganomics: 1976–1992
9.6 The rise of globalization: 1990s – late 2000s
10 The 21st century
10.1 Great Recession
11 Historical statistics
11.1 GDP
11.1.1 1790-2006 GDP
11.2 Employment
11.3 Manufacturing
11.4 Wealth and Income
11.5 Productivity
11.6 Inequality
11.7 Health spending
11.8 Tariff Rates
11.9 Trade Balance
11.10 Inflation
11.11 US Federal Tax
11.12 Government spending
11.13 Debt[22-Oct-17 5:23:42 PM]

Demographics [ edit ] Initial colonization of North America was extremely difficult and the great majority of settlers before 1625 died in their first year. From 1700 to 1775 the output of the thirteen colonies increased 12 fold. The population grew at an annual rate of over 3% throughout the 18th century. giving the colonies an economy about 30% the size of Britain's at the time of independence. was higher in the warm. The three most populated colonies in 1775 were Virginia.1 References 14. especially malaria. iron works and blacksmith shops to be self-supporting. Under the colonial system Britain put restrictions on the type of products that could be made in the colonies and put restrictions on trade outside the British Empire. in the highest standard of living in the world. Also there were many servants in Europe who were not permitted to marry. sawmills. Population growth was responsible for over three-quarters of the economic growth of the Shipping scene in Salem. primarily characterized by https://en.wikipedia. giving the colonies about one third of the population of Britain.6 million. Many young adults in Europe delayed marriage for financial reasons.000 Native[22-Oct-17 5:23:42 PM] . In 1690 there were an estimated 13.Wikipedia 11. humid southern colonies than in cold New England. The higher birth rate was due to better employment opportunities.14 Deficit 12 See also 13 Footnotes 14 Bibliography 14. [3] The long life expectancy of the colonists was due to the abundant supply of food and firewood and the low population density that limited spread of infectious diseases. a shipping hub.Economic history of the United States . Settlers had to depend on what they could hunt and gather plus what they brought with them and on uncertain shipments of food. They also had to defend themselves against raids from hostile Indian and French forces.000 black slaves.000 in 1700.2 Special studies 14. of which 2.1 million were white. After 1829 population growth was very rapid due to high birth rates (8 children per family versus 4 in Europe) and lower death rates than in Europe. The death rate from diseases. The economy [ edit ] The colonial economy of what would become the United States was pre-industrial.[4] The population of white settlers grew from an estimated 40. 540. and immigration. and Pennsylvania and Massachusetts with 11% each. clear land and grow enough food and build gristmills.3 Data 15 External links Colonial economy to 1780s [ edit ] The colonial economy differed significantly from that of most other regions in that land and natural resources were abundant in America but labor was scarce.[5] By 1775 the population had grown to 2. The free white population had the Massachusetts. tools and supplies until they could build shelters and forts. British American colonies. doubling every 25 years or less.[1][2] There was very little 1770s change in productivity and little in the way of introduction of new goods and services.000 black and 50.000 in 1650 to 235. with a 21% share.

tobacco was about a quarter of the value of exports. New Jersey. which was from 5 to 20% of total employment. however. bridges. and indigo. inns and ferries. rice. The most important agricultural exports were raw and processed feed grains (wheat. Towns were located on or near the coasts or navigable inland waterways. coke made inferior iron. grist mills. Also at the time of the revolution the colonies produced about 15% of world iron. in fact. Economical distance for transporting low value agricultural commodities to navigable waterways varied but was limited to something on the order of less than 25 miles. rosin (candles and soap).[15] By the 18th century. mostly for home consumption. some necessities and virtually all luxuries were imported in return for tobacco. and indigo exports.[11] The mined American iron ores at that time were not large deposits and were not all of high quality. Hard work and https://en. but with some goods sold. such as roads.[12] Britain encouraged colonial production of pig and bar iron. Most important. which was derived from hardwood ashes and was used as a fertilizer and for making soap and glass. Indian corn. pulling mills (which treated cloth). partly because laws prohibited making many types of finished goods in the colonies. Dried and salted fish was also a significant export. These laws achieved the intended purpose of creating a trade surplus for Britain. bread and flour) and tobacco. and Virginia. tar (rope and wood preservative) and pitch (ships' hulls). They gave bounties and subsidies or monopolies to sawmills. and the Carolinas grew tobacco. Pennsylvania .[16] New England [ edit ] The New England region's economy grew steadily over the entire colonial[22-Oct-17 5:23:42 PM] . and the middle colonies of New York. enforcing contracts. which were rare during the colonial period. which included turpentine (used for lamps).Economic history of the United States . colonial legislatures set up a legal system that was conducive to business enterprise by resolving disputes. The colonial balance trade in goods was heavily in favor of Britain.[6] The market economy was based on extracting and processing natural resource and agricultural products for local consumption.[9] About 45% of American made ships were sold to foreigners. iron mills.Wikipedia subsistence farming. although the value of exported iron was small compared to grains and tobacco. but the ban was mostly ignored by the colonists. and the export of agricultural products. however.[13] Settlement was sparse during the colonial period and transportation was severely limited by lack of improved roads.[7] Tobacco was a major crop in the Chesapeake Bay region and rice a major crop in South Carolina. despite the lack of a staple crop that could be exported.[8] The largest non-agricultural segment was ship building. Even on improved roads. American shippers were able to offset roughly half of the goods trade deficit with revenues earned by shipping between ports within the British Empire. rice.[10] Just before the revolution. wagon transport was very expensive. The colonies depended on Britain for many finished goods. the huge forests provided adequate wood for making charcoal.[6] Exports and related services accounted for about one-sixth of income in the decade before revolution. standards of living were generally high—higher. however. but banned construction of new colonial iron fabrication shops in 1750.[14] In the few small cities and among the larger plantations of South Carolina . tried to foster economic growth by subsidizing projects that improved the infrastructure. All the provinces and many towns as well. Except for slaves. Wood in Britain was becoming scarce and coke was beginning to be substituted for charcoal. regional patterns of development had become clear: the New England colonies relied on shipbuilding and sailing to generate wealth. and Delaware shipped general crops and furs. gristmills and sawmills.wikipedia. such as mining. salt works and glassworks. Another export was potash . plantations (many using slave labor) in Maryland . Virginia. rice. and protecting property rights. North Carolina was the leading producer of naval stores. than in England itself. Farm households also were engaged in handicraft production.

[23][24] Numerous historians have explored the roles of working-class men. He argues they grew from small villages to take major leadership roles in promoting trade. South Carolina).org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . He characterizes them as "sensible. New York City (population 18. The colonial governments were much less powerful and intrusive than corresponding national governments in Europe.[18] The Connecticut economy began with subsistence farming in the 17th century. there was strong entrepreneurship.000 in 1760). who brought large numbers of African slaves from that island. Philadelphia (population 23. They experimented with new methods to raise revenue. ostentatiously moral.Economic history of the United States . and in the numerous wars the British poured money in to purchase supplies. and stimulated a manufacturing sector that made heavy use of the entrepreneurship and mechanical skills of the people. and Charleston (Charles Town) and New Orleans were the most important before the Civil War. The rapidly growing population led to shortages of good farm land on which young families could establish themselves. new occupations were opening for women. and Charles Town (Charlestown. periodic money problems.[20][21] Urban centers [ edit ] Historian Carl Bridenbaugh examined in depth five key cities: Boston (population 16.Wikipedia entrepreneurship characterized the region. there was no long tradition of powerful guilds. in that a large fraction of the men could vote. but they did display certain distinctly American characteristics. and upwardly mobile. and lawyers moved easily back and forth between politics and their profession. international trade and shipbuilding—and after 1780 in whaling. and a steady increase in the specialization of labor. build roads and pay colonial soldiers. Furthermore. In agriculture there was a shift from grain to animal products. printers (especially as newspaper editors) had a much larger role in shaping public opinion.[26] There were few cities in the entire South. The American Revolution cut off imports from Britain. Combined with growing urban markets for farm products. Bridenbaugh argues that by the mid-18th century. reaching from merchants to farmers to hired laborers. In the second half of the 18th century. developed a distinctly American educational system. and in disseminating the ideas of the Enlightenment. shrewd. In the towns and cities.[17] The benefits of growth were widely distributed in New England. There was no aristocracy or established church. professionals. potash. (population 8000). and downward price pressures in the export market. Wages for men went up steadily before 1775. The coastal ports began to specialize in fishing. frugal. and prosperity. immigration. including weaving. and began systems for care of people meeting welfare. The cities were not remarkable by European standards. one result was to delay marriage. Newport Rhode Island (population 7500). and new methods in medicine and technology. and another was to move to new lands farther west.000).[25] and in the early Republic. build infrastructure. teaching." public spirited. these factors allowed the economy to flourish despite the lack of technological innovation. which enjoined men to work hard as part of their divine calling. generally honest.000).[22] They were more democratic than European cities. according to Bridenbaugh. and solve urban problems. in the economy of the colonial cities. land speculation. and tailoring. The colony of South Carolina was settled mainly by planters from the overpopulated sugar island colony of Barbados . and argues their economic strivings led to "democratic yearnings" for political power.[27][28] https://en. as the Puritans and Yankees endorsed the "Protestant Ethic ". and skilled artisans dominated the cities. the middle-class businessmen. including slaves. they sponsored a consumer taste for English amenities.wikipedia. and lumber as export items to bolster its economy and improve its balance of trade with Great Britain. and developed with greater diversity and an increased focus on production for distant markets.[19] The colonial government from time to time attempted to promote various commodities such as hemp. difficulties arose from the shortage of good farmland. Contrasted to Europe. especially the British colonies in the Caribbean. and class lines were more fluid. The region bordered New France.

they had a negligible effect on commerce and profitability of trade. and their distrust of their betters. with cottage industries and workshops providing finished goods for export to the colonies.Economic history of the United States . Spain clung to old style mercantilism. 95 percent of the American population lived outside the cities—much to the frustration of the British. In explaining the importance of the cities in shaping the American Revolution. who were able to capture the cities with their Royal Navy. Nash emphasizes the role of the working class.[31] A mercantile policy that affected the British American colonies was the Navigation Acts . such as Virginia. indigo and tobacco. Spain and the Dutch Republic tried to protect their investments in colonial ventures by limiting trade between each other's colonies. Free enterprise [ edit ] The domestic economy of the British American colonies enjoyed a great deal of freedom. however. perhaps. and used their control of the local militia disseminate their ideology to the working class and to stay in power until the businessmen staged a conservative counterrevolution. Benjamin Carp compares the important role of waterfront workers. taverns. rice. were enormous. the king also provided each project with a charter or grant conferring economic rights as well as political and judicial authority. which included[22-Oct-17 5:23:42 PM] . England's success at colonizing what would become the United States was due in large part to its use of charter companies. The colonies did not show profits. ship masts. although not realized at the time. primarily concerned with enriching the Spanish government by accumulating gold and silver. He argues that working class artisans and skilled craftsmen made up a radical element in Philadelphia that took control of the city starting about 1770 and promoted a radical Democratic form of government during the revolution. On the eve of independence Britain was entering the early stage of the Industrial Revolution. which were passed by the British Parliament between 1651 and 1673. Some colonies. and local politics. While the private sector financed the companies. although some of their freedom was due to lack of enforcement of British regulations on commerce and industry.[29] Historian Gary B. were founded principally as business ventures. The political implications. but lacked the manpower to occupy and subdue the countryside. kinship networks.[32] Colonists paid minimal taxes. They held power for a while. Adam Smith used the colonies as an example of the benefits of free enterprise. The colonial powers of England. The colonists were left to build their own governments and their own https://en. The Dutch and particularly the British approach was more conducive to private business. Although the Navigation Acts were enforced. Charter companies were groups of stockholders (usually merchants and wealthy landowners) who sought personal economic gain and. France. churches.wikipedia. wanted also to advance England's national goals. were only allowed to be exported to Great Britain. in northern ports. a policy by which countries attempted to run a trade surplus in order to accumulate gold reserves. and the disappointed English investors often turned over their colonial charters to the settlers.[30] Political environment [ edit ] Mercantilism: old and new [ edit ] The colonial economies of the world operated under the economic philosophy of mercantilism .Wikipedia On the eve of the Revolution. Important features of the Navigation Acts are: Foreign vessels were excluded from carrying trade between ports within the British Empire Manufactured goods from Europe to the colonies had to pass through England Enumerated items.

the Stamp Act of 1765 and taxes on tea and other colonial imports. and only 10% in cities.[39][40] US sawing of the horn of a cow (symbolizing a break from British Heavy spending brought France to the verge of bankruptcy and commerce) with a distressed revolution. in 1783 the soldiers and officers were given land grants https://en.[41] In 1775 there was at most 12 million dollars US during the Revolution. by 1995. not nearly enough to cover existing transactions.Economic history of the United States . The Americans attempted resistance through boycotts of British manufactured items. civic virtue and duty. equality under the law for all citizens.[38] The American Revolution (1775–1783) brought a dedication to unalienable rights to "life. The issue was not the amount of the taxes—they were quite small—but rather the constitutional authority of Parliament versus the colonial assemblies to vote taxes.[35] However. and the pursuit of happiness".Wikipedia economy. and donations from patriotic citizens. but with 90% of the people in farming. which emphasize natural rights.wikipedia. to select their own representatives to govern and tax them – which Britain refused. the American economy proved resilient and able to support a sustained war. pay soldiers and suppliers in depreciated currency. but the British responded with a rejection of American rights and the Intolerable Acts of 1774. as they saw it. let alone on a major war. and promotion of the general welfare. Britain's war against the Americans. French and Spanish cost about £100 million. Indeed. in gold in the colonies. The British made the situation much worse by imposing a tight blockade on every American port. which were less visible and rarely complained about. Although the colonies provided an export market for finished goods made in Britain or sourced by British merchants and shipped from Britain. The British tried to crush the American economy with a blockade of all ports. The cartoon Congress and the American states had no end of difficulty represents the commercial status of the financing the war. The Treasury borrowed 40% of the money it needed Revolutionary era cartoon showing and raised the rest through an efficient system of taxation. One partial solution was to rely on volunteer support from militiamen. Another was to delay actual payments. the consensus view among economic historians and economists was that the "costs imposed on [American] colonists by the trade restrictions of the Navigation Acts were small. which emphasize individual liberty and economic entrepreneurship. Taxation [ edit ] The colonial governments had few expenses and taxes were minimal. which cut off almost all imports and exports. An early tax was the Molasses Act of 1733.[33][34] New taxes included the Sugar Act of 1764."[36] The American Revolution [ edit ] Americans in the Thirteen Colonies demanded their rights as Englishmen. In the 1760s the London government raised small sums by new taxes on the colonies. from which historians date the origins of the American[22-Oct-17 5:23:42 PM] . resulting in an all-out war against the British and to independence for the new United States of America. which lasted from 1775 to 1783. and promise it would be made good after the war. liberty. the Americans launched the American Revolution . Englishman watching as other European powers wait to collect milk. [37] In turn. the British incurred the expenses of providing protection against piracy by the British Navy and other military expenses. and simultaneously a commitment to the political values of liberalism and republicanism . Historians have debated back and forth about the cost imposed by the Navigation Acts . This occasioned an enormous uproar.

Seeking greater efficiency.[48] The New Nation [ edit ] The U. in 1775–1780.S. In effect. tightened accounting procedures. with no internal tariffs or taxes on interstate commerce. The first issue amounted to 242 million dollars. issued over 200 million dollars of their own currency. and the French government. During the occupations they were cut off from their hinterland trade and from overland communication. but the scheme raised little money because Americans had little specie.[43] Congress made two issues of paper money. These loans were repaid in full in the 1790s. By 1780. gunpowder and munitions in order to weaken its arch enemy. the Congress sought to raise money by loans from wealthy individuals. they took out large numbers of wealthy merchants who resumed their business activities elsewhere in the British Empire. and indeed was the only method of taxation that was possible at the time. the British occupied the cities. the subsidies continued. Furthermore. especially Virginia and the Carolinas. Starting in[22-Oct-17 5:23:42 PM] . At the same time the states. But the states had no system of taxation either. Morris reduced the civil list. and in 1780–81. Not until 1781. Starting in 1776. and were little help. the paper money was a hidden tax on the people. did the national government have a strong leader in financial matters. The extent of federal power was much debated. and demanded the federal government's full share of money and supplies from the states. and the others for briefer periods. pork and other necessities—an inefficient system that kept the army barely alive. but they were hard hit during the war itself. Constitution. promising to redeem the bonds after the war. When France officially entered the war in 1778. They lost their main role as oceanic ports. established that the entire nation was a unified.[42] Congress used four main methods to cover the cost of the war. which cost about 66 million dollars in specie (gold and silver). as well as bankers in Paris and Amsterdam loaned large sums to the American war effort. When the British finally departed in 1783. when Robert Morris was named Superintendent of Finance of the United States . weakening their morale and adding to the hardships suffered by their families. beef. because of the blockade by the British Navy.[44] The greatest burden was borne by the soldiers of the Continental Army. The bonds were in fact redeemed in 1791 at face value.Wikipedia to cover the wages they had earned but had not been paid during the war. 1775-83.[46][47] The cities played a major role in fomenting the American Revolution. and a second issue of new currency was attempted.wikipedia. and were not directly affected by that inflation. This paper money would supposedly be redeemed for state taxes. but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780 Congress was making requisitions for specific supplies of corn. Great Britain. and many of the rich merchants were supporters of the Crown. The skyrocketing inflation was a hardship on the few people who had fixed incomes—but 90 percent of the people were farmers. as people said. the French secretly supplied the Americans with money. whose wages—usually in arrears—declined in value every month. especially New York 1776-83. The second issue quickly became nearly worthless—but it was redeemed by the new federal government in 1791 at 100 cents on the dollar. adopted in 1787. saved money by using competitive bidding for contracts. the paper money was "not worth a Continental". Congress repeatedly asked the states to provide money. Debtors benefited by paying off their debts with depreciated paper.Economic history of the United States . or common market. with Alexander Hamilton taking a very broad view as the first Secretary of the Treasury during the presidential https://en. Morris used a French loan in 1782 to set up the private Bank of North America to finance the war.[45] Beginning in 1777.

the older cities finally restored their economic basis. In 1792 it was reported that the cost of transport of many crops to seaport was from one-fifth to one half their cost. [49] After the war.[50] World peace lasted only a decade.). They in turn now had an interest in keeping the new government solvent. France resented it. Automatic flour mill [ edit ] In the mid 1780s Oliver Evans invented a fully automatic mill that could process grain with practically no human labor or operator attention. The result was additional serious damage to the mercantile interests. whereby the federal government was authorized by the Constitution to create anything necessary to Chart 1: trends in economic growth.wikipedia.[51][52] Industry and commerce [ edit ] Transportation [ edit ] There were very few roads outside of cities and no canals in the new nation. 1700–1850 support its contents. Cotton gin [ edit ] https://en. This was a revolutionary development in two ways: 1) it used bucket elevators and conveyor belts. He sought and achieved Congressional authority to create the First Bank of the United States in 1791.Economic history of the United States . manufacturing. the Jefferson and Madison administrations engaged in economic warfare with Britain 1807-1812. He succeeded in building strong national credit based on taking over the state debts and bundling them with the old national debt into new securities sold to the wealthy. Connecticut. etc. New London. and 2) it used governors . the charter lasted until 1811. and the Quasi-War of 1798-99 disrupted trade. and Baltimore. and banking. for control. along the seacoast or on lakes and rivers. which would eventually revolutionize materials handling. As the leading neutral trading partner the United States did business with both sides.Wikipedia administration of George Washington . for in 1793 a two-decade-long war between Britain and France and their allies broke out. Hamilton believed the United States should pursue economic growth through diversified shipping. and sailors. Merchant entrepreneurship flourished and was a powerful engine of prosperity in the cities. and local banks began to flourish in all the cities. newer growing cities included Salem. Hamilton successfully argued for the concept of "implied powers ". even if it not specifically noted in it (build lighthouses. a forerunner of modern automation. Maryland. The Washington administration under the leadership of Secretary of the Treasury Alexander Hamilton set up a national bank in 1791.[53] The cheapest form of transportation was by water. Hamilton funded the debt with tariffs on imported goods and a highly controversial tax on whiskey. and then full-scale warfare 1812 to 1815 .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . Outraged at British impositions on American merchant ships. Massachusetts (which opened a new trade with China).

