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Apr 23, 1580
Middle Passage
Part of the Triangle Trade
Africans were transported to the Americas, where they were traded for sugar and tobacco. -
Period: Apr 23, 1580 to
APUSH Economic Trend
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Virginia Company
Granted a charter by King James I in 1606, the Virginia Company was the first joint-stock company in the colonies created to establish settlements in the New World. -
Indentured servitude
Individuals whose voyages to the New World were paid by others; in return for the free voyage, they would have to work for the provider for a certain period of time. -
Tabacco made a profitable crop by John Rolfe
Tobacco quickly became the most valuable crop. By 1616 tobacco was profitless due to overproduction. -
Headright system
Headrights were parcels of land consisting of about 50 acres which were given to colonists who brought indentured servants into America. -
Mercantilism
Economic philosophy or practice in which England established the colonies to provide raw materials to the Mother Country; the colonies received manufactured goods in return. -
Trade and Navigation acts
the were a series of laws which limited foreign trade in the colonies as well as the use of foreign ships starting in 1651. -
Wool Act
protecting its own wool industry by limiting wool production in Ireland and forbidding the export of wool from the American colonies. -
Molasses Act
passed by the English Parliament, imposes heavy duties on molasses, rum and sugar imported from non-British islands in the Caribbean to protect the English planters there from French and Dutch competition. -
Rice and Indigo Cultivation in South Carolina
Both items helped stimulate the growing Carolinian economy and both called on the knowledge of new African slaves to grow properly. -
Industrial Revolution
Clothing making moved from the homestead to the factory during hte first industrial revolution. Automation on a large scale was first introduced, which allowed for the first real mass production and introduction of factory jobs which paid more than agriculture. -
Currency Act
passed by the English Parliament, banning the issuing of paper money by the New England colonies. -
sugar act
The first parliamentary act bent on turning a revenue in the colonies. This law cut the tariff on Molasses in half, and levied new taxes on imports of foreign textiles, wine, coffee, indigo, and sugar. -
currency act
The British ban on printing colonial money in order to alleviate British creditors' fears of being payed in the depreciated currency of the colonists. -
Stamp act
A tax in the form of required stamps to be purchased and fixed to all printed material. This act affected people throughout all the colonies. -
Louisiana Purchase
The British ban on printing colonial money in order to alleviate British creditors' fears of being payed in the depreciated currency of the colonists. -
Embargo Act
The Embargo Act of 1807 was a law passed by Congress forbidding all exportation of goods from the United States. -
Non-Intercourse Act
Replaced the Embargo of 1807. Unlike the Embargo, this act only forbade trade with France and Britain. -
Gold discovered in California
1848 gold was discovered by James W. Marshall at Sutter's Mill, in Coloma, California. News of the discovery soon spread, resulting in some 300,000 men, women, and children coming to California from the rest of the United States and abroad. -
Gadsen Purchase
The Gadsden Purchase was the 1853 treaty in which the United States bought from Mexico parts of what is now southern Arizona and southern New Mexico. -
Homestead Act
In 1862 congress passed the homestead act offering 160 acres of free land to any citizen or intended citizen who was head of the household. -
Alaska purchase
Purchase of Alaska from Russia for $7.2 million, instigated by William Steward. Was significant because it ridded the continent of another foreign power. -
The Great Railroad Strike
Many railroad workers went on strike in response to wage cuts. Eventually President Hayes sent in troops to put the strikers down. -
Standard Oil Trust Formed
Through ruthless competition and superb organization, the Standard Oil Trust controlled 90 percent of oil refining in the United States by 1879. -
Homestead Strike
It was one of the most violent strikes in U.S. history. It was against the Homestead Steel Works, which was part of the Carnegie Steel Company, in Pennsylvania in retaliation against wage cuts. -
Pullman Strike
A 1894 strike by railroad workers upset by drastic wage cuts. The strike was led by socialist Eugene Debs but not supported by the American Federation of Labor. -
Gold Standard Act
This was signed by McKinley. It stated that all paper money would be backed only by gold. This meant that the government had to hold gold in reserve in case people decided they wanted to trade in their money. -
Panama Canal
The United States built the Panama Canal to have a quicker passage to the Pacific from the Atlantic and vice versa. It cost $400,000,000 to build. Columbians would not let Americans build the canal, but then with the assistance of the United States a Panamanian Revolution occurred. The new ruling people allowed the United States to build the canal. -
16th Amendment
Amendment to the United States Constitution (1913) gave Congress the power to tax income. -
Federal Reserve System
reformed banking system and created the federal reserve board which oversaw a nationwide system of 12 regional reserve districts each with its own central bank and had the power to issue paper money -
Revenue Act
AKA the Wealth-Tax Act or the Soak-the-Rich Act, it raised tax rates on the wealthy. Although it failed to result in a significant redistribution of wealth, but resulted in demonstrating FDR's willingness to be liberal and successfully raised the ire of many business leaders and political conservatives, who accused FDR of communism. -
Crash of 1929
An enormous decrease in stock prices on the stock exchanges of Wall Street in late October 1929. This crash began the Great Depression. -
Stock Market Crashes
the stock market crashed and caused a world wide Depression. As early as March the stock market had mini-crashes, signaling something was seriously wrong. In October 1929, on Black Friday it crashed. The Thursday before 12 mil. stocks had changed hands. The full devestation was not fully realized until the following Tuesday. -
1947 Taft-Harrtley Act
It made the "closed shop" illegal and ended the practice of employers collecting dues for unions and forbade such actions as secondary boycotts, jurisdictional strikes, and featherbedding. -
24th Amendment
Poll tax abolished.
Congress has the power to enforce this via legislation. -
Nixon Wage and Price Controls
In a move widely applauded by the public and a fair number of economists, President Nixon imposed wage and price controls. The 90 day freeze was unprecedented in peacetime, but such drastic measures were thought necessary. -
Tax Reform Act of 1986
It lowered tax rates, changing the highness rate on personal income form 50 percent to 28 percent and corporate taxes from 46 percent to 34 percent -
Black Monday
The Dow Jones stock market average dropped over 500 points. -
NAFTA
Went into effect in 1994, it eliminated most tariffs and other race carries between the US, Canada, and Mexico.
