Economic History of the U. S. Econ 1740, Class Time Line. Part 1: The Colonial Era; 1607 – 1776



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High school movement


During the 1920’s, a modern American standard of living that arrived was the American high school. Complete with 45- minute periods, a diverse curricula, and athletic teams. A rapid increase of enrollment would occur during the 1920’s and 1930’s and by 1938, almost half of American boys would graduate from high school.


The Automobile Industry Boom


During the 1920’s, The Automobile became the economic symbol. Between the years 1921-1929, annual production of automobiles rose from 1.5 million to 4.8 million. By 1960, 60% of American families owned an automobile.


France & Belgium occupy Germany


In Response to the failure of payments of reparations by Germany to France following WWl, France and Belgium took back the Ruhr area that they previous had prior to the war. Beginning in 1923, the occupation took 2 years with pretty mild conflict and little to no response by outside countries.


Florida Land Boom


Real estate boomed in Florida when land that was sold for thousands of dollars was being cut into lot and sold for millions. Although the climate and low cost; over building was clearly obvious. Florida was the earthly paradise until 1926 when a hurricane destroyed most of Miami which was the heart of the boom.


President Harding’s death


On August 2nd, 1923, President Warren G. Harding died suddenly of what is believed to be a heart attack in San Francisco while on a tour of the west coast. He was succeeded by Vice President Calvin Coolidge.


Calvin Coolidge becomes president


In 1923, Calvin Coolidge becomes the 30th President of the United States, succeeding President Harding after his death. Coolidge spent a prosperous time in if office during the “roaring twenties”, a period of rapid economic growth in the U.S.

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Dawes Plan


Germany was given more time to pay its reparations, and a large loan, mostly from the United States, was floated to help Germany restore its economy and make its debt payments.


McNary–Haugen Bills


Which sought to determine the fair-exchange value of each farm product. The fair value was to be a price that would have preserved pre–World War I purchasing power and was to be maintained in two ways: first, a tariff was to protect the home market from imports, and second, a private corporation chartered by the federal government (modeled on the War Finance Corporation) was to buy a sufficient amount of each commodity to force its price up to the computed fair value.


Federal Intermediate Credit Act


This act provided 12 intermediate credit banks that would rediscount agriculture paper for commercial lending banks and other lending agencies. This act occurred under the President Coolidge, who, vetoed the McNary-Haugen bills just before this time period.https://lh3.googleusercontent.com/vqsughyzxp-zc3ruwporzput1wabvhdeqdvisty8ha61_outuhe12fvufgbc1mov0zjfec97ewchfpfnahpefpqx_0f9usidtmaauedm0zsr3i8c-0em3sfugblfyqn6pa

Financing Companies


after the high demand for consumer durables went up the development of consumer credit also known as  "buy now, pay later'' Rather than saving up cash or interest-earning assets to buy a consumer durable, a consumer could make a down payment, take immediate possession of the durable, and pay for it on the installment plan. The finance company that made the loan was protected because it had a claim on the durable and could repossess it if the buyer failed to make the requisite payments.


National Broadcasting Company


In 1926 the national broadcasting company (NBC) was formed as a medium for advertising particularly towards women.


Columbia Broadcasting System


In 1927 the Columbia broadcasting system (CBS) was another medium formed as well.


Ford Model T discontinued


On May 27, 1927, Ford announces the end of the Model T. The Model T would be known most for being America’s first Affordable car and helped the country into the automobile revolution.


Polling Systems


Polling systems by telephone were used to determine program ratings, and programs with low rating were canceled. Certain goods became tied to particular programs as producers sought any and all means to address the desires, fads, and fancies of the American public.


Herbert Hoover elected President


In 1929, Herbert Hoover is elected the 31st President of the United States. Months into office, the stock market crashed, which began the Great Depression and lasted throughout his presidency.

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Bank closure peak

The Great Bull Market


A financial market in which prices are expected to rise. Characterized by optimism, investor confidence and expectations that strong results will continue.


Stock Market Crash


By 1929 the cost of the New York Times index of 25 industrial stocks had risen to 338 from 110 in 1924 and investors began to see a huge return on investment. President Hoover attributed this to the readily available credit at low interest rate and in August of 1929 the Federal Reserve raised the discount rate to 6 percent in fear of a crash. The market still persisted through this attempt to curb the increase making the crash imminent.  Sharply a break occurred on October 23rd and 24th and by the time November came the prices had decreased to half of what they had cost in August. Almost overnight the previous optimism of the future transferred to severe pessimism.https://lh3.googleusercontent.com/wsp8xpjz9taxyvousaml_jdoabknqoygzxjfia90r9rlvnjo19lnbpettvep5rtxjdkjrxjw3l47sboswn1ap-_5wi_krpn8kg0ufz5tdgvdnykcmkbynbbeomeswwpr-g

Agricultural Marketing Act of 1929


This pre-depression law committed the government to a policy of farm price stabilization and established the Federal Farm Board to encourage the formation of cooperative marketing associations.


The paycheck rises


Annual earnings rose between 1919-1929 by 23% Because of consumer revolution which produced a strong demand in industrial labor which rose hours to 48 as standard and higher wages.


Federal Reserve raises its discount rate



1930-

1932-


1933-

1935-


1941-

1944-




Young Plan


Germany’s reparation payments were scaled back. During the early 1930s further attempts were made to relieve Germany’s reparations burden, but the deteriorating economic situation and the rise of Hitler soon made these efforts irrelevant.