[56] By 1791 Slater had some of the equipment operating.S. Cotton farming boomed following the improvement of the cotton gin by Eli Whitney. Most people lived on farms and produced much of what they consumed. A considerable percentage of the non-farm population was engaged in handling goods for export. who deeply distrusted banks and urban institutions. It was designed by Alexander Hamilton and faced strenuous opposition from agrarians led by Thomas Jefferson. which was the first successful water powered roller spinning cotton factory in the U.Wikipedia Cotton was at first a small-scale crop in the South. Rhode Island. According to David Wilkinson : "all the turning of the iron for the cotton machinery built by Mr. Slater determined that the machinery was not capable of producing good quality yarn and persuaded the owners to have him design new machinery. In 1789 Slater began Samuel Slater (1768–1835) working as a consultant to Almy & Brown in Rhode Island who were trying to successfully spin cotton on some equipment they had recently purchased.wikipedia.[59] The textile industry became established in New England.S.S. Soon.S. Steam power began being used in factories. who worked as mechanic at a cotton spinning operation in England. where there was abundant water power.[60] https://en. large cotton plantations. memorized the design of the machinery. David Wilkinson went on to invent a metalworking lathe which won him a Congressional prize. France and New England. based on slave labor. He was able to disguise himself as a laborer and emigrated to the U.[55] Mechanized textile manufacturing [ edit ] "The First Cotton Gin" conjectural image from 1869 In the final decade of the 18th century England was beginning to enter the rapid growth period of the Industrial Revolution . money and banking [ edit ] Main article: History of banking in the United States § New Nation The First Bank of the United States was chartered in 1791. Slater was done with hand chisels or tools in lathes turned by cranks with hand power".. the introduction of steamboats and the first railroads were the beginning of a transportation revolution that would accelerate throughout the century. built the best ships in the world. when he arrived and had great difficulty finding someone to build the machinery.[54] It was 50 times faster at removing the seeds than with a roller. Eventually he located Oziel Wilkinson and his son David to produce iron castings and forgings for the machinery. The country was an exporter of agricultural products. Finance. but the rest of the world was completely devoid of any type of large scale mechanized industry. Britain prohibited the export of textile machinery and designs and did not allow mechanics with such skills to emigrate. In 1793 Slater and Brown opened a factory in Pawtucket. Slater found no mechanics in the U. Samuel Slater . where he heard there was a demand for his knowledge. but water was the dominant source of industrial power until after the Civil War.Economic history of the United States . The raw cotton was shipped to textile mills in Britain. expanded in the richest lands from the Carolinas westward to Texas. The building of roads and canals. The[22-Oct-17 5:23:42 PM] .[57][58] The early 19th century [ edit ] The United States was pre-industrial throughout the first third of the 19th century. ( See: Slater Mill Historic Site ).

S.S.g.. In 1801. changing an early tendency toward free trade into a protectionism characterized by nationalism and protective tariffs.[66] https://en. The Whig legislation program was blocked at the national level by the Democrats.[61] Following Hamilton's death at the hands of Aaron Burr . (He based his philosophy on protecting the common man from political and economic tyranny. however. the creation of the Coast and Geodetic Survey in 1807 and other measures to improve river and harbor navigation. UK.wikipedia. but similar modernization programs were enacted in most states on a bipartisan[22-Oct-17 5:23:42 PM] . The Louisiana Purchase greatly expanded the size of the United States.Wikipedia Political developments [ edit ] Main articles: Tariffs in United States history. created a home market for goods made in the U. Jefferson became president and turned to promoting a more decentralized. but the War of 1812 proved the need for a national bank and Madison reversed positions. US) generally. most of Hamilton's economic policies). beginning with Lewis and Clark's Corps of Discovery in Average Tariff Rates in USA (1821- 1804 and continuing into the 1870s. with a 20-year charter. The Whig Party supported Clay's American System .. ships by France and Britain during the Napoleonic Wars led to the Embargo Act of 1807 which prohibited most foreign trade.S. the establishment of the First Bank of the United States and Second Bank of the United States as well as various protectionist measures (e. consequently.Economic history of the United States . (even if they were more expensive).[63] Thomas Jefferson was able to purchase the Louisiana Territory from France in 1803 for $15 million. the tariff of 1828 ). by cutting off almost all foreign trade. the American school of political economy was championed in the antebellum period by Henry Clay and the Whig Party Tariff Rates (France.g.) However.[62] Specific government programs and policies which gave shape and form to the American School and the American System include the establishment of the Patent Office in 1802. roads. List of tariffs in the United States. and which provided crucial information for the overland pioneers that followed. which proposed to build internal improvements (e. who proposed the creation of a government-sponsored bank and increased tariffs to encourage industrial development. adding extremely good farmland. Jefferson did not change Hamilton's basic policies.S. protect industry. Alexander Hamilton. He particularly praised small farmers as "the most valuable citizens". and Protectionism in the United States The institutional arrangements of the American System were initially formulated by first Secretary of the Treasury. but they could not stop Hamilton. As president in 1811 Madison let the bank charter expire.[64] The War of 1812. canals and harbors). opening up markets for western farm products. the Mississippi River and the city of New Orleans. the assignment of Army Engineer officers to assist or direct the surveying and construction of the early railroads and canals. Wars from 1793 to 1814 caused withdrawal of most foreign shipping from the U. agrarian democracy called Jeffersonian democracy. although the treasury at the time only had $10 million. leaving trade in the Caribbean and Central and South America open for the U. almost always under the 2016) direction of an officer from the Army Corps of Topographical Engineers.[65] States built roads and waterways. who wielded immense power and political clout in the Washington administration. Seizure of U. the various Army expeditions to the west. The Second Bank of the United States was established in 1816. and create a strong national bank. such as the Cumberland Pike (1818) and the Erie Canal (1825). Thomas Jefferson and James Madison opposed a strong central government (and.

commerce and industry [ edit ] Population growth [ edit ] Although there was relatively little immigration from Europe.069. Lexington. Illinois. Louisville. The Panic of 1837 stopped business growth for three years.Economic history of the United States . were typically between 30 and 50 percent higher than in Britain. economy of the early 19th century was characterized by labor shortages. Jackson blocked the renewal of the bank's charter. The high birth rate. Jackson opposed paper money and demanded the government be paid in gold and silver coins. which he believed favored the entrenched interests of rich. and new grain growing areas were brought into production in the Mid West. The coming of the steamboat after 1810 made upstream traffic economical on major rivers. especially unskilled labor and experienced factory workers. The newly opened regions had few roads. China. The opening of the Erie Canal made Buffalo the jumping off point for the lake transportation system that made important cities out of Cleveland. the rapid expansion of settlements to the West. Missouri. Women factory workers were especially scarce. Labor prices in the U. Nashville and points west. as noted by numerous contemporary observers. The relative labor scarcity and high price was an incentive for capital investment.[69] Historian Richard Wade has emphasized the importance of the new cities in the Westward expansion in settlement of the farmlands. Ohio. Mississippi.[70] Labor shortage [ edit ] The U. Cincinnati. with children everywhere. Eventually this put severe downward pressure on prices. the population had reached 17. and nodes for migration and financing of the westward expansion. Detroit.Wikipedia The role of the Federal Government in regulating interstate commerce was firmly established by the landmark Supreme Court ruling in Gibbons v Ogden.749. They were the transportation centers. Westward expansion plus the building of canals and the introduction of steamboats opened up new areas for agriculture. and Cumberland rivers. leader of the new Democratic Party. which decided against allowing states to grant exclusive rights to steamboat companies operating between states. particularly in machinery. President Andrew Jackson (1829–1837).[67] Agriculture. Louis joined the United States and grew rapidly. and especially Chicago. The average age was under 20. All types of labor were in high demand.3 million people in 1800. especially the Hudson. entirely new cities were begun at Pittsburgh. Although cotton was grown in India.000 square[22-Oct-17 5:23:42 PM] . and the availability of cheap land caused the rapid expansion of population. Marietta. Before the Industrial Revolution most cotton was spun and woven near where it was grown. By 1840.000 on the same land. particularly of cotton. With the coming of the steamboat after 1815.wikipedia. but a very good river system in which everything flowed downstream to New Orleans.S. opened up vast frontier lands. opposed the Second Bank of the United States. The labor shortage was attributed to the cheapness of land and the high returns on agriculture. https://en. Much land was cleared and put into growing cotton in the Mississippi valley and in Alabama. economy was primarily agricultural in the early 19th century. it became possible to move merchandise imported from the Northeast and from Europe upstream to new settlements. and the Louisiana Purchase of 1803.S. leaving little raw cotton for the international marketplace. The elasticity of labor was low in part because of lack of transportation and low population density. World cotton demand experienced strong growth due to mechanized spinning and weaving technologies of the Industrial Revolution. When he was elected for a second term.6 million in 1820 on 1.[71] Agriculture [ edit ] Main article: History of agriculture in the United States The U. living on 865.S. first from 1820 to 1823 and again from 1840 to 1843. The population grew from 5.000 square miles of land to 9.[68] New Orleans and St. Tennessee.

but wore out quickly. Following the Louisiana Purchase the need for additional roads to the West were recognized by Thomas Jefferson. A ton-mile by wagon cost from between 30 and 70 cents in 1819.S. The Cumberland Road was to connect Cumberland Maryland on the Potomac River with the Wheeling (West) Virginia on the Ohio River. such as those carrying coal in eastern Pennsylvania. which was on the other side of the Alleghany Mountains .500 per mile. Growing and refining sugar required a large amount of capital. Canals' shipping costs were between two and three cents per ton- mile. which was one of the most severe in U. New York. sugar cane and tobacco.wikipedia. excluding financing.000. H. [74] Some turnpikes were wooden plank roads. The building of roads in the early years of the 19th century greatly lowered transportation costs and was a factor in the deflation of 1819 to 1821. Southern plantations. Macadam roads in New York cost an average of $[22-Oct-17 5:23:42 PM] . used negro slave labor. Some of the nation's wealthiest people owned sugar plantations. 1857 to 1860 the cost was 0. which opened in 1830.800 per mile. New York. The Delaware and Raritan Canal was also very successful. began operation in 1825. particularly the U. which grew cotton. Wagon cost from Buffalo to New York City in 1817 was 19..[73] Cotton became the United States' largest export. in 1801 Thomas Jefferson began work on the Natchez Trace. compared to over 30 cents by wagon. which were highly profitable. with the Mississippi River. the Americas. on the Hudson River with Buffalo.[72] The cotton trade. the Middle East and other tropical and sub-tropical areas. respectively.000 and $30. which often had their own sugar mills. who authorized the construction of the Cumberland Road in 1806. where it was refined into granular sugar.000 per mile. and the horse required a wagoner versus a couple of men for the barge. had sufficient suitable land available to support large scale cotton plantations. which typically cost about $1. on Lake Erie. but turnpikes were being built.000 and $10.[11] The cost of constructing a typical canal was between $20. Canals [ edit ] Because a horse can pull a barge carrying a cargo of over 50 tons compared to the typical one ton or less hauled by wagon.Economic history of the United States .[78] https://en. was 6 percent or less of national income in the 1830s. history. Roads [ edit ] There were only a few roads outside of cities at the beginning of the 19th century. which was to connect Daniel Boone 's Wilderness Road . The 325-mile Erie Canal .[77] The Erie Canal was a great commercial success and had a large regional economic impact. The cost of transporting wheat or corn to Philadelphia exceeded the value at 218 and 135 miles. Sugar cane was being grown in Louisiana.500 to $1. Bartlett 1839) only a few were longer than two miles.[76] Scene of Lockport on the Erie Canal Only 100 miles of canals had been built in the U.81 cents. By Erie Canal c. Mail roads were also built to New Orleans.S.Wikipedia Egypt. water transportation costs were a small fraction of wagonage costs. and (W.5-mile canal bypassing the falls on the Ohio River at Louisville.S. Tennessee. Also important was the 2.2 cents per ton-mile. by 1816. The early canals were typically financially successful. transport and marketing. Robert Fulton's estimate for typical wagonage was 32 cents per ton-mile. which connected Albany. which ended in Nashville.[75] while high-quality roads cost between $5.[74] To facilitate westward expansion.

the New Orleans became the first steamboat to travel down the Ohio and Mississippi Rivers from Pittsburgh to New Orleans. By 1807 when the North River Steamboat (unofficially called Clermont) first sailed. U. Most power in the U.S. which was from half to one-quarter https://en. Steam power did not overtake water power until sometime after 1850. sawmills and flour milling.S. often referred to as the Clermont.S. Steam engines soon became common in public water supply. The British gained the lead in shipbuilding after they introduced iron-hulled ships in the mid 19th century.[79] Oliver Evans began developing a high pressure steam engine that was more practical than the engine developed around the same time by Richard Trevithick in England.-built ships were superior in design. The high pressure engine did away with the separate condenser and thus did not require cooling water.Economic history of the United States . As the canal boom was underway in the late 1820s. The number of steamboats steadily grew into the hundreds. was supplied by water wheels (and water turbines during after 1840).[83] In the winter of 1811 to 1812. By the time of Fulton's death in 1815 he operated 21 of the estimated 30 steamboats in the U. It also had a higher power to weight ratio.[82] Steamboats and steam ships [ edit ] For Steamboat monopoly. which used a high pressure engine in combination with a low pressure condensing engine. Evans and a partner formed the Pittsburgh Steam Engine Company in Pittsburgh. Ogden. which were very large and heavy in relation to the smaller high pressure engines. In 1807 and 1808 Robert L. Leather belting continued in use until it was displaced by unit drive electric motors in the early decades of the 20th century. there were estimated to be fewer than a dozen steam engines operating in the U. These were quickly followed by the first steam railways in the 1830s.[81] Shipbuilding [ edit ] Shipbuilding remained sizable industry. In 1812 he produced his successful Colombian engine at Mars. a small number of horse railways were being built.Wikipedia The success of some of the early canals led to a canal building boom. The first steamboats were powered by Boulton and Watt type low pressure engines. Commercial steamboat operations began in 1807 within weeks of the launch of Robert Fulton 's North River Steamboat. see Gibbons v. The first steamboats powered only by high pressure were the Aetna and Pennsylvania designed and built by Oliver Evans .S. As his business grew and orders were being shipped inland. The commercial feasibility of steamboats on the Mississippi and its tributaries was demonstrated by the Enterprise in 1814.[80] Mechanical power transmission [ edit ] In 1828 Paul Moody substituted leather belting for gearing in mills. making it suitable for powering steamboats and locomotives. There were more steamboats in the Mississippi valley than anywhere else in the world. especially in areas with little or no water power.wikipedia. when he opened the Mars Works foundry and factory near[22-Oct-17 5:23:42 PM] . Steam power [ edit ] In 1780 the United States had three major steam engines. Stevens began operation of the Phoenix. during which work began on many canals which would prove to be financially unsuccessful. all of which were used for pumping water: two in mines and one for New York City's water supply. Pennsylvania. where he produced additional engines.[84] Early steamboats took 30 days to travel from New Orleans to Louisville. required smaller crews and cost between 40 and 60 percent less to build than European ships. Evans produced a few custom steam engines from 1801 to 1806.

until the development of more efficient engines. although some canals flourished for an additional half-century. although to a significantly lower price level.Economic history of the United States . A credit contraction caused by a financial crisis in England drained specie out of the U.S.Wikipedia the time by keel boat. and did not recover until the late 1830s.. The price of agricultural commodities fell by almost 50 percent from the high in 1815 to the low in 1821. The early lines in the 1830s and 1840s were locally funded. It collapsed in 1836.[86] The first locomotives were imported from England. Ohio's railroads put the canals out of business. who had designed and manufactured a highly successful stationary steam engine. Its absence caused serious difficulties for the national government trying to finance the War of 1812 over the refusal of New England bankers to help out.000 per mile of canal. By the 1850s the Americans had developed their own technology. significantly lowered transportation costs.[88] A typical mile of railroad cost $30. money and banking [ edit ] See also: Panic of 1837 The charter for the First Bank of the United States expired in 1811.. In 1833 when there were few locomotives in the U. Early trans-ocean steamships were used for passengers and soon some companies began offering regularly scheduled service. by 1830 the time from New Orleans to Louisville was halved. Railroads appeared at the time of the canal boom. One such locomotive was the John Bull which arrived in 1831. however. three-fourths of which were made in the U.S. he went on to found the Baldwin Locomotive Works. causing its abrupt end. Railroads [ edit ] Railroads were an English invention. one of the largest steam locomotive manufacturers. and the first entrepreneurs imported British equipment in the 1830s. falling to one-half cent per pound by 1830. Baldwin was already working on an experimental locomotive based on designs shown at the Rainhill Trials in England. Due to improvements in steamboat technology.[85] The SS Savannah crossed from Savannah to Liverpool in 1819 as the first trans-Atlantic steamship. The Bank of the United States also contracted its lending.[89] President James Madison reverses earlier Jeffersonian opposition to banking. three quarters were made in England. The other two downturns were depressions accompanied by significant periods of deflation during the early 19th century.wikipedia. which shut off most international shipping and trade due to the Napoleonic Wars .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . and secured the opening of a new national bank. The Second Bank of the United States was chartered in 1816. Baldwin produced his first locomotive in 1832. While awaiting assembly.S.'s main export.[91] https://en. was able to inspect the parts and obtain measurements. In 1820 freight rates for keel boats were five cents versus two cents by steamboat.S. fell after the return of normal harvests in 1818. mainly from turnpikes. under heavy attack from President Andrew Jackson during his Bank War . They primarily handled freight rather than passengers.[87] Ohio had more railroads built in the 1840s than any other state.[90] There were three economic downturns in the early 19th century. Matthias W.000 compared to the $20. but a railroad could carry 50 times as much traffic. the U. Baldwin. and connected nearby cities or connected farms to navigable waterways. which had been high because of the famine of 1816 that was caused by the year without a summer . Most damaging was the price of cotton. Its leading executive was Philadelphia banker Nicholas Biddle . Food crop prices. and to a minor extent the introduction of steamboats. The first and most severe was during the depression from 1818 to 1821 when prices of agricultural commodities declined by almost 50 percent. Finance.S. The first was the result of the Embargo Act of 1807. trans-ocean ships had to carry more coal than freight. Improved transportation. In 1838 there were 346 locomotives recorded in the U.

