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Economics Hundred Years Timeline-Bennett
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Ford Motor Company
Henry Ford is the founder of this American company that manufactures and sells automobiles and commercial vehicles. Ford Motor Company survived through the Great Depression and helped to boost the United States economy with several car sales. -
The Great 1906 San Francisco Earthquake
The earthquake that hit San Francisco in 1906 was devistating for the city. The earthquake caused rapid spreading fires and many people's houses were destroyed, as well as buldings. The city was the financial, trade, and cultural center of the West. The earthquake prevented trade, effecting the industry, economy, and population growth of the city. The total damage from thr earthquake was estimated to be about 400 million dollars. -
Panic of 1907
The Panic of 1907 was a United States financial crisis that took place when the New York Stock Exchange dropped about 50% from its peak from the previous year. The panic spread throughout the nation and many local and state banks as well as businesses became bankrupt. -
The Assembly Line
The Assembly line, created by Henry Ford, is a manufacturing process in which parts are added onto a product at different stages of building by different people. This caused products to be made much faster and the workers had easier jobs. The gain in productivity the Assembly line caused allowed the Ford Company to pay their workers 5 dollars per day instead of 1.50. -
The Federal Reserve Act
The Federal Reserve Act was a system set up by Congress that created the Federal Reserve System; also know as the banking system of the United States. The act granted it legal to issue banknotes and the United States dollar. -
The Panama Canal Opens
The Panama Canal is a ship canal that connects the Atlantic Ocean and the Pacific Ocean via the Caribbean Sea. The canal was used for shipping goods from the Atlantic to the Pacific Ocean. -
Too Much Cotton
Cotton prices in New Orleans were 42 cents a pound, encouraging Southern farmers to plant the largest crop in history. The overproduction causes a decrease in cotton price; cotton now costing 10 cents per pound. Cotton farmers fall into a small depression. -
Great Mississippi Flood of 1927
The Mississippi River broke out of its levee system in over one hundred and forty five places and flooded 27,000 miles of land. Some area's of land were under 30 feet of water. This huge flood caused over 400 million dollars in damage and killed 246 innocent people. -
Black Thursday
Black Thursday is known today as the most devistating stock market crash. It signaled the beginning of the twelve year economic depression known as the Great Depression. All western industrialized countries were effected. (loss of homes, jobs,etc). -
Emergency Banking Act
The Emergency Banking Act was created by the United States Congress to try to stabilize the economy during the Great Depression. This called for a four day shutdown of the United States banks for inspection before they could be opened again. It's purpose was to boost investor confidence again and stabilize the banking system; since many banks had been shut down. -
Dust Bowl Black Sunday
The Dust Bowl was a time period of severe dust storms that damaged the agriculture and ecology of the United States and Canadian fields during the 1930's. In many area's the Dust Bowl completely eroded the land, leaving it not usuable. Farmers crops were destroyed and for a while there was no place to plant new ones. Because of bank fails in the Dust Bowl region, farmers had a hard time gaining the credit they needed to purchase capital to shift crop production. -
Social Security Act
This act was passed to limit what individuals saw as dangers in Modern American life such as old age, poverty, unemployment, etc. The Social Security act also provided help to retirees and the unemployed, there pay financed by a payroll tax on current workers' wages. (half directly as a tax and the other half paid by the employer). The Social Security Act gave money to the states to provide help with older aged people, unemployment insurance, public health services, etc. -
Revenue Act
The United States passed the Revenue Act in 1941. This act increased individual income tax rates and increased corporate tax rates. The Revenue Act also decreased the personal exemption amount from $1,500 down to $1,200 for married couples, and $400 to $350 for individual people. -
End of World War Two
World War Two involved a large amount of the worlds nations. It was known to be the most widespread war in history, involving more than one hundred million people. The war resulted in a large growth of aircraft industries, massive government debts owed by America, and the government took control of the economy, They managed trade, railways, shipping, banking, etc. -
Marshall Plan
The Marshall Plan was inituated by the United States Congress and signed by President Truman in 1948. The purpose of the plan was to have American provide aid and economic support to Europe after World War 2. The United States' goals were to help rebuild destroyed areas, remove trade barriers, modernize industry, and to ultimately make Europe prosperous again. -
Great Appalachian Storm
