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Major Economic Impacts
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Revolutionary War
The Revolutionary War was the first time that the American economy experienced instability. After all, the Revolutionary War was a critical step in the liftoff of the new country. The economy was threatened from the production and importation of war supplies such as gun powder and bayonets. The economy was in a recession already. -
Takeoff of Textile Industry
The textile industry played almost as a backbone to the industrial revolution. The textile industry morphed farming and manufacturing. This industry was a major role in the economy of the late 18th century through the 19th centruy. The industrial revolution lifted the US economy into a sense of prosperity. -
Yellow Fever Outbreak
The yellow fever was an epidemic that swept across the east coast of the early country. 30,000 died yearly. Taxes were then formed to aid in finding a cure for this deadly disease. Still, the fevers did not damage the economy enough to remove its status of prosperity. -
Invention of the Cotton Gin
Eli Whitney created this machine to help produce cotton at an immensively more productive rate. The harvest of cotton grew over 6 million pounds yearly. The cotton gin played a major role in the agricultural economy. The economy was in prosperity. -
Steamboat Service
Robert Fulton's invention of the steamboat was another creation within the industrial revolution. This helped transportation across the Hudson River, which helped get products across the country much more easily. In a chain reaction, the steamboat helped industrial, agricultural, and human transportation. -
Invention of Typewriter
Ely Beach invented the first typewriter. It was an instant popularity for homes and especially businesses. This invention occured during the ending of the industrial revolution. The United States had a fairly stable economy at the time and this invention had a decent impact. The economy was in prosperity. -
Invention of Lawn Mower
The first lawn mower was invented in 1830. This made it much more convenient to upkeep lawns. This invention was almost a necessity. Again, this invention was an impact on the economy during an already decently stable stage. The economy was in prosperity. -
Invention of Reaper
Cyrus McComick's invention was another factor in the agricultural economy. It assisted in productive farming of crops and along with the other factors in this uprising of farming equipment, the reaper benefited the economy. The economy was in prosperity. -
Gold Rush
The gold rush was started by a man discovering gold on a shore in California. Mass loads of people poured into the state of California in hope of doing the same. This especially impacted the economies of California and the other states who hosted the guests along the way. Again, the US economy was stable, but showing a slight fall. Therefore, the rush to find gold was even more tempting. The economy was slightly below a level of prosperity. -
Civil War
This was the most destructive war in American history, brother killing brother. Of course, this was not only a devastation to the US economy but divided the country into two. The Civil War is considered an era of its own. The economy was in a recession. -
Invention of Automobile
The automobile was the biggest invention of the century. Henry Ford's first model was even affortable to the middle and lower classes. The price created mass amounts of consumers. The US economy was impacted heavily by Ford's creation. The automobile helped rebuild an economy torn apart by the Civil War. The economy was in a recovery stage. -
San Francisco Earthquake
The natural disaster destroyed the economicaly productive city of San Francisco. Fires assisted. San Francisco was a city heavily populated with businesses; businesses which were torn to pieces. Without the productivity of the Californian city, the entire US economy was damaged critically from this occurance. Not to mention, personal possessions were also destroyed. This created the need to re-purchase. The economy was in a state of recovery. -
World War I
As all wars are, World War I was a destruction of the US economy. The cost of World War I was around $42 billion for America alone. That was 52% of gross national product at the time. Although the United States was victorious in the war itself, the economy shows otherwise. Our great country experienced one of the worst economic collapses in our history. The economy was in a level of recovery. -
Influenza Epidemic
675,000 died from the epidemic in 1918. This made the average life span in America devastating. 28% of all Americans were effected. This forced the US to find a cure to influenza. Of course, that takes funding and that impacts the economy. Additionaly, the thousands who died meant thousands who could not assist in taxes. Therefore, the livings' taxes were sufficiently raised.The economy was in a state of recovery. -
Stock Market Crash
The stock market crash was the base of the Great Depression. The economy, with no warning, entered depression. The stocks, who everyone invested in, lost value more than ever. The United States' economy was in grave danger. Banks failed, businesses failed, and unemployment reached an all-time high. The economy was in a depression. -
Dust Bowl
The Dust Bowl was a natural disaster in the Great Depression era. In addition to the Stock Market Crash, the Dust Bowl destroyed the agricultural side of the economy. Dust covered and destroyed crops across the midwest. This forced farmers to relocate. This played a part in the economic collapse. The United States' main source of agriculture was destroyed.The economy was in a depression. -
World War II
The World War II was another costly war for the United States. However, it helped stabalize the economy. The war created need for resources that America had. The United States controlled the spending and consumption. This may be the only war in our history that actually fixed an economic deficit. The economy was recovering. -
Creation of National Football League
Although it didn't seem like an instant effect on the economy, the National Football League now consumes over 1 billion dollars yearly. I believe that the NFL plays a major role in our country's economy based off of the fact that if the league went under, our economy would struggle even more than it already is. The economy was stable, just underneath the level of prosperity. -
First Ipod Invented
The Ipod was one of the most popular gadgets in American history. The invention plays a huge role in our economy, considering that the company has millions of consumers yearly. Similar to the NFL, if Apple were to go out of business, our economy would be harmed. The US economy was actually in prosperity at the time. 1999 was considered the best economy in a generation. -
Hurricane Katrina
Hurricane Katrina was the most recent natural disaster to destroy the US economy. When an area of our country is destroyed, so are businesses and jobs. Hurricane Katrina's deficit remains today. The US economy was and still is on the brink of a recession.