there here were 15 cotton spinning mills in operation.Wikipedia The third economic downturn was the depression of the late 1830s to 1843. and blamed international events beyond American control. such as conditions in Mexico. and continued their sewing chores. embezzlement of supplies. Branch mints at New Orleans . In 1838 there was a brief recovery. Andrew Jackson signed the executive order known as the Specie Circular in 1836.wikipedia. Gold was being withdrawn from the U. The magnitude of this contraction is matched only by the Great Depression. when the money supply in the United States contracted by about 34 percent with prices falling by 33 percent. Georgia. partly because of rapid population growth. GDP rose 16 percent from 1839 to 1843. China and Britain.[99] In 1809 the number of mills had grown to 62. using plans for a power loom that he smuggled out of England. and build new factories in Massachusetts Rhode Island using the stolen designs. A survey of economic historians in 1995 show that the vast majority concur with Temin's conclusion that "the inflation and financial crisis of the 1830s had their origin in events largely beyond President Jackson's control and would have taken place whether or not he had acted as he did vis-a-vis the Second Bank of the[22-Oct-17 5:23:42 PM] . when cheap cloth imports from Britain were unavailable. and most of the factories were built alongside the rivers in rural New England and upstate New York. in 1815 Francis Cabot Lowell of the Boston Manufacturing Company built the first integrated spinning and weaving factory in the world at Waltham. and most used Arckwright water frames powered by small streams. were authorized by congress in 1835 and became operational in 1838. The business cycle upturn occurred in 1843.. with 25 under construction. including hosiery and linen. The power came from waterfalls. Samuel Slater secretly brought in the plans for Boston Manufacturing Co.. was produced by households.[97] The American textile industry was established during the long period of wars from 1793 to 1815. following the Panic of 1837 . by England and silver had also been taken out of the country because it had been under valued relative to gold by the Coinage Act of 1834 .[92] In order to dampen speculation in land. To meet increased demand for cloth several manufacturers resorted to the putting-out system of having the handloom weaving done in homes. Waltham. and housewives sewed it into clothing for family use or trade with neighbors.[98] By the time the Embargo Act of 1807 cut off trade with Britain.[96] By the 1820s. most cloth was made in home workshops. In 1810 the secretary of the treasury estimated that two- thirds of rural household clothing. The putting-out system was inefficient because of the difficulty of distributing the yarn and collecting the cloth. with a https://en. factories were built to supply a regional and national market.Economic history of the United States . These were all small operations. housewives bought the cloth at local stores.S.[95] Before 1800. North Carolina. For the most part. Canal projects began to fail.S. Economic historians have explored the high degree of financial and economic instability in the Jacksonian era. To overcome these problems the textile manufacturers began to consolidate work in central workshops shops where they could supervise operations. The result was the financial Panic of 1837 . Dahlonega . Massachusetts.[93] Despite the deflation and depression.S.[92] A fundamental cause of the Panic of 1837 was depletion of Mexican silver mines. requiring sale of government land to be paid in gold and silver. Taking this to the next level. who absolved Jackson's policies. they follow the conclusions of Peter Temin . They were all located in southeastern New England. and Charlotte ."[94] Manufacturing [ edit ] Starting with textiles in the 1790s. complex textile machinery from Britain. This was the largest factory in the U. lack of supervision and poor quality. typically employing fewer than 50 people.

In 1853 when the British Parliamentary Committee on Small Arms questioned gun maker Samuel Colt . rifles and handguns could be considered truly interchangeable with a degree of precision.Wikipedia workforce of about 300. who had served as inspector general of the three French arsenals. there was still some question about what constituted interchangeability https://en.[101] Cloth production—mostly cotton but also wool. linen and silk—became the leading American industry. Two notable recipients of these contracts associated with interchangeable parts were Eli Whitney and Simeon North . parts from each firearm had to be carefully custom fitted. Previously. which was a standard textbook for officer training. the first interchangeable small arms parts were not made to a high degree of precision. he was a proponent of using machinery for gun making.S. The requirement for interchangeable parts forced forward the development of modern metal- working machine tools.S. which he published as The American Artillerist's Companion (1809). almost all infantry regiments necessarily included an artificer or armorer who could perform this intricate gunsmithing.S. to begin offering cash advance contracts for producing small arms to private individuals in 1798.[106] The idea of standardization of armaments was originated by French General Jean-Baptiste Vaquette de Gribeauval.[102] The building of textile machinery became a major driving force in the development of advanced mechanical devices.S. with the aid of the Tariff of 1816. stressed the importance of developing a system of standardized armaments. competed effectively with British textiles at a time when many smaller operations were being forced out of business.Economic history of the United States . grinders. he employed only the simplest machines in his factory. began producing muskets with interchangeable locks in France when Thomas Jefferson was minister to France. who in 1765 began instituting the Gribeauval system .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] .wikipedia. North eventually made progress toward some degree of interchangeability and developed special machinery.[107] The experience of the War of 1812 led the War Department to issue a request for contract proposals for firearms with interchangeable parts . the Americans specialized in coarse fabrics. Corps of Artillerists and Engineers where he taught artillery and engineering he learned in France. who fled the French Revolution and in 1795 joined the U. began exporting textiles in the 1830s. Although Whitney was not able to make interchangeable parts.[100] The U. however. highly profitable mill that.S. Honoré Blanc . It wasn't until mid century or later that parts for U. Developing the manufacturing techniques for making interchangeable parts by the Federal Armories took over two decades. Systems of blocks and gauges were also developed to check the accuracy and precision of the machined parts. a fundamental machine tool .[105] Development of interchangeable parts [ edit ] Main article: Interchangeable parts Standardization and interchangeability have been cited as major contributors to the exceptional growth of the U. and machine tool makers James Nasmyth and Joseph Whitworth . including milling machines.[104] Low return freight rates from Europe offered little protection from imports to domestic industries. It was a very efficient. North's shop used the first known milling machine (c. with division of labor.[103] The shoe industry began transitioning from production by craftsmen to the factory system . At the suggestion of George Washington. The Federal Armories perfected the use of machine tools by developing fixtures to correctly position the parts being machined and jigs to guide the cutting tools over the proper path.[107] The idea of armament standardization was advocated by Louis de Tousard . Jefferson wrote a letter to John Jay about these developments in 1785. while the British exported finer cloth that reached a somewhat different market.[107] Fears of war stemming from the XYZ Affair caused the U. economy. however. Tousard had been working on an artillery manual. 1816). shapers and planers. Tousard's manual.

however. The West was primarily a grain and pork producing region. The use of steam engines in manufacturing increased and steam power exceeded water power after the Civil War. Machinists from the armories eventually spread the technology to other industries. until the late 19th century. Horse drawn reapers became widely introduced.[107][108][109][110] The mid 19th century [ edit ] The mid-19th century was a period of transition toward[22-Oct-17 5:23:42 PM] . with an important machine tool industry developing around Cincinnati. James K. Table 1: Sector shares Employment % Output % (1860 prices) Year Agriculture Industry Services Agriculture Industry Services 1840 68 12 20 47 21 31 1850 60 17 23 42 29 29 1860 56 19 25 38 28 34 1870 53 22 25 35 31 34 1880 52 23 25 31 32 38 1890 43 26 31 22 41 37 1900 40 26 33 20 40 39 https://en. Polk. Iowa and Missouri and south to include Kentucky) grew rapidly. Steamboats and railroads. The Southern economy was based on plantation agriculture. He grew America by 1/3 through the Mexican American war in turn growing the economy and supporting Manifest Destiny. The shoe industry became mechanized. The combination of railroads. Among the items using interchangeable parts were some sewing machine brands and bicycles. the 11th president. A machine tool industry developed and machinery became a major industry. It wasn't until late in the 19th century that interchangeable parts became widespread in the U. introduced in the early part of the century. particularly in the Northeast.[107] The development of these modern machine tools and machining practices made possible the development of modern industry capable of mass production. produced with slave labor. The market economy and factory system were not typical before 1850.[112] Coal displaced wood as the major fuel. Commerce. The population of the West (generally meaning from Ohio to and including Wisconsin.S. manufacturing. large scale industrial production did not develop in the U. such as clocks and watches. Ohio. served his presidency from 1845 to 1849.[111] The telegraph was introduced and was in widespread use by the mid 1850s.S. which produced cotton textiles and shoes. industry and agriculture [ edit ] The depression that began in 1839 ended with an upswing in economic activity in 1843.Economic history of the United States . significantly increasing the productivity of farming. Minnesota. primarily cotton.wikipedia. Sewing machines began being manufactured.[107] The machinists' skills were called armory practice and the system eventually became known as the American system of manufacturing. became widespread and aided westward expansion. the telegraph and machinery and factories began to create an industrial economy. tobacco and sugar.Wikipedia and whether it could be achieved at a reasonable cost. especially in the New England area. but developed along transportation routes.

400 24.[84] Private capital for Railroads during the period from 1830–1860 was inadequate. Billings.838 11. less than half of which was due to the general fall in prices. Chicago. with a typical cost of $30. Due to these radical innovations.021 30. new markets continuously opened. funding.wikipedia. farm equipment.804 TOTAL NEW TRACK USA 9. Table 2: Railroad Mileage Increase by Groups of States 1850 1860 1870 1880 1890 New England 2.677 4.536 Southern States 2.202 6.778 29.660 4.507 3. land grants. creating a blueprint that all large corporations basically followed. conductors and engineers. textile factories.626 52. One Hundred Years of American Commerce 1795–1895 p 111 Railroad executives invented modern methods for running large- scale business operations. and provided some financing."[116] As transportation improved.000 per mile with a considerable range depending on terrain and other factors.209 Western States and Territories 1. establishing the base for the country's industrialization. Railroads were allowed banking privileges and lotteries in some states. the railroad became the first large-scale business enterprise and the model for most 1864.589 62.964 15. oil.276 11.Wikipedia Source: Joel Mokyr [113] Railroads [ edit ] Main article: Rail transportation in the United States Historian Larry Haeg argues from the perspective of the end of the nineteenth century: Railroads created virtually every major American industry:[22-Oct-17 5:23:42 PM] .[119] They were first to encounter managerial complexities. labor union issues. gas. Depew (ed.872 21. tax breaks. Private investors provided a small but not insignificant share or railroad capital.[114] Railroads opened up remote areas and drastically cut the cost of moving freight and passengers.494 5. grain.831 Middle States 3.394 Pacific States and Territories 23 1.[115] This large fall in transportation costs created "a major revolution in domestic commerce.). steel. and Dallas. Pennsylvania oil drilling early large corporations. By 1860 long distance bulk rates had fallen by 95%. and problems of geographical competition. enabled the nation to develop a large-scale railroad system.080 9. cotton.192 14.982 6.705 10.[118] A combination of domestic and foreign investment along with the discovery of gold and a major commitment of America's public and private wealth.[120] in the history of the petroleum industry in the United States https://en. lumber.301 129. Railroads greatly increased the importance of hub cities such as Atlanta.774 Source: Chauncey M.[117] Railroads were a highly capital intensive business.587 52. States awarded charters.Economic history of the United States .914 93. California citrus. They created career tracks that took 18-year-old boys and turned them into brakemen.036 8.

saving a considerable amount of fuel. The value added by stoves was equal to the value added by[22-Oct-17 5:23:42 PM] . high speed lathes. Charcoal production was very labor and land intensive. it was possible to use lower grade coal.S.[122] Iron was used for a wide variety of purposes.Wikipedia 1900 panoramic image of the Chicago slaughter houses Iron industry [ edit ] The most important technological innovation in mid 19th century pig iron production was the adoption of hot blast. It was estimated that to fuel a typical sized 100 ton of pig iron per week furnace in 1833 at a sustained yield. Anthracite reduced labor cost to $2.[121] but with less fuel required per unit of iron. In 1860 large consumers were numerous types of castings. planers and mortising machines and various other machines amazed the British as was reported by Joseph Whitworth . Coal sold in Cincinnati for 10 cents per bushel (94 pounds) and in New Orleans for 14 cents.[127] Manufacturing [ edit ] Manufacturing became well established during the mid 19th century.000 acres. In 1840 wood was the major fuel while coal production was minor.[124] Cast iron stoves for heating and cooking displaced inefficient fireplaces. By the mid century machines https://en. High quality metallurgical coking coal deposits of sufficient size for iron making were only available in Great Britain and western Germany in the 19th century.50 per ton. Anthracite was difficult to light with cold blast.50 per ton compared to charcoal at $15.Economic history of the United States . was expensive and industry made every effort to economize by using machinery. which was developed and patented in Scotland in 1828. as happened with locomotives. In 1850 wood was 90% of fuel consumption and 90% of that was for home heating. railroads. canals and navigable internal waterways were able to bring coal to market at a price far below the cost of wood. sheet and railroad iron produced. It allowed much higher furnace temperatures and increased the capacity of furnaces. forcing the use of coke . which was more porous and did not impede the upflow of the gases through the furnace. especially stoves. timber plantations required 20. The trees had to be hauled by oxen to where they were cut. Labor in the U. Hot blast allowed blast furnaces to use anthracite or lower grade coal. slightly less than half was railroad iron.wikipedia. the capacity of furnaces would have eventually exceeded the wood supply. Charcoal would have been crushed by the column of material in tall furnaces. however. stacked on end and covered with earth or put in a kiln to be charred for about a week. Hot blast is a method of using heat from the blast furnace exhaust gas to preheat combustion air. By mid century the forests were being depleted while steamboats and locomotives were using enough wood to create shortages along their routes. Also.[107] Woodworking machinery such as circular saws. By 1880 wood was only 5% of fuel consumption. The use of anthracite was rather short lived because the size of blast furnaces increased enormously toward the end of the century.[123] Coal displaces wood [ edit ] Coal displaced wood during the mid-nineteenth century.[125][126] Wood was a byproduct of land clearing and was placed along the banks of rivers for steamboats.[128] See: American system of manufacturing#Use of machinery In the early 19th century machinery was made mostly of wood with iron parts. Of the $32 million of bar.

grew from 187 in 1830 to 735 in 1860. Iron ships became common and more efficient multiple expansion engines were developed.000 hp.[129] The shoe industry was the second to be mechanized. ships required fewer crew members to operate.S.000 engines totaling 40.wikipedia. U. in 1856 several important patents were pooled under the Sewing Machine Combination . launched in 1845. The U. based on a number of[22-Oct-17 5:23:42 PM] .Economic history of the United States . It was the first steam engine that was suitable for cotton spinning.[131] The Corliss steam engine . and lasted longer. Sewing machines were developed for sewing leather. was called the most significant development in steam engineering since James Watt . A leather rolling machine eliminated hand hammering. patented in 1848. Telegraph [ edit ] https://en. capital invest and value of goods produced. That year there were 5 million spindles in the U. Previously steam engines for cotton spinning pumped water to a water wheel that powered the machinery. Blanchard lathes began being used for making shoe lasts (forms) in the 1850s. In 1860 the textile industry was the largest manufacturing industry in terms of workers employed (mostly women and children).S.[134] Propellers caused vibrations which were a problem for wooden ships. made ships cost from 40% to 60% as much as European ships. was the first iron ship with a screw propeller.[104] By the 1850s much progress had been made in the development of the sewing machine . making it suitable for a wide variety of industrial applications. tried to compete by building wooden clipper ships . beginning in the 1840s. The design of U.Wikipedia were being increasingly of all iron. S. Total registered tonnage of steam vessels for the U. made the best in the world. which were fast. According to the 1838 report there were an estimated 2.S.[130] Steam power [ edit ] The Treasury Department's steam engine report of 1838 was the most valuable survey of steam power until the 1870 Census.[135] The SS Great Britain . Britain became the leading shipbuilding country. allowing the manufacture of standard sizes.641 in 1860. Steamboats and ships [ edit ] The number of steamboats on western rivers in the U.[107] The sewing machine increased the productivity of sewing cloth by a factor of 5. By 1860 two sewing machine manufacturers were using interchangeable parts.[59] The screw propeller was tested on Lake Ontario in 1841 before being used on ocean ships. but too narrow to carry economic volumes of low value freight. the U. which licensed the patents for a fixed fee per machine sold. grew from 63.[133] Propellers began being used on Great Lakes ships in 1845.S. shapers and other precision metal cutting tools. After the introduction of iron ships. of which 64% were used in transportation. which allowed them to operate at higher speeds and with higher precision. The demand for machinery created a machine tool industry that designed and manufactured lathes. the expanded railroad network and early electric lighting and electric street railways. with no company controlling the right combination of patents to make a superior machine. and was thirty times faster. To prevent damaging lawsuits.S. Steam power greatly expanded during the late 19th century with the rise of large factories. metal planers.[132] Until the introduction of iron ships. with a few companies making the machines. mostly in steamboats. The Corliss engine was more efficient than previous engines and maintained more uniform speed in response to load changes. The sewing machine industry was a beneficiary of machine tools and the manufacturing methods developed at the Federal Armories.052 in 1830 to 770.

