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Jan 1, 1492
Christopher Columbus Discovers the New World
Christopher Columbus, under the Spanish flag, travels to the New World. This establishes financial activity in what would later become North America. -
American Independence Declared
American Revolutionary leaders sign the Declaration of Independence, unofficially seperating from Great Britain. This made it clear that Britain wouldn't have control over American economic activity if the war succeeded. -
First Successful Trial of a Steamboat
First trial of a steamboat carried out by John Fitch. Steamboats would later make river travel much easier, which would make the transportation of goods much more efficient. -
First Bank of the Unites States established
Alexander Hamilton seeks Congressional authority as secretary of the treasury, in order to create the First Bank of the United States. Hamilton believed the Bank would be necessary to improve the nation's credit, and improve handling of financial business of the US government. -
The Lousiana Purchase
The US acquires 828,000 square miles of France's claim of the territory of Lousiana. This enabled America to rech farther towards the Atlantic, and also allowed more extensive development of North America, by the US. -
Second Bank of the United States
Charter for the Second Bank of the United States. Allowed public credit to be issued in order to be used for economic development. -
First Railroad Chartered
The Baltimore and Ohio Railroad is chartered. Later railroads open up new pathways into trade, and allow people to travel farther west and further develop the nation. -
Panic of 1837
A major recession in which unemployment shot up, while profits and wages went down. Marked the first of the major recessions in US history. -
Hostilites Begin the Civil War
Confederate forces fire on Fort Sumter, marking the beginning of the Civil War. The war was a result of tariff laws that the South did not agree with, and also on the debate of slavery, and the South's dependence on them for the cotton industry. -
First Homestead Act Passed
Act that provided applicants with land at little to no cost. This allowed more citizens to privately own farmland with which they could feed themselves, as well as make a profit. -
Effective End of Civil War
Robert E. Lee surrenders his army at Appomattox Court House, effectively ending the Confederate resistance. With the end of the war, and the abolishment of slavery, the South was put on the long, hard road of Reconstruction. -
Panic of 1873
A series of recessions led to several crises, including the New York Stock Exchange closing for 10 days. This was another major depression in the history of the United States. -
American Production Surpasses Great Britain
By this time, The US had jumped ahead of Great Britain in terms of manufacturing output. This signaled America's passage into becoming the premier economic power of the world. -
Panic of 1893
Like, the Panic of 1873, the mismanagement of railroads and railroad construction led to a series of bank failures. This marked yet another depression, and the last major depression to occur before the Great Depression. -
Assembly Line Created
Henry Ford introduces the assembly line, which would lead to mass production. This would enable the creation of products to be much faster and more efficient. -
US Entry Into World War I
German hostilities lead America into declaring war on Germany, and joining the Allied Forces. US entry into the war marked trhe end of American Isolationism, as well as the first time war bonds would be utilized to support the war effort. -
The Great Depression Begins
The Great Stock Market Crash, among other factors, led to the single largest series of recessions in American history. This depression would mark the (arguably) lowest economic point in American history. -
The First of the New Deals
Franklin Delano Roosevelt puts into motion the first part of his New Deal, which would offer relief those suffering during the Great Depression. This marked the first time that the federal government took a large role in public relief, and would later lead to later New Deal legislation, including the Social Security Act. -
US Entry into World War II
Following the Attack on Pearl Harbor, Adolf Hitler declares war on America. This war effectively marked the end of the Great Depression. -
End of World War II
Japan surrenders to the US, which officially ended the war. The end of this war marked the end of the Great Depression, and also marked the beginning of a period of economic prosperity that would last until the 1970s. -
The Golden Age of Capitalism Ends
The collapse of the Bretton Woods system marked the end of the post-WW2 prosperity. This marked the beginning of a good number of turbulent years for the American economy, and would pave the way for Reaganomics. -
The Introduction of Reaganomics
President Ronald Reagan introduces his system of Reaganomics. Reaganomics cut income tax rates by 25% and dramatically reduced inflation, and by the end of Reagan's presidency, unemployment fell below 6% as well. -
The Dot-Com Boom
Between 1994 and 2000, output increased, inflation was much more manageable, and unemployment reached below 5%, which culminated in a booming stock market, called the Dot-com boom. This resulted in a short-lived, but high spike in economic activity, ending in 2001.