The Great Appalachian Storm was a large cyclone that moved through the Eastern portion of the United States causing heavy winds, rains, and blizzard like conditions. The storm impacted 22 states and the price of damage was $66.7 million. United States insurance companies paid more money to their customers for the damage caused by the storm than any other previous storm or hurricane. -
Mutual Security Act
The Mutual Security Act is a United States Federal law that authorized about 7.5 billion dollars for foreign military, economic, and technical foreign aid to America's allies. The aid was aimed mostly at Western Europe, as the Cold War began. -
Eisenhower Doctrine
Under the Eisenhower Doctrine, a country in the Middle East had the ability to request economic help from America or military aid if the country was being threatened by another state by armed agression. President Eisenhower thought it important to secure and protect the territorial integrity of those nations. -
Peace Corps
The Peace Corps is a volunteer program run by the United States. It's jobs are to provide technical assistance and helping countries all around the world understand different cultures. The work of the Peace Corps is related to social and economc development. -
Revenue Act of 1964
The Revenue Act of 1964 was also known as the Tax Reduction Act. It was a tax cut bill signed by President Lyndon Johnson in 1964. The income tax of individuals were cut across the board by twenty percent. The Revenue Act also decreased corporate tax rates and introduced a new concept of minimum standard deduction. -
Medicare
In 1965, President Lyndon Johnson signed the Medicare bill into law. This bill was planned to provide federal health insurance for poor families and individuals over the age of 65. -
1973 Oil Crisis
When members of the Organization of Arab Petroleum Exporting Countries announced an oil embargo, the pirce of oil had risen from United States money from $3 to $12 by March 1974. The company was blamed for dramatic price inflation. -
Super Outbreak
The Super Outbreak tornado was the second largest tornado recorded during a single 24 hour time period. There were 148 tornados passing through 13 US states. The huge tornado caused more than 600 million dollars worth of damage and destroyed about 900 square miles of land. -
Airline Deregulation Act
The Airline Deregulation Act was a United States Federal law that was intended to remove government control over fares, routes, and market entry. New low cost airplanes appear and airline fares decreaded, benefiting the customer. -
Depository Institutions Deregulation and Monetary Control Act
The Depository Institutions Deregulation and Monetary Control Act is a United States federal finance law that was signed in 1980 by current President Jimmy Carter. The act gave the Federal Reserve more control over non-member banks. For example, it forced all banks to follow the fed's rules, it allowed banks to merge together, it raised the deposit insurance of United States banks and credit unions from $40,000 to $100,000, etc. -
Supply-Side Economics
Supply Side Economics was created by Ronald Reagan in the 1800's. The act states that consumers will benefit from a larger supply of goods and services at lower prices, therefore the expansion and investment of businesses will increase the demand for the workers. Supply Side Economics also contains lower marginal tax rates and less regulation. -
FIRREA
The Financial Institutions Reform, Recovery, and Enforcement Act is a United States federal law put into affect in the wake of the savings and loans crisis. The act created the Resolution Trust Corporation to close hundreds of loans and provide funds to pay out insurance to the depositors. -
North American Free Trade Agreement
The North American Free Trade Agreement was an agreement signed by the United States, Mexico, and Canada. The agreement created a rules based trade bloc in North America. It also removed tariff bariers between the United States, Mexico, and Canada for fifteen years. -
Personal Responsibility and Work Opportunity Act
The Personal Responsibility and Work Opportunity Act was a United States federal law that was considered to be a method of federal cash assistance to the poor. The bill created workforce development added onto welfare legislation that encouraged employment among the poor. -
Glass-Steagall Act Slightly Repealed
The United States Congress slightly repeals the 1933 Glass-Steagall Act in 1999. This allowed commercial banks, security firms, etc to consolidate and gave banks the opportunity to open their own interstate branches. -
September 11 Attacks
On September 11, 2001 a series four coordinated terrorist attacks lead by the Islamic Terrorist group called al-Qaeda were initiated in New York City and Washington D.C. In New York, 2996 people were killed. The attacks cost over$3.3 trillion dollars to pay for things such as cleanup, property damage, the loss of four civilian aircraft carriers, etc. -
Hurricane Charley
Hurricane Charley lasted from August 9th to August 15th. At it's most intense moment, the hurricane carried winds of up to 150mph. This made it eligable for the lable of a category 4 hurricane. The storm made landfall in Southern Florida, causing more than 15 million dollars in damage. -
Hurricane Katrina
Due to Hurricane Katrina, 200 billion dollars worth of damage was done to the United States. 400,000 people lost their jobs and 275,000 homes were destroyed. The effect Hurricane Katrina had on oil and gas prices was long lasting.