000 European immigrants arrived annually. the importance of which had been highlighted by a collision on the Western Railroad in 1841..[141] Agriculture was the largest single industry and it prospered during the war. woolen clothing.[138] Agriculture [ edit ] In antebellum period the U.Economic history of the United States . on the eve of Civil War. but when the war ended U. prices also rose during the Crimean War . Mechanized threshing required less than half the labor of hand threshing. Many remained in eastern cities. Most of the workers in the new factories were immigrants or their children. Between 1845 and 1855. and https://en. late 19th century brother Charles founded Deere and Company which continues into the 21st century as the largest maker of tractors. able to capitalize on high grain prices caused by poor harvests in Steam engines were also used instead Europe during the time of the Great Famine in Ireland [64] Grain of horses. some 300. He and his Adriance reaper. It was easy for a horse to pull and was well suited to cutting the thick prairie sod of the Midwest. compared to 10.[136] Consequently. Cotton and tobacco prices recovered after the panic.[140] The westward expansion into the highly productive heartland was aided the new railroads. with the manufacture of shoes. John Deere developed a cast steel plow in 1837 which was lightweight and had a moldboard that efficiently turned over and shed the plowed earth. combines. which was operational in 1844.[144][145] Threshing machines. which needed rapid communication to coordinate train schedules.[146][147] The Civil War acted as a catalyst that encouraged the rapid adoption of horse-drawn machinery and other implements. harvesters and other farm implements. cotton cloth production was the leading industry. and machinery also expanding. especially mill towns and mining camps. pulled up by a strong demand from the army and from Britain. Railroads also needed to communicate over a vast network in order to keep track of freight and equipment. supplied 80% of Britain's cotton imports. began being widely introduced in the 1830s and 1840s.000 miles of telegraph lines in the U. railroads installed telegraphs lines on their existing right-of-ways . 16% of the people lived in cities with 2500 or more people and one third of the nation's income came from manufacturing. even as hundreds of thousands of farmers were in the army.Wikipedia Congress approved funds for a short demonstration telegraph line from Baltimore to Washington D.[139] Just before the Civil War the value of cotton was 61% of all goods exported from the U.000 miles of track. exports to Europe fell dramatically. The rapid spread of recent inventions such as the reaper and mower made the work force efficient. Urbanized industry was limited primarily to the Northeast. which depended on American wheat for a fourth of its food imports..[137] Urbanization [ edit ] By[22-Oct-17 5:23:42 PM] .S.[142][143] Prices were high.[148] Many wives took their place. Low grain prices were a cause of the Panic of 1857 .S. Increased grain production was Threshing machine from 1881. while those with farm experience and some savings bought farms in the West.C. depressing grain prices. By 1852 there were 22. The telegraph was quickly adopted by the railroad industry. which were a novelty at the end of the 18th century.S. and both population and grain production in the West expanded dramatically.S.wikipedia.

had also maintained some control over other banks. mainly to stock brokers. which left many northern factory workers unemployed and deprived to the point of causing bread riots. increasingly they relied on community and extended kin for advice and help.S. contributing to the panic. Louisiana. Mississippi and South Carolina was in slaves.000 state chartered banks issuing notes. which kept it out of circulation. sank. one of the city's largest financial institutions. A manager in the New York branch.[149] The 1862 Homestead Act opened up the public domain lands for free. Georgia. worth $3 billion. began issuing United States Notes as legal tender. the U.S.[154] New York banks created a clearing house association in 1853 in which member banks cleared accounts with other city banks at the close of the week. Land grants to the railroads meant they could sell tracts for family farms (80 to 200 acres) at low prices with extended credit.S. Because of the tariff revenues. In 1860 there were over 8. On September 12.[141] They were mainly owned by southern planters of cotton and sugar[22-Oct-17 5:23:42 PM] .Wikipedia often consulted by mail on what to do. The Second Bank of the U. The association was able to detect banks that were issuing excessive notes because they could not settle.[137] When people lost trust in a bank they rushed to redeem its notes. causing many banks to fail because of lack of specie. money and banking [ edit ] After the expiration of the charter of the Second Bank of the United States.[141] It is estimated that slaves received 15% more in imputed wages than the free market. there were 4. the bank couldn't redeem the notes. had embezzled funds and made excessive loans. which was carrying $1.[151] In the aftermath of the Panic of 1857 .[155] Panic of 1857 [ edit ] The recovery from the depression that followed the Panic of 1837 began in 1843 and lasted until the Panic of 1857. An estimated 60% of the value of farms in Alabama. supporters of slavery pointed out that slaves were generally better fed and had better living quarters than many free workers. The panic was triggered by the August 24 failure of the well regarded Ohio Life Insurance and Trust Co. In 1861 the U.[141] The United States had been running a trade deficit.[150] Slave labor [ edit ] In 1860. starting a https://en.[141] One of the main problems with banks was over-issuance of banknotes . the SS Central America . On September 25 the Bank of Pennsylvania suspended specie payment.5 million Americans of African descent. but in its absence banks were only under state regulation. federal revenues were handled by the Independent Treasury beginning in 1846. with less than a third in land and buildings.[153] Banks began paying interest on deposits and using the proceeds to make short term call loans. often causing the bank to fail.[152] Finance. Secretary of the Treasury Howell Cobb came to the aid of New York mercantile interests by buying back some of the national debt. and because banks issued more notes than their specie reserves. scientific methods and the latest techniques through the newly established Department of Agriculture and the Morrill Land Grant College Act. These were redeemable in specie (gold or silver) upon presentation to the chief cashier of the bank. The company's president announced suspension of specie redemption. The clearinghouse association also handled notes from banks in other parts of the country. In addition the government sponsored fresh information.wikipedia. 4 million of which were slaves. draining gold out of the country. Treasury held a considerable amount of gold.Economic history of the United States . which triggered a rush to redeem banknotes.5 million in gold from California.

Proposals to fund massive western railroad projects.[141] The danger of interest bearing deposits became apparent when bankers had to call loans made to stock brokers.[157] Collapse of the South [ edit ] See also: Economy of the Confederate States of America The wartime devastation of the South was great and poverty ensued. such as New England. were defeated by Southerners afraid these policies would strengthen the[22-Oct-17 5:23:42 PM] . They were joined by many poor whites. did not renew the charter of the Second Bank of the United States. This caused railroad shipments from the West to fall..[161] Many new taxes were imposed. France and Russia caused collapse in demand for U.S. as the population grew faster than the economy. The Civil War changed everything. surged following the Great Famine (Ireland). which resulted in the bankruptcy of some railroads. During Reconstruction railroad construction was heavily subsidized (with much corruption). The tariff was lowered time and again before the Civil War. which had cut off Russian wheat exports. ended in 1856. or sharecroppers .[160] Revenues were trivial in comparison with the cost of a full-scale war. but the region maintained its dependence on cotton.[141] The panic left many northern wage earners unemployed. but high unemployment lingered for a couple of years. Many business were unable to pay workers back wages because they held so many worthless banknotes.Economic history of the United States . Former slaves became wage laborers. which manufactured shoes sold in the West. most temporarily. The slave- labor system was abolished. Treasury [ edit ] In 1860 the Treasury was a small operation that funded the small-scale operations of the government through the low tariff and land sales. Northern industry.[156] Bountiful western harvests in 1857 caused grain prices to fall. which had been exporting wheat to Europe. Chase showed unusual ingenuity in financing the war without crippling the economy. or to give free land to homesteaders .[141] The Crimean War . The war had caused high wheat prices and overexpansion in the U. tenant farmers.[138] Political developments [ edit ] From the 1830s to 1860. surged ahead. and always with a patriotic theme comparing the https://en. The Northern victory sealed the destiny of the nation and its economic system. including social and political affairs. Congress repeatedly rejected Whig calls for higher tariffs. soon recovered. There were about 3 million immigrants during the decade of the 1850s.[141] Immigration surge [ edit ] Immigration to the U. Industrialists came to dominate many aspects of the nation's life.S. but the Treasury Department under Secretary Salmon P. incomes of whites dropped. They were mainly from Germany.wikipedia. Good harvests in England. for example.[159] President Andrew Jackson . making the large southern cotton plantations much less profitable. grains in 1858 and 1859. but unlike grains. Cotton and tobacco prices fell. regulation and macroeconomic development of infrastructure . which included increased state control.Wikipedia nationwide bank run.[141] The inability of the West to sell its crops hurt businesses in other regions. many of who were unable to pay. the world price of cotton plunged. Ireland and England. As late as 1940 the only significant manufacturing industries were textile mills (mostly in the upland Carolinas) and some steel in Alabama. Banks then had to curtail credit to commercial and industrial customers.S. which had expanded rapidly before and during the war.[158] The industrial advantages of the North over the South helped secure a Northern victory in the American Civil War (1861–1865). but income of the former slaves rose. and its policies of economic nationalism.

government owned vast amounts of good land (mostly from the Louisiana Purchase of 1803 and the Oregon Treaty with Britain in 1846).org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . In addition to operating revenues. including the Ohio Territory . through various federal laws.[170] The Pacific Railroad Acts financed several transcontinental railroads by granting land directly to corporations for the first time. the second major source was government bonds. so that even loyal Confederates would hide their horses and mules rather than sell them for dubious paper. Furthermore. while the Confederate system impoverished its patriots. [167][168] About 180 million acres were granted to railroad construction companies between 1850 and 1871. The challenge was to make the land useful to people and to provide the economic basis for the wealth that would pay off the war debt. so that the first one in each city was the "First National Bank". and Chase made it easy to become a national bank. State banks lost their power to issue banknotes. The government paid for supplies in real money. with publicity and patriotism as key factors.[164] Fourth the government printed "greenbacks"—paper money—which were controversial because they caused inflation.Wikipedia financial sacrifice to the sacrifices of life and limb. The government did this by breaking it up into smaller plots for private ownership. as designed by banker Jay Cooke .[162] The United States needed $3. through several Morrill tariff laws. Bounty-land warrants were issued to military veterans in the United States from 1775 to 1855. though they enjoyed the support of protectionists such as Carey. raising rates another 10 points in order to generate more revenues. Chase numbered them. only the wealthy paid and it was repealed at war's end. The tariff act of 1862 served not only to raise revenue. Third came the nation's first income tax. and the stage was set for more substantial Congressional subsidies to future railroads. by 1857 21 million acres of public lands were used for railroads in the Mississippi River valley. and the Platte Purchase in Missouri. which encouraged people to sell to the government regardless of their politics.[166] Land grants [ edit ] The U.S. By contrast the Confederacy gave paper promissory notes when it seized property. but also to encourage the establishment of factories free from British competition by taxing British imports. Only national banks could do that.1 billion to pay for the immense armies and fleets raised to fight the Civil War — over $400 million just in 1862. Apart from taxes. it protected American factory workers from low paid European workers.[163] The largest tax sum by far came from new excise taxes—a sort of value added tax—that was imposed on every sort of manufactured item. it involved buying and holding federal bonds and financiers rushed to open these banks. though a long-time free-trader. worked with Congressman Justin Morrill to pass a second tariff bill in summer 1861. For the first time bonds in small denominations were sold directly to the people. The Morrill Tariff of 1861 was designed to raise revenue. The land grants were used Homesteaders in central Nebraska in 1886 extensively for settlement of pre-Louisiana Purchase lands east of the Mississippi River.[165] These subsequent bills were primarily revenue driven to meet the war's needs. who again assisted Morrill in the bill's drafting. the Northwest Territory. and as a major bonus attracted tens of thousands of those Europeans to immigrate to America for high wage factory and craftsman jobs. Overall the Northern financial system was highly successful in raising money and turning patriotism into profit. Secretary Chase.[169] The Land Grant Act of 1850 provided for 3.Economic history of the United States . railroads were able to finance networks crossing vast https://en.75 million acres of land to the states to support railroad projects.wikipedia. Second came much higher tariffs.

Land grants creating the Indian Reservation system were used by the Indian Appropriations Act of 1851 to segregate native tribes.Economic history of the United States . commenting that ". notably including a land run opening the Unassigned Lands in Oklahoma. benefiting cattle ranchers and speculators..wikipedia. Education [ edit ] British Parliamentary Committee members Joseph Whitworth and George Wallis were very impressed at the educational level of workers in the U.000 sq mi) of federal land for private ownership.and intelligence penetrates through the lowest grades of society. The Dawes Act of 1887 pressured Native Americans to assimilate to European-American culture . The South had resisted policies such as tariffs to promote industry and homestead laws to promote farming because slavery would not benefit.. about 75 million acres. and high-speed rail links.6 million homesteads and distributed 270. efficient factories. Morrill Land-Grant Acts starting in 1860 benefited colleges and universities.Wikipedia distances by selling granted property adjacent to the tracks. with the South gone. the federal government granted 1. Various Homestead Acts distributed land nearly for free in return for improvements such as building a house.[171] Eligibility for the last such program.. The key policy-maker in Congress was Thaddeus Stevens. greenback currency. with great cities. urban buildings. as chairman of the Ways and Means Committee . (The remainder can be charged to inflation. and western railroad land grants. Even more important.. offering former tribal land to individuals separating from their tribes and putting "surplus" reservation land up for auction.[174] The Republicans in control in Washington had a Whig vision of an industrial nation. or planting trees. and businesses. the hundreds of new banks that were allowed to open were required to purchase government bonds.000 acres (420. productive farms." They also remarked that most states had compulsory education laws requiring a minimum of three months per year schooling for child factory workers. At the same time they passed new taxes to pay for part of the war. farming. the Republicans enacted their legislation. as the Confederate economy was destroyed.[173] Civil War [ edit ] The Union grew rich fighting the war. suppression of money issued by state banks. these would become highly desirable plots for new settlers and businesses because of the easy access to long-distance transportation.[175] Historians have debated whether or not the Civil War sped up the rate of economic growth in the face of destruction throughout the South and the diversion of resources to military supplies and away from civilian https://en.. and issued large amounts of bonds to pay for the most of the rest. factories. Overall. This was a total of 10% of all land in the United States.[169] Further information: Land grant § United_States Banking [ edit ] The North's most important war measure was perhaps the creation of a system of national banks that provided a sound currency for the industrial expansion.000. bonds. about half of Indian Reservation land was sold to white Americans by 1906. He took charge of major legislation that funded the war effort and revolutionized the nation's economic policies regarding tariffs. national banks. but later acts opened some of that land to white settlement. income and excise that everybody reads. The economic and military power of the federal government was used to clear Native Americans from land desired by European-American settlers. Thereby the nation monetized the potential wealth represented by farms.S. Between 1862 and 1934. and immediately turned that money over to the Treasury for war needs.) They wrote an elaborate program of economic modernization that had the dual purpose of winning the war and permanently transforming the economy. in Alaska. national[22-Oct-17 5:23:42 PM] . and Northern Democrats very weak in Congress.[172] The Land Office made about 100 million acres of direct sales in the western United States from 1850 to 1900. ended in 1986.

Low freight rates allowed large manufacturing facilities with great economies of scale .[176] Late 19th century [ edit ] Commerce.[120] Rural Free Delivery began being implemented in the early 1890s.[120] An explosion of new discoveries and inventions took place.[179] The greatly expanded railroad network. Improvements in transportation and other technological progress caused prices to[22-Oct-17 5:23:42 PM] . using inexpensive steel rails produced by new steel making processes. internal combustion engine. machine tools and newly developed metal stamping techniques enabled the large scale production of bicycles in the 1890s. The pneumatic tire. dramatically lowered transportation cost to areas without access to navigable waterways. Another significant development was the widespread introduction of electric street railways (trams. automobile. In any case the war taught new organizational methods. typewriter and tabulating machine were some of the many inventions of the period. By 1895. Companies integrated processes to eliminate unnecessary steps and to eliminate middlemen. Standard Oil led the way in exporting kerosene. and shifted the national attention from politics to business. New processes for making steel and chemicals such as dyes and explosives were invented.[177] For the first time. Machinery became a large industry and many types of machines were developed. Russia was its main rival in international trade.Economic history of the United States . steam turbine . but it was not widely implemented for a decade.Wikipedia goods. especially during the so- called long depression. The electric light. Businesses were able to operate over wide areas and chain stores arose.[178] Singer Corporation led the way in developing a global marketing strategy for its sewing machines. prioritized engineering skills.S. a process called the Second Industrial Revolution . improved ball bearings . industry and agriculture [ edit ] See also: Gilded Age In the last third of the 19th century the United States entered a phase of rapid economic growth which doubled per capita income over the period.[181][182] Table 3: Ten leading U.wikipedia. Mail order companies started operating. industries by value added (millions of 1914 $'s) 1860 1880 1900 1920 Value Value Value Value Industry Industry Industry Industry added added added added Cotton 59 Machinery 111 Machinery 432 Machinery 576 goods Iron and Lumber 54 105 Iron and steel 339 Iron and steel 493 steel Boots and Cotton Printing and 53 97 313 Lumber 393 shoes goods publishing Flour and 43 Lumber 87 Lumber 300 Cotton goods 364 meal Men's Boots and https://en. trolleys or streetcars) in the 1890s.[180] Companies created a new management systems to carry out their operations on a large scale. For example. exports of machinery and consumer goods became important. but the rising amount of gold and silver eventually resulted in mild inflation during the 1890s and beyond. phonograph . telephone. the USA leaped ahead of Britain for first place in manufacturing output.

Real gross national product per capita of the United resulted in a large percentage of railroad track in States 1869–1918 bankruptcy.[136] A practical refrigerated (ice cooled) railcar was introduced in 1881. which became heavier as steel prices[22-Oct-17 5:23:42 PM] . Steel rails lasted roughly ten times longer than iron rails. The high capital required for expansion plus the low rates. enabled heavier. too often into increasingly marginal ones.[184] Steel [ edit ] https://en. causing the cattle to lose considerable weight.[181] Railroads competed fiercely for passengers and freight by expanding their routes.[183] In 1890 David Ames Wells estimated wagon transport at 16 cents per ton-mile compared to railroads at less than one cent per ton-mile.Wikipedia 39 82 Clothing 262 Shipbuilding 349 clothing shoes Men's Machinery 31 78 Liquor 224 Automotive 347 clothing Woolen Flour and General shop 27 64 Cotton goods 196 328 goods meal construction Leather Woolen Masonry and Printing and 24 60 140 268 goods goods brick publishing General shop Electrical Cast iron 23 Printing 58 131 246 construction machinery Printing 20 Liquor 44 Meatpacking 124 Clothing 239 Source: Joel Mokyr [113] Railroads [ edit ] Railroads saw their greatest growth in new track added in the last three decades of the 19th century. mainly because of the introduction of new processes that made steel inexpensive. meat-packing and shipping meat to market. Meadville. This made it possible to ship cattle and hog carcasses.wikipedia.Economic history of the United States . Up to that time cattle were driven great distances to railroad shipping points. which grew in size with the entry of several Pork packing in Cincinnati. Swift developed a large business. Steel rails. more powerful locomotives that could pull longer trains. which weighed only 40% as much as live animals. Philadelphia load carrying to car weight ratio of 2:1 compared to cars made of iron at 1:1. Rail cars made of steel on steel roads could be made longer cars and had a Steel workers in 1905. driven by competition and by what the market would bear. Gustavus Franklin Swift developed an integrated network of cattle procurement. (See Table 2 ) Railroads also enjoyed high productivity growth during this time. slaughtering. 1873 competitors.

