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Our Time
We cover the years 1893-1912 -
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Income Taxes
There were no income taxes during our time period, 1893-1912. They were first permanently implemented in 1913. Income taxes have a huge impact on our economy. It's less money that the public can spend, but more money coming into the government. When there is more money coming into the government, the US can use it to better the nation as a whole. During our time period, individuals kept their income for themselves and were able to spend it however they pleased. -
Panic of 1893
This started when the New York Stock exchange started having downward trends. This caused a depression that made the unemployment rate get up to 20%. This would be an example of cyclical unemployment because they all lost their jobs due to the economic downfall. -
The Pullman Strike
The Pullman Strike was a nationwide railroad strike in the United States. They did this because the workers were facing wage reductions. The economy was still under pressure from the Panic of 1893, so that's why these times were so hard. 13 strikers were killed during the strike and the government needed to find a way to stop people from getting hurt. They created Labor Day to honor workers and stop the strike. -
First Slot Machine Built
This changed the way people used their money. Hoping to strike it rich, people used these frequently. This puts more money into these machines rather that using other betting styles. This was also a safe and legal way to gamble. Casinos have been very successful in their business ventures. They also provide jobs for people who work inside the building, which helps the economy tremendously. -
First Modern Olympic Games
The modern Olympic games started in Athens. This is big for economies because whoever hosts the games is looked at by the entire world and brings in a lot of cash. The only bad part about it is the empty stadiums after the games, but countries can find other uses for them and keep a profit that helps their economy, tourism, and jobs. -
US/Spanish War
Spain declared war on the United States after not leaving Cuba. The US won this war in the same year and ended August 12. America won the Philippines, Guam and Puerto Rico from Spain. The war is a good and bad thing for the economy. America had to spend money to fund the war, but people have jobs to fight in the war or work for the fight. -
Open Door Policy
The Open Door Policy with China is declared by the United States in order to open international markets and retain the integrity of China. This is important because the US began tapping into foreign markets by trading, exporting, and importing goods. By opening this door, the US was able to generate even more money. -
Average Income
The average income for a US citizen is $637. We will discuss why the income is important in the last average income event. -
Oil In Texas
The first major oil discovery in Texas occurs near Spindletop in Beaumont. Oil will soon become a major driving factor in the economy as vehicles and assembly lines arise. This results in millions of new jobs and billions in revenue throughout history. -
Carnegie Steel Company Is Sold To The US
Andrew Carnegie sells the Carnegie Steel Company to the United States Steel Corporation. This is huge for the economy because steel became the #1 manufacturing material for products such as vehicles, buildings, and household goods. -
Movie Theaters Begin
The first movie theater in the United States opens in LA. This is significant to the economy because a new industry began as movie theaters started spreading all around the country. -
Ford Motor Company Founded
Ford Motor Company has been an incredible asset for America's economy. It provided jobs to make the cars and affordable cars for average citizens. That lead to increased needs for roads and highways. That gave jobs to the people that build and design roads and also helped money go through the economy. More cars and roads allowed faster transportation of goods which allowed more goods and people to go across the country. In 2016 Ford made $151.8 billion in revenue. -
Boston Americans VS Pittsburgh Pirates
This was the matchup for the first ever World Series. The World Series, baseball, and sports, in general, generate tons of money and jobs. This event signifies the start of success that the MLB is going through. Sports became very popular during this time period. Baseball was considered America's pastime. -
Wright Brother's First Successful Flight
When the Wright brother's, Orval and Wilbur, flew for 1 minute in their plane, the Wright Flyer, they made history for having the first successful flight with a machine that was heavier than air. Their techniques and machinery are what our modern technology and industry are based on now. These technologies increased our access to goods around the world. The reason why people can eat fresh fruit out of their season in America is because planes ship them from across the globe. -
First Field Tractor Using Caterpillar Track Invented
This increases efficiency in agriculture. When is easier to farm, it makes it possible to have cheaper foods. Also, more people get to have jobs building tractors for farmers. -
