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Criteria for importance
We found that these were historically significant because: 1) They not only affected one area, they all effected the global economics in one way or another. 2) We also found that each event was a catalyst, to cause a trickle down effect to the next one. 3) -
Pre WW1 progressivism
The change of industrial policies and economics in the United States, causing a widespread change in immigration, and to minimalism the corruption in the government. This event paved the way for the roaring twenties, where everyone had money to spend due to the post war economic miracle that the United States and Canada held, creating a trickle down effect, that seemingly made way for the economic boom right after the war had finished. (This ranged from 1897 to 1917, no approximate date) -
1920's -- Europe and North America
With the War just ending, the economy of North America and Europe was thriving. From the demand for goods, and the constant spending of the American people, it created a massive national debt that obliterated the economy later. With so many people becoming nearly dependent on the the stock markets, the 1920's was a massive peak in the economic policies across North America. Europe, where they were in the midst of another war, saw their economics thriving with the people's desire for democracy. -
The Stock market crash
After the economic boom of the 1920's, the stock market fluctuated so badly, that it created the largest crash in economic history. The extreme fluctuation of the stock market in the following weeks put an end to the golden age of economic freedom, and instead became a leading cause to the great depression. The crash effected millions of people around the globe, by creating inflation of trading and tariffs, to the loss of jobs around the world, it was the longest trough period known to this day. -
The Great Depression
the great depression was the longest depression that the world has seen to this date. Where it mainly affected the United states, it created a change around the world. The Depression completely affected every country in the world, as it decreased the demand for goods, and therefore a decrease for employment. The depression not only lead the way for new economic theories, it created a justified need for government intervention, which was widely non supported at the time, with no welfare in place. -
Canada and the depression
During the depression in Canada, the demand for our industry and products went down a massive 40%, leaving hundreds of thousands of people without jobs, and without any source of income. As the global economy began to sink, the demand for Canada's natural products went to an all time low, creating a complete deficit in the products people were consuming. Low employment, massive drought and lack of trade, created a widespread depression, which is known in Canada as the "Dirty thirties" -
Roosevelt's new deal
Roosevelt's new deal was enacted to help relieve some of the strain on the people from the depression. By enacting new economic policies to support agriculture, finance and labour, he attempted to relieve the stress of the times. The new deal is a major economic advancement, as it slowly helped America (and the world) to recover by aiding temporary jobs for infrastructure, and instigate a change in the hierarchy of banks, to avoid a depression like trough in the later years. -
Keynesian Economics
Keynes pushed for increased government spending and lower taxes to create demand and help to pull the global economy out of the depression. Keynes believed in changes happening quickly, instead of working in the long run. Keynesian economics was a way of thinking how to improve the world to help with the depression as quickly as possible, creating a fast paced economic structure of his own design. His design is such that a mixture of government welfare and lower taxes will increase production. -
Post World War ll
After WW2 there was a huge economic expansion, and a strong wave of economic growth within countries such as the USA, Canada, Soviet Union, and western Europe. These countries, in particular, experienced very high and long-term growth over the "golden age" and countries of the Axis power surprising also had a booming economy. High productivity growth in these countries continued until the 70's, influencing production, high demand, more competition, better infrastructure, and newer technology. -
The 1970's Oil Crisis
As the Yom-Kippur War started against Israel, the United States was already had rising oil consumption, low production and were increasing imports of oil from other countries. USA decided to intervene and support Israel. This angered the OPEC countries which resulted in the embargo of oil sales to the U.S, Canada, and the UK. The embargo was extremely significant to the economic power as the OPEC countries could influence powerful nations such as the UK and U.S by manipulating oil supplies. -
Monetarism
A school of economic thought, that maintains the total money in the economy, is the chief determinant of current dollar GDP in the short term and the price level over long term. The government uses interest rate as a tool to adjust the amount of money in an economy and after the embargo of oil sales in the 70s, the USA and UK were both undergoing high inflation which was significantly decreased because of the monetarist theory. -
Thatcherism
Thatcherism was an implemented change to England, by Margaret Thatcher, who was the leader of her party from 1975-1990. This style agreed largely on Monetarism and Keynesianism ideas, and it consisted of privatisation of state-owned industries, low taxation, and the government abandoning it's commitment to full employment, meaning it was in the hands of employers. Controlling the money supply with high-interest rates, managed to tame inflation, but with battling inflation came mass unemployment. -
Reaganomics
During the presidential campaign of Ronald Reagan, he announced a way to fix the country's economic crisis. This idea consisted of fewer taxes, excessive government regulation, and massive spending on corporations. The main idea supported the trickle-down economics. Therefore huge tax relief for the upper income would enable them to spend more on creating new jobs and balancing out their companies. Reagan strongly believed that this would result in more revenue for the government and economy. -
Blair's Third Way
Referred as "democratic capitalism", the Third Way was to add right-wing economics and left-wing social politics together as economic liberalism and free market deregulation. There was much promotion to social services that helped build a middle-class wealth. Higher taxes were implemented in order to support social services, higher minimum wage, and higher investment into education. The Third Way made way into the US and England in mid 1990s to early 2000s by Tony Blair and Bill Clinton. -
The Current Economic Crisis
(We went with the 2008 crisis)
The Current economic crisis that happened in the US in 2007-2008, was led on by a myriad of things. From the housing market, to bank failures, even to the European debt crisis, it was the worst disaster since the 1930's. The Governments, in turn, lowered interest rates and attempted to counter the steady decline in the economy by ensuring investments into the people, and welfare organizations, and pass bills to ensure this couldn't happen at this scale one again.