Daytime service became common during the early 20th century after the introduction of the AC motor . Sprague designed and built the first practical system. licensed Bessemer plant began operation in 1865. Open hearth steel displaced wrought iron as a structural material in the 1880s. [186] Electric street railways rapidly spread to cities around the country in the following years.[185] Communications [ edit ] Following the failure of the first short lived Transatlantic telegraph cable of 1858. machinery. such as a factory. which it was able to do at low cost.[185][187] Using DC placed severe restrictions on the distance power could be transmitted due to power losses.[181] After invention of the telephone in 1876 additional development work was required to make it commercially viable. hotel or electric street railway (tram or streetcar). which was the first central power station in the U. but the technology to make transcontinental calls took until 1915 to be operational.S. Bessemer steel was not suitable for structural purposes. the Richmond Union Passenger Railway in Richmond. but this is a dangerous voltage for household use. which served to even out daily load because the main use of power for lighting was after the peak usage by railways.wikipedia. Power can be safely generated to about 2000 volts.[136] Long distance calling came into being in the 1890s. Due to difficulty in controlling quality and embrittlement with aging. with machinery being in first place. With DC there was no way to transform power to high voltages. The first U.[187] Until the early 1880s electricity had been used mainly in telegraphy and electroplating . which eliminated the need for telephone operators to manually connect local calls on a switchboard. Electric lights and electric street railways [ edit ] Main article: Electrification Early electrification was too limited to have a big impact on the late 19th century economy. Virginia. The Siemens-Martin process.Economic history of the United States . however it did not become widespread for several decades.[188] Automatic telephone switching.Wikipedia Main articles: Carnegie Steel Company and History of the steel industry (1850–1970) In the last three decades of the 19th century iron and steel became a leading industry. connecting Nova Scotia to England. With alternating current voltage can be changed up or down using a transformer . or open hearth process . pipelines. which would have reduced the current and lowered the transmission losses. The Bessemer process was the first large scale process for producing steel. ships.[187] The early electric street railways typically generated their own power and also operated as electric[22-Oct-17 5:23:42 PM] . which tended to be used more during the day. In 1882 he opened the Pearl Street Station in Manhattan. AC power began being widely introduced in the 1890s. balancing the load.S. more durable cable was completed in 1865. Until that time a large share of power was self-generated by the user.[189] https://en. the small scale of power plants and the fact that most utilities offered only nighttime service. Efficient dynamo 's were introduced in the 1870s and began being used to power electric carbon arc lamps after 1879. produced a suitable grade structural steel. Open hearth steel began being used in a wide variety of applications including high rise buildings.S. The first telephones were for local calls. a second. Bessemer steel was used mostly for rails. in second place by value added. was introduced in 1892. By 1890 there was an international telegraph network. rails and bridges. [185] Electric street railways were introduced in the U. In 1880 Thomas Edison patented his invention of a long lasting incandescent light bulb and a system for distributing electrical power. in 1888 when Frank J. Electricity was also very expensive because of the low conversion efficiency of fuel to power.

The value of farms soared from $8. at low fares.0 million in 1860 to 6. Scandinavia and Britain.S.[107] Harvesting machine improvements included automatic rakers. limiting railroad and warehouse fees. Most went bankrupt. to maintain continuous long distance communications.[194] Along with the mechanical improvements which greatly increased yield per unit area.0 million in 1905.0 billion in 1860 to $30 billion in 1906. The wheat farmers enjoyed abundant output and good years from 1876 to 1881 when bad European harvests kept the world price high.[193] Despite their remarkable progress and general prosperity.000 chapters and 1.Wikipedia Modern business management [ edit ] Before railroads most businesses were run by a sole proprietor or were a partnership. https://en. by which companies expanded to encompass all stages of a business. Railroads hired professional managers and divided work into various corporate departments. which eliminated the manual raker. which were trying to create markets. the Grange soon grew to 20. Women's participation was actively encouraged. but failed in their demands for free silver and inflation. They then suffered from a slump in the 1880s when conditions in Europe improved. and developed the organization diagram. A few Midwestern states passed "Granger Laws ". The railroads advertised heavily in Europe and brought over. the amount of land under cultivation grew rapidly throughout the second half of the century. from producing the raw materials. rather than me highly fluctuating European markets for weaving cotton.wikipedia. hundreds of thousands of farmers from Germany. as the railroads opened up new areas of the West for settlement. Farmers in the Midwest and East gave verbal support to the Populists. in 1867. factories and cooperatives . 19th-century U. caused primarily by falling world prices for cotton and wheat.Economic history of the United States . They focused on the nearby urban markets. and the more inclined they were to protest. [191] The number of farms tripled from 2. to track trains and freight. The railroad industry was the first to adopt modern business management practices in response to the need to operate over vast areas. the Granges focused initially on social activities to counter the isolation most farm families experienced.[190] Another modern business innovation was vertical integration . Even larger numbers of settlers purchased lands at very low interest from the new railroads. The number of people living on farms grew from about 10 million in 1860 to 22 million in 1880 to 31 million in 1905. processing them into saleable products and selling the finished products. The farther west the settlers went. stores. The owners typically ran the daily operations. Notable examples occurred in the steel and petroleum industries. The movement also enjoyed some political success during the 1870s. Wheat and cotton farmers in the 1890s supported the Populist movement. to manage a complex network. Agriculture [ edit ] Main article: History of agriculture in the United States § Railroad Age: 1860-1910 A dramatic expansion in farming took place. Spurred by the Panic of 1873. The Granges set up their own marketing[22-Oct-17 5:23:42 PM] . processing plants.[148] To modernize traditional agriculture reformers founded the Grange movement. Wheat farmers blamed local grain elevator owners (who purchased their crop). allowing operation by a single man.[195] Sales of various types of horse pulled harvesting machines increased dramatically between the Civil war and the end of the century. and combination harvester and binders.5 million members.[192] The federal government issued 160-acre (65  ha ) tracts virtually free to settlers under the Homestead Act of 1862. railroads and eastern bankers for the low prices. Instead the 1896 election committed the nation to the gold standard and a program of sustained industrialization.[196] Federal land grants helped each state create an agricultural college and a network of extension agents who demonstrated modern techniques to farmers. as in the Populist movement of the 1890s. the more dependent they became on the monopolistic railroads to move their goods to market. farmers experienced recurring cycles of hardship.

Drake chose to use brine well drilling technology based on the technique used in China since ancient times that reached the West in the late 1820s. a situation which lasted many years. was hired by the company to drill for oil. which he had attended. Standard continued to monopolize the oil industry in the U. until it was broken up by the 1911 supreme court case Standard Oil Co. An industry developed to produce coal oil . Rockefeller.. where a water well was producing oil. By 1879 Standard oil controlled 90% of U. Edwin Drake . except that Drake used iron cable.[187][197] Coal [ edit ] Parallel to these achievements was the development of the nation's industrial infrastructure. United States. he organized an investor group. refining capacity. Rockefeller and Clark also got in the refining business. a shareholder. In 1853 Bissell's group. where John D. Coal was found in https://en. Silliman's report of April 1864 stated that "rock oil" could yield an excellent illuminating oil.[197] Among the numerous refineries that were started were several along a new rail link to Cleveland. see Standard Oil. a concept called vertical integration . George Bissell paid a visit Dartmouth College .S. Suspecting that the oil may have potential as an illuminant and lubricant. Kerosene lighting effectively extended the day and made it easier to read at night. with the number of refineries reaching 6000. minerals and mining [ edit ] Oil [ edit ] For more details on this topic.[197] Following a shareholder disagreement. refining and distribution.Wikipedia Oil. 1858. Standard Oil sought every possible advantage over its competitors. Pennsylvania. PA. Bissell and fellow investor Jonathan Eveleth investor split with Pennsylvania Rock Oil Co. and formed Seneca Oil in 1858.wikipedia. Jr. [197] Kerosene was also being distilled from Pennsylvania crude oil by Samuel Kier. which produced a good quality light at a relatively affordable price. Bissell had a chance insight when he saw a picture of oil derricks used to produce an oil based patent medicine obtained as a byproduct of a brine well.55 feet on August 27.S. which became the Pennsylvania Rock Oil[22-Oct-17 5:23:42 PM] . the 110 mile long Tidewater Pipeline to Williamsport. Rockefeller and his partner Maurice Clark owned a grocery produce shipping business. an iron well casing and a steam engine. of New Jersey v. and by 1869 there was three times the capacity needed. starting a drilling boom in the region. with Rockefeller being the successful bidder. which more than offset the role of kerosene in the early 20th century. In 1870 John D. In the 1850s an advance in lighting was the use of kerosene lamps with glass chimneys. Harkness formed Standard Oil . and in 1865 the partners decided to hold a private auction between the two. The Drake Well hit oil at a depth of 69. The site chosen to drill the well was on Oil Creek near Titusville. to perform an analysis of "rock oil". Efficient gas mantles and electric lighting were eroding the illuminating oil market beginning in the 1880s. which was on the Reading Railroad. However. his brother William Rockefeller . John D. Producers in the Pennsylvania oil region tried to counter Standard Oil's transportation arrangements buy building the first long distance pipeline. Ohio. Henry Flagler. hired Yale chemistry professor Benjamin Silliman. there was no economical means for producing sufficient commercial quantities of oil. Rockefeller was the master planner and organizer of the systematic plan to form combinations with or acquire competitors and enter all phases of the oil industry from production to transportation. The refining industry was intensely competitive. One method was using Standard's high shipping volume to secure discounts and drawbacks (payments from railroads for transporting competitors products) from railroads.Economic history of the United States . however a previously low value byproduct of refining was gasoline. and saw a sample of "rock oil" from Pennsylvania. Oliver Burr Jennings and silent partner Stephen V. Standard Oil fought back by building four pipelines of its own. as kerosene was then called.

8% occurred from 1910 https://en.[204] Labor unions [ edit ] Main article: Labor unions in the United States The American labor movement began with the first significant labor union. with this figure rising to 1.wikipedia. the Knights of Labor in 1869.[205] Early 20th century [ edit ] Economic growth and the 1910 break [ edit ] The period from 1890 to 1910 was one of rapid economic growth of above 4%. In 1880 only 0. Agrarian spokesmen William Jennings Bryan called for an inflationary policy of using cheap silver to effectively replace expensive gold. the election of 1876 was deadlocked. Union growth was slow until 1900.3% in 1900. The recession of 1869 resulted from a stock market panic. then grew to a peak during World War I. in part due to rapid population growth. a total of 18. Politically. It was one of the shortest and mildest recessions in American economic history. However. money and banking [ edit ] During the period. 89 went bankrupt. Steel mills thrived in places where these coal and iron ore could be brought together to produce steel.000 businesses failed between 1873 and 1875.5% in 1890 and 6. The Knights collapsed in the 1880s and were displaced by strong international unions that banded together as the American Federation of Labor under Samuel Gompers.[198] Finance. the AFL unions negotiated with owners for higher wages and better working conditions. Large copper and silver mines opened. the Democrats took control of Congress in 1874.[199] Panic of 1873 created one of the worst and longest depressions in American history. Oil was discovered in western Pennsylvania.3% of urban households had filtered water . a sharp break in the growth rate to around 2.Economic history of the United States . Bryan lost in a major political realignment in favor of the conservative pro-gold Republicans in the election of 1896 . President Grover Cleveland was forced to ask the Wall Street bankers help keep the Treasury liquid. a deep depression that lasted until 1897.Wikipedia abundance in the Appalachian Mountains from Pennsylvania south to Kentucky .[201] The end of the Gilded Age coincided with the Panic of 1893 . followed by lead mines and cement factories. Rejecting socialism. and moved toward radicalism. during a time which became known in Britain as the Long Depression.[200] The New York Stock Exchange closed for ten days. Iron ore [ edit ] Large iron ore mines opened in the Lake Superior region of the upper Midwest. Wheat and cotton farmers in the West and South were especially hard hit. seriously affecting every aspect of the economy and bringing the railroad expansion to a halt. which lowered stock prices 20% and briefly cut wheat prices in[22-Oct-17 5:23:42 PM] . Of the country's 364 railroads. it was mainly used for kerosene for lamps but also lubricants.[202][203] Water supply and sewers [ edit ] Europe had a substantial amount of water supply and sewer infrastructure installed by the mid 1870s. a series of recessions happened. unemployment reached 14% by 1876.

) The technologies that became widespread after 1910. Two of the most transformative technologies of the century were widely introduced during the early decades: electrification .wikipedia. It is generally accepted that the new technologies and more efficient business methods permanently shifted the supply and demand relationship for labor.Economic history of the United States .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . but productivity growth was strong. helped balance the load. internal powered transportation and mass production. were capital saving. A simplified standardization program was issued during World War I. such as electrification. [189] Standardization was urged by Dept. The revolutionary design of electric powered factories caused the period of the highest productivity growth in manufacturing. Electric motors that were used in daytime. of Commerce for consumer goods such as bedspreads and screws.[206] Industry.[189] Electrification [ edit ] Main article: Electrification Electrification was one of the most important drivers of economic growth in the early 20th century. powered by high pressure boilers and steam turbines and automobiles and trucks powered by the internal combustion engine . Total non-residential fixed business fell after 1910 due to the fall of investment in structures. There was large growth in the electric utility industry and the productivity growth of electric utilities was high as well.[189] At the turn of the 20th century electricity was used primarily for lighting and most electric companies did not provide daytime service.Wikipedia to 1929.[207] [208] [209] Chain stores experienced rapid growth. Economists are uncertain what combination of supply and demand factors caused the break. with labor being in surplus (except during both world wars when the economy was engaged in war-time production and millions of men served in the armed forces. The growth rate in hours worked fell 57% compared demand the eight-hour day to the decline in the growth rate of output of 27%. see Causes of the Great Depression § Specific theories of cause#Productivity shock. commerce and agriculture [ edit ] For more details on this topic. and many street railways generated their own electricity and also operated as https://en. enabling the labor cost per unit of output to decline from Workers in New York in 1871 1910 to 1929. such as the DC motors that powered street railways.

arguing that a mass production enterprise could not survive if average workers could not buy the goods. rose 150%. Ford Motor Co. Electric street railways [ edit ] Electric street railways developed into a major mode of transportation.S.[211] Frederick W. 1900. Household mechanical refrigerators were introduced in 1919 but were in only about 8% of households by 1930. moving parts and assembling parts into automobiles. used techniques of scientific management although Henry Ford claimed not to know of the Taylor's system. The AC motor . developed in the 1890s. Productivity for this period. Line shafts created constraints on building arrangement that impeded the efficient flow of materials because they presented traffic barriers and required multi-story buildings for economy. particular during daytime.[187] The widespread adoption of the automobile and motor https://en. The Fordson began mass production in 1917. Manufacturing [ edit ] Main article: Mass production § Factory electrification Rapid economic growth in the early decades of the 20th century were largely due to productivity growth in manufacturing. equipped with high pressure boilers and steam turbine generators began being built after 1913. measured in output of Model Ts per worker. more efficient ways for them to do their jobs. mainly because of their high cost.[210] Electrification in the U. eliminated line shafts previously used to transmit power from a small number of steam engines or hydraulic turbines. These central stations were designed for efficient handling of coal from the layout of the rail yards to the conveyor systems. carefully timing and plotting the functions of various workers and then devising new. Ford used electric powered factories and in 1913 Ford introduced the assembly line . Electric motors were much more economical to operate than steam engines in terms of energy efficiency and operator attention. and electric inter-urban service connected many cities in the Northeast and Midwest. increasing to 30% by 1930.[107] The price of a Ford Model T fell from $900 in 1908-9 to $360 in 1916. Electric motors were also lower in capital cost.[207] The electrical power industry had high productivity growth.[213] Gasoline powered tractors were introduced.702 in 1916. the wage increase did not extend to women.840 in 1909 to 132. Ford offered a very generous wage—$5 a day— to his workers.Wikipedia electric utilities. Taylor was the best known pioneer in the field of scientific management in the late 19th century. Unit drive. Electrical appliances such as irons. was ideal for industrial and commercial power and greatly increased the demand for electricity. However. started in industry c. Factory electrification revolutionized manufacturing. Ford Motor used every practical means to reduce the effort and movement of workers in order to reduce the time involved in making parts.[212] Taking his cue from developments during the progressive era. a step in the process that became known as mass-production. Production grew from 13. which was important before trucks became widely introduced. lowering the amount of fuel per kilowatt-hour of electricity to a small fraction of what it had been. It was not uncommon for large manufacturing sites to have many miles of line shafts. cooking appliances and washing machines were slowly adopted by households. Electric street railways also carried freight. and Ford expanded the company's Sociological Department to monitor his workers and ensure that they did not spend their newfound bounty on "vice and cheap thrills". Many large central power stations.[210] In 1900 only 3% of households had electricity. Electric utilities with central generating stations using steam turbines greatly lowered the cost of power. despite the fact that wages doubled to $5 per day in[22-Oct-17 5:23:42 PM] . with businesses and houses in cities becoming electrified.wikipedia. which means using a single electric motor for powering a single machine. They were also much more fuel efficient.Economic history of the United States . and by 1930 about 80% of power used in industry was electric.

000 railcars. The USRA ordered 1. The railroads proved inadequate to the increased freight volume created by World War I .S. most of it https://en. The USRA's control over the railroads ended in March 1920. Some other electrochemicals are chromium.000.Wikipedia bus halted the expansion of the electric street railways during the 1920s. By 1919 automobile registrations were 6. The Federal road building program ended in 1818. There were major traffic jams in the system and critical supplies were experiencing delays. Eisenhower National System of Interstate and Defense Highways) began. In 1906 Congress gave the Interstate Commerce Commission the power to regulate freight rates and the industry was unable to increase revenue enough to cover rising costs.6 million and truck registrations were 898.1 million cars and 3.[214] Electrochemicals [ edit ] Electrochemicals are chemicals and metals produced by an electrolytic process . Consequently. S. Falling electricity prices in the early 20th century greatly lowered the cost of making electrochemicals. there were 23. Railroads [ edit ] Main article: Rail transportation in the United States At the beginning of the 20th century the railroad network had over-expanded with many miles of unprofitable routes. Important examples include aluminum made by the Hall–Héroult process and chlorine and caustic (sodium and potassium compounds). leaving states to build roads until the Federal Road act of 1916. Chlorine and caustic had been produced by chemical processes but producing aluminum this way was prohibitively expensive.1 million cars and 3. There was high demand for aluminum for aircraft during World War I and afterward for commercial aviation. automobiles had begun to replace horse-drawn carriages.[219] Water supply and sewers [ edit ] At the turn of the century approximately one-third of urban households had running water.wikipedia. A national highway system was agreed on in 1926. prices were high and production was low. A large plant using Hall–Héroult process was opened in Pittsburgh. Highway system [ edit ] In 1900 there were only 200 miles of paved roads outside of cities in the U. the peak year of track mileage. USA in 1888 and others opened around the world. at which time there were 23. Mass production techniques of the mid 1910s brought down the cost of automobiles and sales grew dramatically. Chlorine began being used for treating household water to kill microorganisms. greatly reducing the labor for street cleaning and also improving sanitation and living conditions.930 new standardized steam locomotives and over 100. Automobiles and trucks [ edit ] By the dawn of the 20th century.[215] Numerous companies were building cars. By 1916.5 million trucks.[218] By the late 1920s automobiles were becoming common. however.[217] Reducing the number of horses for transportation freed up between one.In 1926. when an interstate program (not to be confused with the Dwight D. but there were few highways connecting cities. but car manufacturing was challenging. 1941. one-sixth of the nations railroad trackage was in bankruptcy. manganese and tungsten.sixth and one-quarter of all farm land. In December 1917 the railroads were taken over by the government and put under control of the United States Railroad Administration (USRA).[216] Replacing horses with cars and trucks eliminated enormous quantities of horse manure and urine from city streets.Economic history of the United States . The system was nearly complete when the U.5 million trucks. entered World War II in[22-Oct-17 5:23:42 PM] .