Average Income
The average income for a US citizen is $862. We will discuss why the income is important in the last average income event. -
Kellogg's Founded
Kellogg's breakfast cereal can offer healthy and easy to make breakfast choices in a large variety of looks and flavors. This company has helped improve the economy and lives of Americans from 1906-2017. The demand now for healthy foods is incredibly high, and Kellogg's can make a lot of profit from that. The more profit they make, the more they will expand and offer jobs to people. -
The Pure Food and Drug Act was passed
This act was a response the book "The Jungle." It explained how careless workers and factories were with the safety of their meat. The book described instances of worker's fingers getting cut off and mixed with the meat as well as animals like rats. This act was passed to fix these problems and reassure Americans that the food they're eating is safe. This raises consumer confidence which in turn, makes consumers spend even more money on food. -
Panic of 1907
This crisis involved the Knickerbocker Trust losing financial aid, and causing the public to panic about banks because they thought that the banks were having liquidation problems. The government, JP Morgan, and others helped pay the banks to get them back on their feet. They saved the banks from financial turmoil and hurting the economy. Also, the development of the Federal Reserve System came out of this. -
Bakelite Invented
Bakelite, or polyoxybenzylmethylenglycolanhydride, was made in 1907. This was the first synthetic plastic to be made from fossil fuels. This invention was a breakthrough for the plastic industry and the world. Currently, almost everything is made out of or packaged with plastic. This simple plastic has lead to a lot more great inventions and even more money and jobs. -
FBI Established
The Federal Bureau of Investigation was designed to protect, defend, and fight for the United States against threats of any kind. They can even protect against threats that effect the economy. By starting this group, the country has been made a safer place with a more secure economy. -
NAACP Founded
The NAACP was founded by W. E. B. Du Bois (National Association for the Advancement of Colored People.) This Association was recognized for the importance of the economy and the economic issues in advancing equal opportunity society and aims to address the economic challenges. -
The Boy Scouts of America are Founded
When The Boy Scouts of America were founded, many young boys joined. These boys now had something to be involved in. They trained boys lessons that would help them become hard working members of society that participate in their communities. This was a positive group that helps the whole country by preparing young people for a better future. -
Mann Act (The White-Slave Traffic Act.)
This act was passed mainly for keeping innocent girls from being lured into prostitution. Immigrant girls were lured to the United States for white men.¨This was an economic problem that needed to be stopped. Many immigrant girls didn't feel safe coming to the United States with word of what happens to them when they get here. This act helped them. -
Overpopulation
The census of 1910 had an increase in the population of 21% since the last census. That's a lot more people. This was the largest growth in population that had ever been recorded before this decade. The growth was largely affected by immigration in the US. Overpopulation was beginning to happen. Overpopulation is bad for an economy because that means there are more homeless and unemployed people that aren't buying goods. -
First Indianapolis 500
The Indianapolis 500 started as tests to see how fast new cars could go. Now it is one of the most famous motor race competitions in the world. It brings in all kinds of people, advertisements, jobs, and money. -
Austin Dam Breaks
When this dam broke, it wiped out an entire town. The town was Austin, Pennsylvania. The water continued and flowed 8 miles downstream and into another town. Disasters like this cost governments a lot of money to repair and rebuild. The more disasters there are the worse our economy gets because we have to continually spend money fixing things. -
Average Income
This is the last average income event. The average income for a US citizen is $983 in 1911. There have been some drastic changes since 1900. The average income then was $637, then $862 in 1905. That's a $346 difference from 1900-1911. The reason for this is that this time period was relatively filled with peace. With nothing impeding the countries flow, the US was free to expand industrially, with new inventions, and with the oil in Texas that we discussed earlier. -
Girl Scouts Created
Girl Scouts of the USA was started by Juliette Gordon Low. The Girl Scouts also started up by encouraging many young girls to join. This meant they were involved in something. The Girl Scouts taught girls to be young leaders. This is big because around this time woman's rights were starting to be fought for. This step of starting the girl scouts helped encourage young girls and give them confidence. The lessons taught in girl scouts could be translated to them working outside the home.
