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17th Century Mercantilism
England in the 17th century adopted the policy of mercantilism, exercising control over the trade of the colonies, thus greatly affecting their political and economical development -
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Boom and bust economic development timeline dates
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Joint- Stock Company
The joint-stock company was the forerunner of the modern corporation. In a joint-stock venture, stock was sold to high net-worth investors who provided capital and had limited risk. These companies had proven profitable in the past with trading ventures. The risk was small, and the returns were fairly quick-Granted a charter by King James I in 1606, the Virginia Company was a joint-stock company created to establish settlements in the New World. This is a seal of the Virginia Company, which esta -
18th/ early 19th self- sufficient farms
able to maintain oneself or itself without outside aid : capable of providing for one's own needs -
1776 Adam Smith and Wealth of Nations
The Wealth of Nations, published in 1776, is a careful, thorough, and brilliant criticism of the mercantile system that governed economic policy in Great Britain during Smith's life. Smith charts the evolution of mercantile principles from the fall of Rome, through feudal times, -
1812-1861 growth of manufacturing/textile mills
The three key drivers of the industrial revolution were textile manufacturing, iron founding and steam power. -
1825 Erie Canal and canal revolution
A historic canal that connects the Hudson River at Albany in eastern New York with the Niagara River and the Great Lakes. It opened in 1825. -
Late 19th Century increased boom and bust cycles- ruthless competition, monopolies, exploitation of workers, and the beginning of labor organizations, government pro-buisness, inequality of income, farmers suffer
The cause of all boom/bust cycles is the expansion of bank credit not financed by real savings. Fractional reserve banking allows banks to expand credit by manufacturing money out of thin air. This practice was challenged in England in the early 19th century, when some depositors asked the courts to force bankers to repay their deposits out of their personal funds. The depositors wanted the courts to treat deposit banking in the same legal manner as a bailment; that is, just as if a farmer depos -
late 19th century reforms commerce act
The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices.[1] The Act required that railroad rates be "reasonable and just," but did not empower the government to fix specific rates. It also required that railroads publicize shipping rates and prohibited short haul/long haul fare discrimination, a form of price discrimination against smaller markets, particularly farmers. The Act created a feder -
1920s Roaring Twenties
the 1920s regarded as a boisterous era of prosperity, fast cars, jazz, speakeasies, and wild youth. -
1929 Crash and Great Depression of the 1930s and mobilization for WWII
A string of terrible days led to a more than 40% drop in the market from the beginning of September 1929 to the end of October 1929. In fact, the market continued to decline until July 1932 when it bottomed out, down nearly 90% from its 1929 highs. -
1945-1960 Post War economic boom
The automobile industry successfully converted back to producing cars, and new industries such as aviation and electronics grew by leaps and bounds. A housing boom, stimulated in part by easily affordable mortgages for returning members of the military, added to the expansion -
1963-1969 great society and war on poverty
Lyndon Baines Johnson (August 27, 1908 – January 22, 1973), often referred to as LBJ, was the 36th President of the United States (1963–1969), a position he assumed after his service as the 37th Vice President of the United States (1961–1963). Johnson was greatly supported by the Democratic Party and as President, he was responsible for designing the "Great Society" legislation that included laws that upheld civil rights, public broadcasting, Medicare, Medicaid, environmental protection, aid to -
1970s inflation and Nixonomics
But by 1970 it was clear that the program was not working. In June of that year the Council of Economic Advisers began issuing "inflation alerts." By July a shortfall in revenues led Nixon to embrace the concept of the "full employment balanced budget," which provided for large deficits if the amount of expenditures did not exceed the revenues that would have been obtained under conditions of full employment. -
1973 arab oil embargo
The oil embargo of 1973 was a pivotal year in energy history, exposing the vulnerability of U.S. energy supplies and setting off an unprecedented energy crisis. Before this time, Americans had become accustomed to using energy without concern about the constancy of supply or sharp price escalations; but in 1973 expectations about energy supply changed dramatically. In that year an oil embargo by members of the Organization of Petroleum Exporting Countries (OPEC) sent our nation's oil supply plum -
1980s Reaganomics- growth of national debt, trade imbalance, and increased global competition
From 1982 through 1989, the years President Reagan's economic policies were in effect, corporate contributions to charities grew an average of 10 percent per year, outstripping inflation by over 6 percent. Throughout the 1980s, the average income of all economic segments of the American population rose: the poorest fifth by 10.4 percent, the second poorest fifth by 9.5 percent, the middle fifth by 11.7 percent, the second-wealthiest fifth by 12.2 percent and the top fifth by 13.6 percent. Pover -
1998-2002 economic slump
was a decline in economic activity which occurred mainly in developed countries. The recession affected the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. The UK, Canada and Australia avoided the recession for the most part, while Russia, a nation that did not experience prosperity during the 1990s, began to recover. Japan's 1990s recession continued. The early 2000s recession had been predicted by economists for years, because the boom of the 1990s, wh -
2008-2010 the great recession
is a marked global economic decline that began in December 2007 and took a particularly sharp downward turn in September 2008. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 7, 2007 when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity".[6] The bursting of the U.S. housing bubble, which peaked in 2006,[7] caused the values of securities tied to U.S. real estate pricing to plummet, damaging fina