9% of the Bell system was automatic. but the number steadily grew until it peaked at 45 in 1929.[189] Communications [ edit ] Telephone [ edit ] Before 1900 telephones were used primarily by businesses. then declined to 33 in[22-Oct-17 5:23:42 PM] . but prices remained above the prewar level. money and banking [ edit ] Main article: Wall Street § History A major economic downturn in 1906 ended the expansion from the late 1890s. The triode vacuum tube made it possible to build amplifiers for broadcasting and for receivers. typhoid fever . attributed to the rising gold supply from mining. allowing better signals with less noise. The Panic of 1907 was a factor in the establishment of the Federal Reserve Bank in 1913.S. The number of urban households supplied with running filtered water increased from 6. This was followed by the Panic of 1907. Finance.[221] Automatic telephone switching. eliminated the need for telephone operators to manually connect local calls on a switchboard.Wikipedia was untreated and carried disease causing microorganisms. The U. Jerome (1934) gives an unattributed quote about finance conditions that allowed the great industrial expansion of the post WW I period: https://en. gold reserves doubled between 1913 and 1918. The number of telephones per 100 households was approximately 2 in 1900. By the early 1920s radios began being mass-produced and commercial broadcast stations were set up around the country. Agriculture [ edit ] Tractors appeared on farms and farmers began using automobiles and trucks to haul produce.wikipedia. which was introduced in 1892.[182] The U. the Federal Reserve raised the discount rate from 4% to 6%.[204] In 1908 the Jersey City Water Works in New Jersey was the first to sterilize water using sodium hypochlorite (chlorine bleach). 31. By 1929.3% in 1900 to 25% in 1910 and 42% in 1925. Interest rates had been held low to minimize interest on war bonds. causing the price level to rise. but after the final war bonds were sold in 1919. The stock market had its best year in history in 1916. economy prospered during World War I. partly due to sales of war goods to Europe. continued until World War I. Interest rates rose and the money supply contracted. Ship radio became more widely used after the sinking of the RMS Titanic in 1912.[220] Combined harvester-threshers reduced labor cost 85% compared to using binders and stationary threshers. Radio circuit design also advanced. By 1923 the economy had returned to full employment.[223] A debt fueled boom developed following the war.S. Following the war the rate of inflation fell. [222] The mild inflation of the 1890s.[208] Chlorination of drinking water became common in urban water supplies by the 1930s and contributed to a sharp reduction in many diseases such as hepatitis A . Radio technology advanced rapidly. at which time inflation rose sharply with wartime shortages including labor shortages. The economy entered the Depression of 1920-21 which sharp.[189] Radio [ edit ] Main article: History of radio Radio communications using Morse code were introduced in the first decade of the 20th century. The widespread building of water treatment plants and piping of water to and sewage from urban households occurred in the early decades of the century.Economic history of the United States . Their main use was for communicating with ships. cholera and dysentery .

[227] Muckrakers were journalists who encouraged readers to demand more regulation of business. The new laws helped the large packers. These laws were not rigorously Standard Oil Company enforced. when small business. until the years between 1900 and 1920. and hurt small operations that lacked economy of scale or quality controls.S. Known as Progressives .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . The Emergency Quota Act (1921) established a quota system on immigrants by country of origin.Economic history of the United States . Political developments [ edit ] See also: Progressive Era The Pure Food and Drug Act of 1906 was the first of a series of legislation that led to the establishment of the Food and Drug Administration (FDA). and labor movements began asking the government to intercede on their behalf. Democrat President Woodrow Wilson (1913–1921).[226] The Sixteenth Amendment to the United States Constitution . according to the 1910 United States Census. In general. a middle class had developed that was leery of both the business elite and the somewhat radical political movements of farmers and laborers in the Midwest and West. they accepted the concept of laissez-faire . which burst in 1925.Wikipedia Probably never before in this country had such a volume of funds been available at such low rates for such a long period. Congress enacted a law regulating railroads in 1887 (the Interstate Commerce Act ). was adopted in 1913. especially in Florida.[227] By the start of the 20th century. The Immigration Act of 1924 reduced the quota from 3% to 2% and added additional restrictions on certain nationalities.wikipedia. Speculation in stocks drove prices up to unpresented valuation levels. which allowed the Federal Government to tax all income. Tarbell wrote a series of articles against the Standard Oil monopoly.[224] There was also a real estate and housing bubble in the 1920s. these people favored government regulation of business practices to. however. This attitude started to change during the latter part of the 19th century. most political leaders were reluctant to involve the federal government too heavily in the private sector. The series helped pave the way for the breakup of the monopoly. when Republican President Theodore Roosevelt (1901–1909).[225] See also:Florida land boom of the 1920s Debt reached unsustainable levels. Many of today's U. Upton Sinclair 's The Jungle (1906) showed America the horrors of the Chicago Union Stock Yards. Alvin Hansen stated that housing construction during the 1920s decade exceeded population growth by 25%.S. regulatory agencies were created during these years. Ida M. Another such act passed the same year was the Federal Meat Inspection Act. in their minds. In the early years of American history. including the Interstate Commerce Commission and the Federal Trade Commission . and one Fear of monopolies ("trusts") is preventing large firms from controlling a single industry in 1890 shown in this attack on Rockefeller's (the Sherman Antitrust Act ). and others sympathetic to the views of the Progressives came to power. a giant complex of meat processing that developed in the 1870s. a doctrine opposing government interference in the economy except to maintain law and order. The stock market crashed in late October 1929. with the maximum number of annual immigrants from a country limited to 3% of the number of that national background living in the U. ensure competition and free enterprise. farm. The https://en. except in the area of transportation.

Wilson resolved the longstanding debates over tariffs and antitrust. This period of prosperity. The World War involved a massive mobilization of money. glass. along with the culture of the time. in October 1929. Telephones and electricity spread to the countryside. and anti-trust laws to "prime See also: Liberty bond the pump" and get the economy working. Secretary of Commerce Herbert Hoover worked to introduce efficiency. However. The new electric power industry transformed both business and everyday life. The rapid growth of the automobile industry stimulated industries such as oil. was known as the Roaring Twenties . Main article: United States home front during World War I currency. factories and homes. elected President with Indianapolis. and road-building. The quality of housing improved. Secretary of the Treasury Andrew Mellon raised the tariff. a complex business-government partnership that to this day dominates the financial world.Wikipedia federal government responded to Sinclair's book with the new regulatory Food and Drug Administration .Economic history of the United States . Millions migrated to nearby cities.wikipedia. World War I [ edit ] President Wilson in 1913 using tariff. with a boom in construction of offices. with houses offering better protection against cold. cut other taxes. and used the large surplus to reduce the federal debt by about a third from 1920 to 1930. and created the Federal Reserve. When Democrat Woodrow Wilson was Noon hour in a furniture factory. through government-to-government loans.[228] Roaring twenties: 1920–1929 [ edit ] Main article: Roaring Twenties Under Republican President Warren G. and large cities had their best decade ever. Small cities prospered. but farmers never recovered from the wartime bubble in land prices. the Stock market crashed and banks began to fail in the Wall Street Crash of 1929 . Floor space per occupant https://en. taxes.[229] Quality of life [ edit ] The early decades of the 20th century was remarkable for the improvements of the quality of life in the U. 1908 a Democrat controlled Congress in 1912 he implemented a series of progressive policies. and banking resources to pay for the American war effort and. Indiana.S. by regulating business practices. most of the Allied war effort as well. who called for normalcy and an end to high wartime taxes.[22-Oct-17 5:23:42 PM] . the Sixteenth Amendment was ratified. Tourism People filing tax forms in 1920 soared and consumers with cars had a much wider radius for their shopping. In 1913. and the income tax was instituted in the United States.

org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] . continued to decline.[207] Infant mortality.wikipedia.[230] From 1929 through World War II [ edit ] Pre-war industry. continued to decline. refineries and chemical plants with fewer workers. lumbering.[207] Electric light was far less expensive and higher quality than kerosene lamp light. Economists generally agree that these measures deepened an already serious crisis.[231][232] The research developed through informal cooperation between U.S.[234] Franklin Delano Roosevelt was elected President in 1932 without a specific program. the unemployment rate was 25%. tobacco). worried about the rapidly growing deficit and national debt.Wikipedia increased. Sanitation was greatly improved by the building of water supply and sewage systems.S.[207] Federal regulation of food products and processing. industry and academia grew rapidly and by the late 1930s exceeded the size of that taking place in Britain (although the quality of U. see Causes of the Great Depression. The protectionist Smoot–Hawley Tariff Act incited retaliation by Canada. By 1932. and agriculture [ edit ] Despite the Great Depression and World War II. Hauling water and firewood into the home every day was no longer necessary for an increasing number of households. The U. Congress. research was not yet on par with British and German research at the time).[207] The workweek. He relied on a highly eclectic group of advisors who patched together many programs. Automation of factories became widespread during the middle decades as industry invested in newly developed instruments and controls that allowed fewer workers to operate vast factories. The burden of household chores lessened considerably. known as the New Deal . the worldwide economy plunged into the Great Depression . plus the treatment drinking water by filtration and chlorination. https://en. in 1932. Following the stock market crash. including government inspection of meat processing plants helped lower the incidence of food related illness and death. export agriculture (cotton. Conditions were worse in heavy industry. and raised income tax rates.Economic history of the United States . Britain. Germany and other trading partners.S. money supply began to contract by one-third. but remained moderate. commerce. which averaged 53 hours in 1900. and mining. Electric light also eliminated smoke and fumes and reduced the fire hazard. Conditions were not quite as bad in the 1929 crash white collar sectors and in light manufacturing. the middle decades of the 20th century were among the highest for productivity growth. Stock exchange trading floor after wheat. The change over to internal combustion took horses off the streets and eliminated horse manure and urine and the flies they attracted. which had been declining dramatically in the last quarter of the 19th century. See: Process control Great Depression: 1929–1941 [ edit ] Main article: Great Depression in the United States For more details on this topic.[233] Manufacturing [ edit ] Productivity growth in manufacturing slowed from the electrification era of the early century.

9% in[22-Oct-17 5:23:42 PM] . but rejected the idea because he was afraid to trip a panic.0 Consumer Price Index 2 122.7 113.5 13.2% of GNP in 1936.2 13. Roosevelt balanced the "regular" budget the emergency budget was funded by debt.697 banks) went bankrupt.3 55.[237] Banking crisis [ edit ] In 1929–33 the economy was destabilized by bank failures. Between 1929 and 1933 40% of all banks (9.7 49.[236] Deficit spending had been recommended by some economists.Wikipedia "Broke. which increased from 33.1 25. who kept drawing diagrams.8 16.3 103.18 4. Bank runs occurred when a large number of customers lost confidence in their deposits (which were not insured) and rushed to withdraw their deposits.2 45.1 16.[238] Much of the Great Depression 's economic damage was caused directly by bank runs.02 Unemployment (% of civilian work force) 3.42 1.4 84.0% of GNP under Hoover in 1932 to 10.7 92.2 Index of Industrial Production 2 109 75 69 112 89 126 Money Supply M2 ($ billions) 46.4 100.[239] Hoover had already considered a bank holiday to prevent further bank runs.6% of GNP in 1932 to 40.24 2. John Steinbeck depicted the situation in The Grapes of Wrath Table 2: Depression Data[235] 1929 1931 1933 1937 1938 1940 Real Gross National Product (GNP) 1 101.7 32.Economic history of the United States . Many displaced people moved to California to look for work during the Depression.9 103.4 102. he closed all the banks in the country and https://en. Roosevelt acted as soon as he took office. Roosevelt remarked that "He must be a mathematician rather than a political economist". followed by bank runs . baby sick. After a meeting with Keynes.3 68. and car trouble!" Dorothea Lange's photo of Missouri migrants living in a truck in California. The initial reasons were substantial losses in investment banking. Runs destabilized many banks to the point where they faced bankruptcy.490 out of 23.67 3.9 1 in 1929 dollars 2 1935–39 = 100 Spending [ edit ] Government spending increased from 8.7 99.wikipedia.5 108.2 Exports ($ billions) 5. most notably John Maynard Keynes in Britain.6 42. Roosevelt met Keynes but did not pay attention to his recommendations.35 3.

prohibitions on new housing and new automobiles. Three-quarters of the banks in the Federal Reserve System reopened within the next three days. 4. and the network of kinfolk and more ample food supplies made it wise for many to go back. ended the risk of runs on banks. By the end of 1933. which insured deposits for up to $250.S.[242] Unemployment [ edit ] Unemployment reached 25 percent in the worst days of 1932–33. among workers in nondurable industries (such as food and clothing). thus stabilizing the banking system. The unemployment rate fell from 25. is also debated. Billions of dollars in hoarded currency and gold flowed back into them within a month. with federal loans available if needed. However tax revenues were plunging. See Chart 3. If one defines economic health entirely by the gross domestic product. CCC.2% in 1932 to 13. They fell back on the cheapest possible relief. and in government jobs. ill-housed and ill-clothed. and especially WPA focused on providing unskilled jobs for long-term unemployed men. WPA and PWA built and repaired the public infrastructure in dramatic fashion. economy.wikipedia. but it was unevenly distributed. or whether it harmed the economy. GNP was 34% higher in 1936 than 1932.[245] After 1933 new sales taxes and infusions of federal money helped relieve the fiscal distress of the cities. one third of the nation was ill fed.9% in 1940 when the draft started. had gotten back on track by 1934. It provided for a system of reopening sound banks under Treasury supervision. Their deposits totalled $3. and 58% higher in 1940 on the eve of war. soup kitchens which provided free meals for anyone who showed up. The alphabet agencies ERA.6 billion. controls over raw materials. and fell into a long-term unemployment trap. CCC. but men with weaker credentials were never hired.[240] On March 9. Millions were hired in the Great Depression. FERA. it is a common myth that they received nothing back. and made a full recovery by 1936. guaranteed cost-plus profits. bond campaigns. The economy grew 58% from 1932 to 1940 in 8 years of peacetime.[241] The Glass–Steagall Act limited commercial bank securities activities and affiliations between commercial banks and securities firms to regulate speculations. and then grew another 56% from 1940 to 1945 in 5 years of wartime.[246] Relief [ edit ] The extent to which the spending for relief and public works provided a sufficient stimulus to revive the U. and the cities as well as private relief agencies were totally overwhelmed by 1931 men were unable to provide significant additional relief. The act was passed and signed into law the same day.Economic history of the United States . as did young people who had a hard time getting their first job. and men over the age of 45 who if they lost their job would seldom find another one because employers had their choice of younger men. depositors lost a total of $540 million. FERA. but did little to foster the recovery of the private sector. subsidized wages.004 small local banks were permanently closed and merged into larger banks. Job losses were less severe among women than men. in services and sales. but the budgets did not fully recover until 1941.S. the U. but as Roosevelt said. The migration that brought millions of farmers and townspeople to the bigger cities in the 1920s suddenly reversed itself. The least skilled inner city men had much higher unemployment rates. price controls. and the draft of 12 million soldiers. as unemployment made the cities unattractive. and eventually received on average 85 cents on the dollar of their deposits. It also established the Federal Deposit Insurance Corporation (FDIC). drafted in large part by Hoover's top advisors. as president Herbert Hoover strongly encouraged. In 1995 economist Robert Whaples stated that measuring the effect https://en. rationing.[243][244] City governments in 1930–31 tried to meet the depression by expanding public works projects.000. During the war the economy operated under so many different conditions that comparison is impossible with peacetime. such as massive spending. The federal programs launched by Hoover and greatly expanded by president Roosevelt's New Deal used massive construction projects to try to jump start the economy and solve the unemployment[22-Oct-17 5:23:42 PM] .Wikipedia kept them all closed until he could pass new legislation. Roosevelt sent to Congress the Emergency Banking Act .

Manufacturing output doubled. After the war many women returned to household work as men returned from military service. clothing and gasoline.[249] As Broadus Mitchell summarized. In an effort to prevent rising national income and scarce consumer products from causing inflation.3 on March 1.8 on July 1. Coal output went from 446 million tons in 1939 to 651 in 1943. the newly created Office of Price Administration rationed and set prices for consumer items ranging from sugar to meat. After Roosevelt took office. 1933. 1933. All economic sectors grew during the war.000 women were drafted or volunteered for military service. and the industrial economy grew rapidly to new heights as millions of people moved to new jobs in war centers. and for comparison 2005 = 1.[251] Wartime output and controls: 1940–1945 [ edit ] Unemployment dropped to 2%. making the United States the "arsenal of democracy". Converted consumer-products plants filled many military orders. for example. the Federal Deposit Insurance Corp.5 billion.Wikipedia of the New Deal remains a thorny issue for economists because it is so difficult to measure the effects it had on the country.[250] Economic indicators show the American economy declined until February 1933. and otherwise tried to restrain price increases. however by July 1. from a volume index of 109 in 1939 to 239 in 1943. most were newly created temporary jobs in munitions. constant dollars[247] which include Social Security.[253] Six million women took jobs in manufacturing and production. Thus the Federal Reserve Index of Industrial Production bottomed at 52. and 16 million men and 300. unemployment peaked in 1932 at 25% and was reduced to 13.342). going from an output of 13.wikipedia. The nation turned to the suburbs.6 billion loaded the war in 1942 car miles in 1939 to 23. relief programs largely ended. Some were replacing men away in the military. Farm output went from an index (by volume) of 106 in 1939 to 128 in 1943.[248] The same survey also showed that only 5% of professional historians and 27% of professional economists felt the same way. It also set rent in war centers. However.3 billion barrels to 1. oil from 1. 1920–40. sharp upward recovery that persisted until the brief Recession of 1937–1938 (see graph) after which they continued their upward climb.Economic history of the United States .9% by 1940. Regardless. Chart 3: GDP annual pattern and economist Eric Rauchway of the University of California stated long-term trend. as a pent-up demand for new housing was finally unleashed. which may be called the low point of the depression economically and psychologically".3 in 1943. the Securities and Exchange Commission. "Most indexes worsened until the summer of 1932. A survey of academic specialists by Whaples showed that 49% of those economists surveyed felt that the New Deal lengthened and deepened the depression. These working women were symbolized by the fictional character of Rosie the Riveter ..[252] The War Production Board coordinated the nation's productive capabilities so that military priorities would be met. 1932 and was practically unchanged at 54. Railroads strained to Women making aluminum shells for move it all to market. it had climbed to[22-Oct-17 5:23:42 PM] . there began a steady. Automakers built tanks and aircraft. and Fannie Mae.[254] Postwar prosperity: 1945–1973 [ edit ] https://en.5 (with 1935–39 = 100. while 51% disagreed. in billions of "very few people disapprove of most of the New Deal reforms".

