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Apr 17, 1492
Columbus arrives at the Americas.
The arrival at the New World brought news of new resources to the Old World. The "discovery" of the Americas led to an economy based on raw materials. -
John Rolfe perfects tobacco growing methods.
John Rolfe made the production of tobacco more profitable. As a result, Virginia's and other Southern colonies' economies began to rely on cash crops like tobacco. -
The first African slaves were brought to Virginia to produce tobacco.
This was the beginning of the widespread use of slaves for agriculture. -
Alexander Hamilton creates the economic system as the Secretary of the Treasury.
Alexander Hamilton created the United States' economic system based on Austrian econmics and a unified currency opposed to the differing currencies in each state. -
Samuel Slater created the first textile factory in the North.
Samuel Slater was a British mechanix who brought his knowledge of factories to America. It was the beginnings of a truly industrialized North and helped spark the increase in child labor. -
Eli Whitney created the first cotton gin.
The cotton gin made the production of cotton more proftible. It increased the amount of slave labor being used and caused most of the South to develop their economies mainly on cotton and other cash crops. -
The first Lowell factory was built in Massachusetts.
Lowell factories were the first to use power machines to produce manufactured goods. It helped pave the road for a more industrialized North. -
President Andrew Jackson vetoes the U.S. Bank's recharter.
Destroying the bank caused currency's value to fluctuate tremendously, causing many problems. Its destruction highlighted many problems the United States banking system. -
The California Gold Rush begins.
People swarmed westward for the chance to become rich. This created an industry almost overnight and transportation of the ore helped the country's infrastructure for trade. -
Homestead Act
Pioneers are encouraged to settle pieces of land at the frontier and create more farms. It made the western economy's base agriculture. -
Civil War ends.
While the Civil War was not originally a war to end slavery, the Union victory was the formal institution of slavery. Also the lack of Northern manufactured goods helped the South's industry grow a little. -
The Knights of Labor are created.
The Knights of Labor are one of the first labor unions of the time. The creation of labor unions marks a change in how workers interact with their employers. -
The Transcontinental Railroad is finished.
The transcontinental railroad connected east to west. It allowed faster trade between states than ever before. -
Standard Oil owns most of the oil making process.
Standard Oil practiced horizontal integration (trusts), a form of a monopoly. Monopolies were more prevalent than ever during the Gilded Age. -
The American Federation of Labor is created.
It was created by Samuel Gompers to because of the issues with the Knights of Labor. It used different tactics than the earlier unions like improved collective bargaining. -
The Sherman Antitrust Act is passed.
It is the first legislation against monopolies. It marked the beginning of the end of fully laissez - faire econmic policies even though it was intially used to suppress labor unions. -
The Spanish American War
It started American Imperialism which was a significant cahnge from isolationism. -
The Federal Reserve System is created.
The Federal Reserve System sets up the modern central banking system and regulates the value of currency. The regulation of currency was not nearly as consistent under earlier systems. -
The Clayton Antitrust Act was passed.
It further protected labor unions from persecution from the big businesses. It marked a large change in goverment policy which usually supported the needs of the business over the workers. -
President Franklin Roosevelt started his New Deal program.
The New Deal established the use of Keynesian economics to solve problems instead of Austrian economics. -
President Roosevelt and Prime Minister Churchill sign the Atlanitc Charter.
The two leaders pledge that after World War II neither country will acquire new territory. This marked the end of American imperialism.
