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Coinage Act of 1873
Also known as the "Crime of 73", the Coinage Act of 1873 rejected the coinage of free silver, while instead supporting the gold standard. Many farmers who supported silver in order to increase the money supply for inflation felt defeated after this act was passed. -
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Franklin D. Roosevelt
President Franklin D. Roosevelt implemented a lot of influential economic programs that brought the United States recovery. These projects, known as the New Deal, provided much needed relief after the failed attempts of Hoover and Localism. -
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John Maynard Keynes
John Maynard Keynes was an influential economist who created the Keynesian economic theory. He believed the way out of the Great Depression was for the Federal Government to get involved and should enact deficit spending. This, spending would increase and the money would find its way around to everybody. -
Sherman Antitrust Act
The Sherman Antitrust Act was the first attempt to limit cartels and monopolies. It called for the Federal Government to investigate trusts that pursued illegal or unfair practices. Later supported by the Clayton Antitrust Act, the Sherman Antitrust Act was not very effective at first, however was one of the first steps that countered the unfair practices of monopolies. -
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Lyndon B. Johnson
President Lyndon B. John enacted a series of programs similar to FDR called the Great Society. These programs aimed to eliminate poverty and racial injustice. Some of these programs included Medicare, Medicaid, the Older Americans Act, and the Economic Opportunity Act. -
Model T Introduced
The Model T was the first affordable automobile that was manufactured. Created by Henry Ford's Ford Motor Company, the Model T appealed to many American families, and sold over 15 million units. The Model T allowed Americans to travel and vacation more freely, sparking and fueling American industries everywhere. -
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Ronald Raegan
President Ronald Reagan’s economics, also known as Reaganomics, aimed to reduce government spending, income tax, government regulation and control the money supply to reduce inflation. These policies were effective, as the deficit declined, -
16th Admendment
The 16th Amendment allowed Congress to enact a graduated income tax, which meant higher income families would need to pay higher taxes. This in turn gave the government a large surplus, and countered the deficit. -
Federal Reserve Act
The Federal Reserve Act allowed for the creation of the Federal Reserve, or the central bank of the United States. This was important because before the Federal Reserve, many banks were disorganized, but the Federal Reserves would change all that. The Federal Reserve manages the United States money supply by setting the Required Reserve Raito, discount rates, and secondary market transactions. -
18th Admendment
The 18th Amendment was the cause of the prohibition Era, which prohibited the sale of alcohol. These actions lead to an entire underground economy with bootleggers and speakeasies. Organized crime was also a result. The 18th Amendment was eventually overturned by the 21st Amendment. -
Black Tuesday
Following the highly prosperous Roaring Twenties, Black Tuesday, or the Wall Street Crash fo 1929 marked the beginning of the 12 year national and international economic devastation. The Great Depression was the most severe economic depression in United States history. Unemployment rates reached as high as 25%, and many people were left homeless and starving. The Great Depression did not end until wartime production starting picking up in 1941. -
Dust Bowl Begins
The Dust Bowl was a series of dust storms around the Great Depression era. The Dust Bowl devastated many farmers and their families. Millions of acres of farms became unusable, which meant hundreds of thousands of people, known as 'Okies', had to leave their homes in order to search for better opportunities. The Dust Bowl caused major economic damage, which was estimated to be $1.9 Billion in 2007 dollars. -
Hawley-Smoot Tariff
The Hawley-Smoot Tariff raised numerous US Tariff to a point at which international trade was discouraged. The purpose of the tariff was to support US domestic businesses. However, many other countries retaliated by raising their own tariffs, and this in turn damaged international trade. -
First New Deal Begins
The First New Deal was a series of programs enacted by President Franklin Roosevelt in order to provide much needed economic relief from the Great Depression. Some of the programs included the Federal Deposit Insurance Corporation, which insured bank deposits, and also the Public Works Administration, which built many government funded public projects. These programs were extremely effective, and provided much needed relief from the Great Depression by providing jobs. -
Second New Deal Begins
The Second New Deal was another series of programs enacted by President Roosevelt following the First New Deal. The most famous program created in the Second New Deal was the Social Security Act, which created Social Security. These new programs provided some economic relief. Unemployment dropped around 10 percent. However, when Roosevelt decided to cut back, the Fed also enacted contractionary monetary policy, and unemployment returned to over 20 percent. -
Lend Lease Act
The Lend Lease Act was passed during WWII when the United States was still officially neutral. The Lend Lease Act provided the damaged Allies, especially Great Britain, with economic relief through the giving of war materials. A total of around 50.1 billion dollars of war materials were shipped to the Allies. -
Marshall Plan
The Marshall Plan gave 13 Billion dollars of economic relief to European countries after WWII. Trying to combat Soviet Communism in Europe, the United States tried to help European nations in order to gain influence and promote democracy rather than communism. It allowed many European Nations to 'get back on their feet', and provided new reconstruction. -
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Ben Bernanke
Ben Bernanke is the current chairman of the Federal Reserve. Many of his actions remain controversial, including his response to the 2008 Financial Crisis, and recent QE programs. -
Medicare
Medicare was created under President Lyndon B. Johnson. It allowed for people over the age of 65 under the Social Security System to receive hospital insurance. Medicare is currently putting a lot of stress on our federal budget. -
1973 Oil Crisis
The 1973 Oil Crisis is due to OAPEC placing an oil embargo on the United States. During this period, the United States experienced a phenomenon known as stagflation, where inflation occurs but Real GDP still declines. Oil prices soared, and continued until United States peacekeeping efforts in the Middle East removed the embargo. -
Savings and Loan Crisis
The Savings and Loan Crisis was when around 20 percent of the savings and loan associations in the United States failed. The estimated cost for bailing out these institutions was around 87.9 billion dollars, contributing to a large budget deficit in the 1990s. -
World Trade Organization Formed
The World Trade Organization is an organization created to supervise international trade. It replaced the GATT (General Agreement on Tariffs and Trade), and works to resolve and negotiate issues on worldwide trading. -
2003 Energy Crisis
The Energy Crisis of the 2000s was when there was a surge in gas prices. In September 2003, prices were around under 25$ a barrel, while late in 2003 they rose to over 30$ a barrel, and peaked in 2008 at 147.3$ a barrel. The rising prices were thought to be caused by declining petroleum reserves, Middle East tension, and oil price speculation. -
Financial Crisis of 2008
The 2008 Financial Crisis was when numerous large financial institutions failed. It was said to be the worst crisis since the Great Depression. Losses were estimated at trillions of US Dollars globally. Other effects were the decline of stock markets and the housing sector. The effects can still be felt today.