Especially important in formulating the CEA response to the recession—accelerating public works programs.[258][259][260] Changing technology [ edit ] Ammonia from plants built during World War II to make explosives became available for making fertilizers.[263][264] Research on plant breeding produced varieties of grain crops that could produce high yields with heavy fertilizer input. commodity[22-Oct-17 5:23:42 PM] . This growth was distributed fairly evenly across the economic classes. Much of the growth came from the movement of low income farm workers into better paying jobs in the towns and cities—a process largely completed by 1960. worked in the 1970s to appeal to urban Congressman through food stamp programs for the poor. The machine could do the work of 50 men picking by hand. which some attribute to the strength of labor unions in this period—labor union membership peaked historically in the U. and price supports. a demand for suburban single-family homes (as opposed to inner city apartments) and new optimism about the future. Wheat and soybean yields also rose significantly.[257] The rapid decline in the farm population led to a smaller voice in Congress. and reducing taxes— were Arthur F. Bill financed a well-educated work force. it passed with urban support. The "Baby Boom" saw a dramatic increase in fertility in the period 1942–1957. easing credit.Wikipedia Further information: Post–World War II economic expansion The period from the end of World War II to the early 1970s was a golden era of economic growth. Jacoby . The recessions of 1945. as did GDP and productivity. beginning in the 1940s. Burns and Neil H. including those agriculture. [265] By the century's end yields of corn (maize) rose by a factor of over four.wikipedia. This resulted in the Green revolution . The boom crested about 1957. then slowly declined. urban Democrats strongly opposed reductions. and the G. ""I am now a Keynesian in economics". during the 1950s. it was not recession proof. $200 billion in war bonds matured. the food stamp program was the largest component of the farm bill. Congress created the Council of Economic Advisors .S. The Agricultural Act of 2014 saw many rural Republican Congressman voting against the program despite its support from farmers. The horsepower of farm machinery underwent a large expansion. The middle class swelled. it was caused by delayed marriages and childbearing during depression years. the Tea Party movement brought in many Republicans committed to cutting all federal subsidies. and 1960 saw a drastic decline in GDP.Economic history of the United States . Meanwhile. The Eisenhower administration (1953–1961) supported an activist contracyclical approach that helped to establish Keynesianism as a bipartisan economic policy for the nation. with the goal of supporting the prices received by farmers. to promote high employment. Typical programs involved farm loans. By 2000.[256] Agriculture [ edit ] Government policies [ edit ] Main article: United States farm bill The New Deal era farm programs were continued into the 1940s and 1950s. 1953.S. So the well- organized Farm Bureau and other lobbyists. leading to a permanent decline in real fertilizer prices.[262] A successful cotton picking machine was introduced in 1949. in the midst of this massive economic growth. pointing to the severe hardships caused by the 2008-10 economic recession.I.[266][267] https://en. as the few remaining horses and mules were phased out. proclaimed Republican President Richard Nixon in 1969. a surge in prosperity. 1949. 1958.[255] Although this period brought economic expansion to the country as a whole. In 2010. high profits and low inflation.[261] The early 1950s was the peak period for tractor sales in the U.

the opportunity to buy a house was suddenly at hand.Wikipedia Aircraft and air transportation industries [ edit ] Air transport was a major beneficiary of the war. all for a total price of $10. except for emergency quarters near war industries. In 1947 alone. With 16 million eligible veterans. Developers purchased empty land just outside the city. and a landscaped lot of 75 by 100 feet. billing and payroll functions. With Sabre reservations could be placed remotely using teleprinters and all functions were done automatically. it featured three bedrooms. the real growth in suburbia depended on the availability of automobiles. with very low down payments. One highly significant application was the Sabre airline reservations[22-Oct-17 5:23:42 PM] . fireplace.Economic history of the United States .[107] There were also experienced airplane manufacturing and maintenance personnel. including ticket printing. and inexpensive housing. gas range and gas furnace. radar had been developed during the war. the highest rates for individuals reached the 90% level.[271] Interstate highway system [ edit ] Construction of the Interstate Highway System began in 1956. This eliminated manually handling file cards.wikipedia.[269] The G. Whereas an average of 316.[268] Housing [ edit ] Very little housing had been built during the Great Depression and World War. Bill guaranteed low cost loans for veterans.000. and began many new social programs to that end. in Long Island just east of New York City. which first went into operation in 1960. Congress cut tax rates in 1964. The product was a great housing boom. Some suburbs had developed around large cities where there was rail transportation to the jobs downtown. and provided streets and utilities. automobiles and appliances. However.000 veterans bought one. Veterans could get one with a much lower down payment.[270] The most famous development was Levittown .450. Computer Technology [ edit ] Main article: Computer Mainframe business computer systems started being widely introduced in the 1960s. highways. their average price was $7300. profits and payrolls had risen to high levels during World War II and had been cut back only slowly. Fiscal Policy [ edit ] Federal taxes on incomes. and low interest rates. These systems handled a variety of accounting. installed tract houses based on a handful of designs. President Lyndon B. and $70 a month. Overcrowded and inadequate apartments was the common condition. growing by 8.000 new housing non-farm units had been constructed from the 1930s through 1945. The aircraft industry had the highest productivity growth of any major industry. https://en.9% per year from 1929-1966. refrigerators and stoves. The United States was the leading producer of combat aircraft during World War II and had a large surplus of machine tools and manufacturing facilities for airplanes at the end of the war. allowed for mass production of kitchen furnishings. and the stock of family savings had accumulated the money for down payments. The population had grown. 540. It offered a new house for $1000 down.I. Johnson (1963–69) dreamed of creating a "Great Society ". there were 1. Additionally. such as Medicaid and Medicare . or local public officials race to build schools. The construction industry kept prices low by standardization – for example standardizing sizes for kitchen cabinets.000 units built annually from 1946 through 1955.

[231] Inflation woes: 1970s [ edit ] The postwar boom ended with a number of events in the early https://en.S. there were new. nuclear research facilities at Oak Ridge. and at the John C.[231] U.[277] The US Trade Balance 1980-2010. For example. then fell by half before staging a modest recovery to levels well below the peak. Late 20th century [ edit ] Post industrial (service) economy [ edit ] Manufacturing employment and nominal value added shares of the economy have been in a steady decline since World War II. most notably ARPANET (which would become the Internet). Florida. large technologically sophisticated installations at the Atomic Energy Commission's Savannah River Site in South Carolina. falling to about 11% and 12% respectively by the end of the century.S.Economic history of the United States . Much of the new spending went to California and the West. but overall productivity was dragged down by the relative increase in size of the government and service sectors. He also promoted the Interstate Highway system as necessary for national defense.Wikipedia Military and space spending [ edit ] After the Cold War began in 1947. where it stimulated a modernization of the economy away from cotton towards manufacturing and high technology. Stennis Space Center in Mississippi.wikipedia. Tennessee . Per-capita steel consumption in the U. peaked in 1977. a continuation of wartime spending. but were not as powerful as those of the first two- thirds of the century. [272] Economists examined how much this "military Keynesianism" stimulated the economy.[275] The Defense Department financed some of private industry's research and development throughout these decades.[274] An even greater impact came in the South. In the late 1960s manufacturing's share of both employment and nominal value added was about 26%.[278] Service sector expansion [ edit ] The decline in the relative size of manufacturing coincided with a rise in the size of the service sector. at the Lyndon B. Johnson Space Center in Houston. His successor John F Kennedy made a manned mission to the moon a national priority.[273] President Eisenhower feared that excessive military spending would damage the economy. Trade Balance (1895–2015) Productivity slowdown [ edit ] Technological innovations of the final third of the 20th century were[22-Oct-17 5:23:42 PM] . Manufacturing productivity growth continued at a somewhat slower rate than in earlier decades. and space facilities at Cape Canaveral. and made space exploration a priority. and especially after the Korean War began in 1950 and the government adopted a strategy in NSC-68 military spending soared. the Redstone Arsenal at Huntsville in Alabama. so he downsized the Army after Korea and shifted priorities to missiles and nuclear weapons (which were much less expensive than army divisions).

[279] Unemployment dropped mostly steadily from 1975 to 1979.5%. One of these low until the 1990s. Stagflation gripped the nation. and the government experimented with wage and price controls under President Nixon . such as This is based on This Time is Different: automobiles and electronics Eight Centuries of Financial Folly [276] the 1973 oil crisis . The general upward trend might be productivity growth fell to a low level after 1973 and remained attributed to many factors.wikipedia. with the prime reaching 20% in January 1981. In 1974. Productivity growth was small.[citation needed] package available from the Comprehensive R Archive Network In the late 1960s it was apparent to some that this juggernaut of (CRAN). and President Nixon closed the gold window at the Federal Reserve. " Whip Inflation Now " (WIN). economic growth was slowing down. The United States grew increasingly dependent on oil importation from OPEC after peaking production in 1970.[279] President Gerald Ford introduced the slogan. though some[who?] say circumstances were outside his control.Economic history of the United States . and the government established new regulations and regulatory agencies such as the Occupational Safety and Health Administration. Art Buchwald quipped that 1980 would go down in history as the year when it was cheaper to borrow money from the Mafia than the local bank. productivity shrunk by 1. the consensus among experts moved against is similar to Figure 10. which covers only 70 countries.Wikipedia 1970s: the collapse of the Bretton Woods system in 1971 Number of countries having a banking crisis in each year since 1800. led by economist Milton Friedman . people who receive money for their labor. Jimmy Carter won the Presidency. and it began to become visibly apparent in the early 1970s. the growing influx of imported manufacturing goods. Interest rates remained high. is a gradual increase in the percent of the 1973–1974 stock market crash. For more details see the New-Deal-style regulation. Carter would later take much of the blame for the even more turbulent economic times to come. The dramatic feature of this graph and the ensuing displacement of Keynesian economics by is the virtual absence of banking crises monetarist economics . the Nuclear Regulatory Commission . especially by the free-market Chicago during the period of the Bretton Woods School of Economics. in favor of help file for "bankingCrises" in the Ecdat deregulation. In 1976. when not negative. resulting in oil supply shocks in 1973 and 1979 . 1945 to 1971. and others. The Bretton Woods Agreement collapsed in 1971–1972.1 in Reinhart and Rogoff (2009). Deregulation and Reaganomics: 1976–1992 [ edit ] Deregulation gained momentum in the mid-1970s. This analysis the same time. though this soon recovered. Inflation continued to climb skyward. although it then began to rise sharply. This period also saw the increased rise of the environmental and consumer movements. At agreement. taking the United States entirely off the gold[22-Oct-17 5:23:42 PM] . spurred by slow productivity growth and increasing https://en. the Consumer Product Safety Commission.

the economy initially recovered at a brisk pace from the 1973–75 recession . Vice President George H. savings and loan associations and banks were partially deregulated with the Depository Institutions Deregulation and Monetary Control Act in 1980 and the Garn–St. while service industries remained intact. W. the Airline Deregulation Act . Bush went back on a promise and increased taxes in a compromise with Congressional Democrats. Inflation dropped dramatically from 13. Bush and third-party candidate Ross Perot lost to Democrat Bill Clinton. pointed https://en. reaching record levels. The unemployment rate continued to rise to a peak of 10.[284] 20 million jobs were created under Reagan's presidency – which were made up of 82 percent high-paying and long-term jobs. and the Federal Reserve brought down interest rates to cooperate with the initiatives. and negotiating the North American Free Trade Agreement. was cleared by Congress. Carter introduced his own policies for reducing inflation.[281] During the 1980 recession. Carter appointed Paul Volcker to the Federal Reserve . In 1992. Deregulation of interstate buses followed in 1982. with the deregulation of railroads and trucking. On a broader front. An economic boom took place from 1983 until a recession began in 1990. signing regulatory bills such as the Americans With Disabilities Act . But at the same time. The early Bush Presidency's economic policies were sometimes seen as a continuation of Reagan's policies. Incoming president Jimmy Carter instituted a large fiscal stimulus package in 1977 in order to boost the economy.[286] The advent of deindustrialization in the late 1960s and early 1970s saw income inequality increase dramatically to levels never seen before.[282] Collectively these factors contributed to the election of Ronald Reagan in 1980. Real GDP began to grow after contracting in 1980 and 1982.Wikipedia operation and capital costs in several key sectors.wikipedia. which plunged the economy back into recession. The Reagan tax cuts seemed to work and Americans were able to shrug off the crash of 1987 by the beginning of 1988. experiencing a 33% reduction by the end of the recession. In addition to transportation deregulation. The Federal Reserve once again began to raise interest rates in 1981.[280] In March 1980. cell phones. started to have large trade deficits . but in the early 1990s.Economic history of the United States . Transportation deregulation accelerated in 1980. most orthodox economists.1 million jobs. fiscally expansive economic policies.5% annually in 1980 to just 3% annually in 1983 due to a short recession and the Federal Reserve Chairman Paul Volcker 's tighter control of the money supply and interest[22-Oct-17 5:23:42 PM] . who raised interest rates and caused a sharp recession in the first six months of 1980.S. However. Also it was during his second term that the Tax Reform Act of 1986 was passed.8 million. That is. and rose by double digits following the 1979 energy crisis. Credit cards were a symbol of the boom. Ronald Reagan introduced Reaganomics . Bush was elected to succeed Reagan in 1988 . music players and video games.[285] Though debt almost always increased under every president in the latter half of the 20th century. it declined as a percentage of GDP under all Presidents after 1950 and prior to Reagan. In order to combat inflation. a post-war high. He ended his presidency on a moderate note. but dropped well under 6% unemployment at the end of Reagan's presidency in January 1989. cutting marginal federal income tax rates by 25%. inflation began a steep rise beginning in late 1978. Germain Depository Institutions Act in 1982. Employment in automotive manufacturing in particular suffered. From 1982 to 1987 the Dow Jones Industrial Average gained over 1900 points from 776 in 1982 to 2722 in 1987 – about a 350% increase. Between 1983 and 1989 the number of people below the poverty line decreased by 3. In addition to the fiscal deficits. the U. Unemployment rose to a peak of 10.6 trillion in 1988).[283] In 1981.8% by late 1982. and most policy makers. The growth ended by 1990 after seven years of stock market growth and prosperity for the upper and middle class. It was not until 1978 that the first meaningful deregulation legislation. manufacturing shed 1.8% in December 1982. The federal debt spawned by his policies tripled (from $930 billion in 1981 to $2.[284] The boom saw the increasing popularity of electronic appliances like computers.

Economic history of the United States - Wikipedia

to the fact that consumers could buy so many goods, even with the inflation of the 1970s, as evidence that the
general shift away from manufacturing and into services was creating widespread prosperity. In 1968, the U.S.
Gini coefficient was 0.386. In 2005, the American Gini coefficient had reached 0.469.

Critics of economic policies favored by Republican and Democratic administrations since the 1960s,
particularly those expanding "free trade" and "open markets" (see Neoliberalism ) say that these policies,
though benefiting trading as well as the cost of products in the U.S., could have taken their own on the
prosperity of the America middle-class. But in this period, consumers were buying as never before with so
many products and goods at such low costs and in high quantities. Critics however argued that this consumer
behavior was giving a false reading of the health of the economy, because it was being paid for by taking on
rapidly increasing levels of indebtedness, thus covering up the stagnating wages and earnings of most of the

The rise of globalization: 1990s – late 2000s [ edit ]
Main article: New economy

During the 1990s, government debt increased by
75%, GDP rose by 69%, and the stock market as
measured by the S&P 500 grew more than threefold.

From 1994 to 2000 real output increased, inflation
was manageable and unemployment dropped to
below 5%, resulting in a soaring stock market known
as the dot-com boom . The second half of the 1990s
was characterized by well-publicized initial public This graph shows three major stock indices since
offerings of high-tech and "dot-com " companies. By 1975. Notice the meteoric rise of the stock market in
the 1990s, followed by the collapse of the dot-com
2000, however, it was evident a bubble in stock
bubble in 2000 on the tech-heavy NASDAQ.
valuations had occurred, such that beginning in
March 2000, the market would give back some 50%
to 75% of the growth of the 1990s. The economy worsened in 2001 with output increasing only 0.3% and
unemployment and business failures rising substantially, and triggering a recession that is often blamed on the
September 11 attacks .[citation needed]

An additional factor in the fall of the US markets and in investor confidence included numerous corporate

From 2001-07, the red-hot housing market across the United States fueled a false sense of security regarding
the strength of the U.S. economy.

The 21st century [ edit ]

Main article: Economy of the United States

Great Recession [ edit ]
Further information: Financial crisis of 2007–08 and Automotive industry crisis of 2008–10

In 2008, a series of related economic disasters hit the American
and European financial systems. The bursting of a worldwide
bubble in housing set the recession in motion. The end of housing
bubbles in California, Florida and Arizona led to the collapse of
housing prices and the shrinkage of construction sector. Millions of
mortgages (averaging about $200,000 each) had been bundled[22-Oct-17 5:23:42 PM]

Economic history of the United States - Wikipedia

into securities called collateralized debt obligations that were President Obama signs the
resold worldwide. Many banks and hedge funds had borrowed American Recovery and Reinvestment
hundreds of billions of dollars to buy these securities, which were Act (ARRA) into law on February 17,
now "toxic" because their value was unknown and no one wanted
to buy them.[287]

A series of the largest banks in the U.S. and Europe collapsed; some went bankrupt, such as Lehman Brothers
with $690 billion in assets; others such as the leading insurance company AIG , the leading bank Citigroup , and
the two largest mortgage companies were bailed out by the government. Congress voted $700 billion in bailout
money, and the Treasury and Federal Reserve committed trillions of dollars to shoring up the financial system,
but the measures did not reverse the declines. Banks drastically tightened their lending policies, despite
infusions of federal money. The government for the first time took major ownership positions in the largest
banks. The stock market plunged 40%, wiping out tens of trillions of dollars in wealth; housing prices fell 20%
nationwide wiping out trillions more. By late 2008 distress was spreading beyond the financial and housing
sectors, especially as the "Big Three" of the automobile industry (General Motors , Ford and Chrysler ) were on
the verge of bankruptcy, and the retail sector showed major weaknesses. Critics of the $700 billion Troubled
Assets Relief Program (TARP) expressed anger that much of the TARP money that has been distributed to
banks is seemingly unaccounted for, with banks being secretive on the issue.[288]

President Barack Obama signed the American
Recovery and Reinvestment Act of 2009 in February
2009; the bill provides $787 billion in stimulus
through a combination of spending and tax cuts. The
plan is largely based on the Keynesian theory that
government spending should offset the fall in private
spending during an economic downturn; otherwise
the fall in private spending may perpetuate itself and
productive resources, such as the labor hours of the
unemployed, will be wasted. Critics claim that Percent of US civilian working age population
employed, 1995–2012
government spending cannot offset a fall in private
spending because government must borrow money
from the private sector in order to add money to it. However, most economists do not think such "crowding
out" is an issue when interest rates are near zero and the economy is stagnant . Opponents of the stimulus also
point to problems of possible future inflation and government debt caused by such a large expenditure.[289][290]

In the U.S., jobs paying between $14 and $21 per hour made up about 60% those lost during the recession, but
such mid-wage jobs have comprised only about 27% of jobs gained during the recovery through mid-2012. In
contrast, lower-paying jobs constituted about 58% of the jobs regained.[291]

Historical statistics [ edit ]

GDP [ edit ]

1790-2006 GDP [ edit ][22-Oct-17 5:23:42 PM]

Economic history of the United States - Wikipedia

United States Annual Economic Data [show]

Contributions to Percent Change in Contributions to Percent Change in
Real GDP (1930–1946), source Bureau Real GDP (1947–1973), source Bureau
of Economic Analysis of Economic Analysis

Contributions to Percent Change in Contributions to Percent Change in
Real GDP (1974–1990), source Bureau Real GDP (1991–2008), source Bureau
of Economic Analysis of Economic Analysis

Real GDP per capita in the United

GDP per capita growth.

United States GDP history

Historical growth of the US economy
from 1961-2015

GDP per person in the United States[22-Oct-17 5:23:42 PM]

in global economy Employment [ edit ] Main article: Unemployment in the United States The Percentage of the US working age population employed. Official U. US share of world GDP (nominal) peaked in 1985 with[22-Oct-17 5:23:42 PM] . Average annual hours worked https://en. The share has been declining each year since then. 1950–2005 United States mean duration of unemployment 1948–2010. Tax as shares of Gross Domestic US share of world GDP (PPP) peaked in Product 1999 with 23. unemployment rate.78% of global GDP (PPP). U.wikipedia.24% in 2001.74% of global US Gross Private Domestic GDP (nominal).Economic history of the United States .Wikipedia US share of world GDP (%) since 1980. The second highest Investment and Corporate Profits After share was 32. 1995–2012.S.S.

Change in real income versus selected goods and services v1 Productivity [ edit ] https://en. private industries.wikipedia. and United States counties by per capita income U. Income inequality in the United States.S. by branches Manufacturing [ edit ] Main articles: Manufacturing in the United States and Economy of the United States by sector U. Household income in the United States.Wikipedia All[22-Oct-17 5:23:42 PM] .Economic history of the United States .S. manufacturing employment Wealth and Income [ edit ] Main articles: Income in the United States and Wealth in the United States See also: Personal income in the United States. Affluence in the United States.

1% 1913-2013 States Chamber of Commerce https://en. source United 0. US (1947–2013).S. Productivity and Real Hourly Compensation (1948-2013)[293] Inequality [ edit ] Main articles: Income inequality in the United States and Poverty in the United States Top 1% fiscal income share Top income inequality in the United States and France Gini Coefficient for Household U. 1947–2009. Income Shares of Top 1% and Income (1967–2007). U.S.Wikipedia Productivity and real median family Real compensation per hour in the income growth.Economic history of the United States .org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] .wikipedia.

v1 Health spending [ edit ] Main article: Health care in the United States Health spending as a share of GDP Life expectancy compared to healthcare spending from 1970 to 2008.Wikipedia Income inequality panel . in the US and the next 19 most wealthy countries by total GDP.[294] International Comparison - Healthcare spending as % GDP Tariff Rates [ edit ] Main articles: List of tariffs in the United[22-Oct-17 5:23:42 PM] . and Protectionism in the United States https://en. Tariffs in United States history.Economic history of the United States .wikipedia.

org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] .S.Wikipedia Average Tariff Rates in USA (1821- Average Tariff Rate(France. UK.wikipedia.Economic history of the United States . Trade Balance (1895–2015) US Trade Balance 1980 2010 Merchandise exports (1870-1992) Inflation [ edit ] https://en. US) 2016) Average Tariff Rates for Selected Countries (1913-2007) Average Tariff Rates on manufactured products Trade Balance [ edit ] Main article: Foreign trade of the United States Imports vs exports & net imports U.

state.wikipedia. and local government spending as a % of GDP history Revenue and Expense as % GDP. Debt [ edit ] Main article: United States public debt Assets of the United States as a Liabilities of the United States as a https://en.[295][296] Government spending [ edit ] Main article: United States federal budget[22-Oct-17 5:23:42 PM] .[297] Center. 1666–2004.Economic history of the United States .Wikipedia United States historical inflation rate. federal effective tax rates by CBO estimates of historical effective income percentile and component as federal tax rates broken down by projected for 2014 by the Tax Policy income level.S. US Federal Tax [ edit ] Main article: Taxation in the United States U.

org/wiki/Economic_history_of_the_United_States[22-Oct-17 5:23:42 PM] .wikipedia.[298] Deficit and debt increases 2001– 2016. U. public net debt and the total public debt Deficit [ edit ] Annual federal deficit as a percent of GDP See also [ edit ] Credit in the Thirteen Colonies History of agriculture in the United States https://en.Economic history of the United States .Wikipedia fraction of GDP 1960–2008 fraction of GDP 1960–2009 Development of US federal government debt ceiling from 1990 to January 2012.S.

The Economic Impact of the American Civil War (1962) https://en. ^ ab Archives.Wikipedia History of banking in the United States "Twin deficit" (1960–2006) History of coal mining in the United States List of regions by past GDP (PPP) Productivity improving technologies (historical) Wall Street's history Footnotes [ edit ] 1. ^ Jack P. ^ Perkins 1988. 41. Pole. ^ James L. ^ Whaples. 1–5 https://www. June 1983. 165.1017/S0022050700040602 . 174. pp. 9. 28 169. "The Birth of New 176.l New Economic View of American History. 202. "Where Is (2009) There Consensus Among American Economic 163. 1988). 55 Official Reports of Messrs Whitworth and 14. Atack & Passell 1994 12. ^ Julian E. 11. ^ Perkins 1988 162. ^ Ralph Andreano. ^ Bray Hammond. ^ US Department of the Interior. ^ Richardson.polytechnic. 36. "Homesteading by the Numbers" . 55 (1): Purse: Banks and Politics in the Civil War 144. ^ Atack & Passell 1994. eds. ^ 4. 1854.. "There is an 166. ^ Atack. Markham. 36 171. The Unbound 172. Peter (1994). 113 (Registration required (help)). "A Political Response to overwhelming consensus that Americans' Industrialism: The Republican Embrace of economic standard of living on the eve of the Protectionist Labor Doctrines".W. ^ The Homestead Act of 1862 . A world. ed. Cambridge. pp.288 10. Useful and Applied Arts. A financial history of the Historians? The Results of a Survey on Forty United States (2001) vol 3 p 220 Propositions". pp. The Columbia University Press. ^ ab Perkins 1988 168. (1969). ^ Perkins 1988. 1815-1860. JSTOR 2123771 . 111. 120. ^ Landes.archives. 89–92. Sovereignty and the Empty History. ^ Emerson David Fite. New 173.wikipedia. The Journal of Economic 164.aspx? 7. 24. New York: 175." pp 35–57 in JSTOR 3. pp. x unty-land-1775-1855. ^ Jane Flaherty. ^ Perkins 1988. Passell. pp. Norton and Co. Cambridge University Press. (2004) chapter 7 116. ^ Jerry W. ^ Perkins 1988.Economic history of the United States .[22-Oct-17 5:23:42 PM] . Social and industrial ISBN 978-0873321013. pp. Manufactures and Cambridge. The Economy of (1910) online edition Colonial America (2nd ed. the building of democracy. Zelizer. ISBN 0-521-09418-6. Robert (March 1995). 56. p. Edwin J. p. Industrial Development in Western Europe accessed February 5. National Park Prometheus: Technological Change and Service. 170. pp. pp. (1988).org/gfeldmeth/chart. Vol. Greene and J. pp. compiled from the 13. from 1750 to the Present. ^ a b 9. The American Congress: ISBN 0-393-96315-2. pp. London. Companion to the American Revolution Harvard University Press.ancestry. The revenue imperative 2. 182. p. 70 Issue 1. Greatest Nation of the Earth: Republican 16. The Wallis. David. 52. ^ Heather Cox Richardson (1997). Huston.pdf New York: W. doi:10. ^ Atack & Passell 1994. 174The Industry of the York: Press Syndicate of the University of United States in Machinery. Journal of Revolution was among the highest in the American History. conditions in the North during the Civil War 15. ^ Perkins. 2010. A Economic Policies During the Civil War . 31 dbid=1165 8. (1970). ^ Taylor. ^ http://search. George Rogers (1969). ^ Margaret Alan Newell. R. ^ Perkins 1988. 1 167. 100. 17. ^ North 1966. 5. Transportation Revolution.pdf 6.

"The Britain 1900–14: A lost cause revisited. On behalf of the Institution of Northern Seaports and the Origins of the Electrical Engineers. Thomas (2009). 69–73. Cambridge. pp.wikipedia. 47. the first edition of 1979 was entitled Urban 189. William and Business History 20#2 (1978): 131-152. A History of Control the American Revolution (2007) online edition Engineering 1930-1955. Charleston! Charleston!: Technology. 1850— in Colonial and Revolutionary Connecticut: An 1920. From Wealth to Engines of Enterprise: An Economic History of Power: The Unusual Origins of America's New England (Harvard UP. Political Mechanization in Industry. ^ Chandler 1993 https://en.. and the Origins of the Economic Research." Red Queen in New England?". Gareth Jones. 41 178. Louis C. ^ Gary B. Crucible: Social Change. ^ Benjamin L. ^ Gloria L. ^ McNeil. New York: D. Strategy and Structure: 24. "Economic Development International Marketing Strategies. ^ Bruce C. ^ G. (1891). Chandler. ^ Freeman W.Wikipedia England in the Atlantic Economy: From its Beginning to 1770. 1880-2000." Princeton University Press. ISBN 0- 26. Daniels. A History of Industrial Power in the 25. ^ a b c Hunter. Main. USA and The History of a Southern City (1991) London. ^ Carl Bridenbaugh. 71. Cambridge 23. (1993). Nash. 27. Bryant. 29. ^ a b c Wells. "The oil-fuel market in 18. ^ a b[22-Oct-17 5:23:42 PM] . pp. Rebels Rising: Cities and 188. 7 332 184. ^ a b c d e f Jerome. Cities in the Wilderness. Robert J. "Colonial Connecticut's of American Growth. David A. London: Peter 30. 383. Electrifying (1997). Cities in Revolt: Urban University Peess. Princeton UP. World Role . NJ USA: Search for a Staple: A Mercantile Paradox. ^ a b c d e Nye. The Urban Crucible: The Peregrinus Ltd. Working People in the Early Republic. ^ Walter J. 64–65. "Selling the Sewing JSTOR Machine Around the World: Singer's 19. ISBN 978-0-691- New England Journal of History (2000) 57#1 14772-7. 1743-1776 (1955). 158. ^ Andrew Godley. (1991). Lynwood Machine. "The Evolution of the Economic Changes and Their Effect on Interpretation of Economic Life in Colonial Production and Distribution of Wealth and Connecticut. "Work in the Cities of United States. (1990). pp 147." Journal of Transmission of Power. 3: The Colonial British North America. ^ Carl Bridenbaugh. American Revolution 190. pp 33-43. ^ Seth Rockman. ^ Gordon. pp 25-28 Archived March 15. S. p." 186. p. Recent 21. 280-7. "Class and the History of 262-08198-9." Connecticut History (1985) 26#1 Well-Being of Society ." in Peter Temin. ^ Benjamin L. Carp." Chapters in the History of the Industrial Common-Place (July 2003) 3#4 online Enterprise (1962). ^ Fareed Zakaria (1999). England: The MIT Press. London: Routledge. Main and Jackson T. 429-450 in JSTOR 180. National Bureau of Consciousness. pp 58-69. Harry (1934). ^ Bennett. 527-535. ^ Peter Wood. Life in America. Fraser. 2000). An Encyclopedia of the Journal of the Early Republic (2005) 25#4 pp: History of Technology. Princeton. esp. p." Enterprise & Society (2006) 7#2 pp. Appleton and Co. 183. Vol.Economic history of the United States . ^ Alfred D. The Rise and Fall 20. London: MIT Press. "Cities in review. online p. 181. ^ Rosenberg 1982. Urban History (2007) 33#6 pp 1021-1032 Massachusetts. Bradley Nutting. ISBN 0-543-72474-3. ed. ^ Seth Rockman. 2015. Ian (1990). 1986) pp 240. (2016). ^ P.. Meyer. America: Social Meanings of a New 28. 1730-1930. at the Wayback 185. pp. 46. 177. Cambridge. Mary Quarterly (1999) 56#1 pp 121–50 in 179. MA. David E. Overview. pp. Carp. p. ISBN 0415147921. Origins of American Slavery 187. ISBN 0-86341- American Revolution (2nd ed. The Cost of The First Century of Urban Life in America Living in America: A Political History of 1625-1742 (1938) online edition Economic Statistics. 11–68." William and Mary Quarterly (1980) 266-314 in JSTOR 37#3 pp. 182. 22.

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L. "The Vacant Chair on the Louis D. 209 corporate and estate taxes combined" . and "The Annual Real and Nominal GDP for the the Iowa Home Front. 2005) 1929 to present are from the Bureau of 146. 149. A Failure of Capitalism: (1965) covers 1850–1870 The Crisis of '08 and the Descent into 144. 286. 2012. Retrieved November 3. New South: Retrieved November 3. June Debt: 1940–Current" . pp. "A Federal Reserve Bank of St. Co. 2013. Number 2. Mich. Bureau of Economic Analysis. Emancipation and the American Civil Center. ^ GDP (nominal and adjusted) figures from Illinois University Press. 336 Long-Term Trend Economic Research - 153. Louis Brief History of U. ^ J. Vol. by Expanded Cash and Compromise: The Political Economy of Income Percentile. Old South. The Farmer's Last 2000. 298. pp. ^ Kenworthy. ^ "Table 7. ^ Richard A. pp. Eerdmans Pub. based on various sources and are less 0-691-12135-2. John Deere's steel plow Recession (2009) (Smithsonian Institution. Gates. ^ Edward C. 2014" . Retrieved August 13. ^ Huston 1986 Retrieved September 11. Kendall. 282 Economic Analysis. July 27. Retrieved December 25. ^ "Low wage jobs are dominating the U. 156. Conflict Rates by Filing Status. pp. Archived from the inefficient health-care system: another original on 2015-10-16. 147. 1790–present". Paper Currency" . pp. "America's Federal Reserve Banks.: Federal Taxes. reliable. History Services. 3. Economic Iowa. reconstructed by Johnston and Williamson Princeton University Press. See [4] for more information about 148. July 25. ^ Neil Dahlstrom and Jeremy Dahlstrom. 2010" .S. sources and methods. Shenandoah Valley Agricultural Research and Current-dollar and real GDP . Salmon P. Grand Rapids.S. 1861–1865". 160. 2013. 307 Productivity: Recent Recoveries and the 152. pp. (1999). United States Extension Center. p. ^ Gavin Wright. ^ Atack & Passell 1994. 161. 331 https://en. ^ "Effective tax rates: income. ^ Guelzo. 2011). 2007. John Deere Story: A Biography of 2012 Plowmakers John & Charles Deere (Northern 292. ^ Atack & Passell 1994. Farm Wives.Wikipedia 10(4):612–650 143. 158. Johnston and Samuel H. 5 Peter G. Agriculture and the Civil War 290. 2013. Anderson. The US W. Abraham Lincoln: 297. ^ Paul W. 154. ISBN 0-8028-3872. ^ "T13-0174 – Average Effective Federal Tax the Civil War (1986). 1959) 291. Williamson. ^ Jane Flaherty. Dec 20. pp. Chase: a biography (1995) p. Peterson Foundation. Frontier: Agriculture. 244–277 in Project MUSE and Budget. 294. 3 295. 155. ^ a b "Grain Harvesting History" (PDF). Office of Management 2009. Consider the Evidence (blog). Farm: Soldier Husbands. ISBN 978.B. Lane (July 10. 159. "'The Exhausted Condition of 2014. ^ Huston 1986. ^ North 1966. The recovery" Washington Post. Allen C. July 1. Roger Ransom. 145. 2007. ^ Federal Reserve Banks (April 2013).3 – Statutory Limits on Federal Civil War History. ^ Huston 1986. ^ John Niven. 241–265 Inflation-adjusted figures are for base year 150. Volume 55. ^ Clark. ^ Atack & Passell 1994. August 31. 2013. ^ Fred A. payroll.wikipedia. Shannon. 1860–1897 (1945) 293. ^ Labor Compensation and Labor 151. 157. Gregory (2007). War (1989) 2013.Economic history of the United States .[22-Oct-17 5:23:42 PM] . Tax Policy Slavery. Summer/Fall 2007. 66 Issue 3/4. A Farewell to Alms: Figures for before 1929 have been A Brief Economic History of the World. the Treasury' on the Eve of the Civil War". pp. Revolutions in the Southern Economy since 296. Annals of United States. ^ "The Distribution of Household Income and Redeemer President . Congressional Budget Office (CBO). Posner. look" . December 4.

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2006.[22-Oct-17 5:23:42 PM] .Economic history of the United States . Old South. eds. on steel industry Morris. The Political Economy of the Cotton South: Households. Jay Gould. 1913-1989 (2 vol 1990). New South: Revolutions in the Southern Economy since the Civil War (1986) Wright. business. Emancipation and the American Civil War (1989) Schweikart. and David J. and Wealth in the Nineteenth Century (1978) online Wright. Banking and Finance to 1913 (1990). important analysis of current trends and policies. 1789–1980 Annual Report of the Comptroller of the Currency . Charles R. Charles R. Morgan Invented the American Supereconomy (2005) Morris. Susan B. Cowen. an encyclopedia with short articles by experts Wright. Annual Report of the Secretary of the Treasury on the State of the Finances. P. Gavin. huge compilation of statistical data. Banking and Finance. a chart of the past trend of price inflation. The Tycoons: How Andrew Carnegie. Gavin. plus statistical tables Bureau of Economic Analysis: Official United States GDP data What Was the U. Historical Statistics of the United States: Colonial Times to 1970 (1976) part 1 online . A Rabble of Dead Money: The Great Crash and the Global Depression: 1929- 1939 (2017) Ransom. Robert E. a graphic presentation of American financial history from 1861 through 1938 Statistical Abstract of the United States Long Term Economic Growth – 1860–1965: A Statistical Compendium Business Booms and Depressions since 1775 . University of Chicago Press. these are pre-1923 and out of copyright. national income. Budget of the United States Government External links [ edit ] 594 historic photographs regarding American business and commerce.S. v·t·e Economic histories by country [show] v·t·e United States articles [show] Categories : Economic history of the United States Social history of the United States https://en. Larry. Economic Report of the President (annual 1947– ) . complete series online. GDP Then? Annual Observations in Table and Graphical Format for years 1790 to Present. Rockefeller. Data [ edit ] Bureau of the Census. Financial Founding Fathers: The Men Who Made America Rich. John D.wikipedia. et al. 2006). Roger. Conflict and Compromise: The Political Economy of Slavery. 1863–1980 Annual Report of the Board of Governors of the Federal Reserve System 75 Years of American Finance . part 2 online . and J. federal debt.Wikipedia online . volumes 1 and 2 Carter. ed. online Council of Economic Advisors. The Historical Statistics of the United States (6 vol: Cambridge UP. ISBN 0-226-91068-7 . stocks and bond yields for the United States from 1775 to 1943.

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