Smoot-Hawley Tariff Act


It rose tariffs on a wide array of goods, especially agricultural products. It was one of the reasons why the U.S went into the great depression.


New York's Bank of United States collapses


In Dec.11 1930 the New York bank collapsed although it was just a common bank many others had collapses before; the New York bank was the largest failed measured. The name of the bank represent certain importance to the people because it had the United States. When people viewed the downfall they thought that meant the financial system was in danger.


Start of Unprecedented Depression

Al Capone


In the 1930’s Al Capone was an American gangster who bootlegged alcohol.


Jack "Legs" Diamond


In the 1930’s Jack Diamond was another major American gangster who also bootlegged alcohol.


Harlem Renaissance


After the large migration of African Americans to the urban center of Harlem that would follow World War 1, a cultural movement began that emphasized a remarkable flowering of literature and arts in the African American community. Beginning in the 1920’s, the Harlem Renaissance spanned into the 1930’s with many of its ideas living much longer.


More Bank Failures


People viewed the banking system in danger and quickly wanted to remove their money causing more bank failure and forced to close.


Glass-Steagall Act of 1932


Commercial banking, taking deposits from the public and making short-term loans was separated from investment banking.


Franklin D. Roosevelt elected President


In 1933, Franklin D. Roosevelt becomes the United States 33rd President. Roosevelt would eventually usher the U.S out of the Great Depression and lead during World War ll.roosevelt.jpg

First New Deal


The First New Deal in 1933-1934 was Franklin D. Roosevelt’s administration’s response of The Great Depression through a passage of a wide range of legislation designed to both provide immediate relief and to promote recovery of the economy. All passed in a span of 100 days, the first achievements of the First New Deal were the Civilian Conservation Corps in March of 1933 and the Agricultural Adjustment Act in May of 1933.


Return of Gold


On April 5th, 1933 the Roosevelt Administration prohibited transactions of gold and required all holders of gold to return their stockpiles to the Federal Reserve. This occurred for 2 main reasons. The first was that it was becoming popular to transfer your assets to gold, and second to break the direct line from gold to currency to devalue it compared to other foreign markets to increase exports.

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President Roosevelt announces bank holiday


Beginning March 6th 1933, President Roosevelt announced a bank holiday meaning that all of the banking system would be shut down for four days. The hope was that the holiday would help stabilize the economy and create a newfound confidence in the banking system.


Civilian Conservation Corps (CCC) is established


March 1933 operated under the army’s control program was intended to promote environmental conservation. The work focused on soil conservation and reforestation.


Establishment of the SEC


Also in 1934, due to the crash, people were suspicious of the activities of investors in on Wall Street. The result of this was the establishment of the Securities and Exchange Commission. This body was created to regulate and defraud to stock market.

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Federal Emergency Relief Administration


The first relief operation under the New Deal in 1933. The main goal was to alleiviate household unemployment during the Great Depression. In its time, FERA gave up to 20 million jobs during a time period of America’s worst unemployment rate in history.


Agricultural Adjustment Act


The Agriculture Adjustment Administration decreased the amount of acreage allotted to each farm. The land was subdivided and allotted based on previous crop history. The land was then paid for by the taxes paid by the first processor of any product, yet still the tax was directed at the consumer rather than the producer.https://lh3.googleusercontent.com/lygwvlnlukz6h_csuhevke1i60mt3dfaf0ntpsmrp6yxn2bd07mauznkzo4h5dpmdxabahqathb4aupzrihwunxun1bmf_lqgiz-fgpevzj-l-gycleveczftgcd8js5-a

National Industrial Recovery Act


Were to raise prices and wages, spread work by reducing hours, and prevent price cutting by competitors trying to maintain volume


Federal Deposit Insurance Corporation was established


A corporation created under the Banking Act of 1933. Guarantees the safety of the depositor’s account under insurance policies.


The Second New Deal


The Second New Deal (1935-1938) followed the successful First New Deal and Roosevelt called for three goals: improved use of resources, security against old age, as well as a national welfare program. Social Security was started following the start of the Second New Deal.


Social Security Act


In 1935, Federal old-age and survivors’ insurance program based on workers’ payments of 1 percent of earnings up to $3,600. It further provided for assistance to the needy aged, dependent children, and the blind. Subsequent amendments have added other groups.



Empire of Japan attacks Pearl Harbor


On December 7th, 1941, The United States naval base Pearl Harbor was attacked by a Japanese surprise air strike. The attack killed over 2,400 Americans and sunk or damaged 8 Navy battleships. In result, America declared war on Japan and entered itself into World War ll.


US declares War


Following the attack on Pearl Harbor, the United States declared war on Japan. In result the other countries in the Axis Powers, Germany and Italy, declared war on the United States, entering itself fully into World War ll. The war would last until August of 1945, when America dropped the atomic bomb on Japan, forcing them to surrender and end the war.


Roosevelt established OPA


The OPA was established to police and enforce black markets. This was because the existence of a black market prices would take over that specific market and drive the prices down. Fraud was occurring very frequently in car dealerships by report the cost sold at the OPA but cash payments would be coming in under the radar.https://lh6.googleusercontent.com/2gtrzlt68zr7ecowy5iljjfxlfybp6k_jpdhrl2zna8fv31o6cl5z_qycvjqsns_h5toeojwuog8nhljc42kqfujnv-7xetrblqezdpw_gbzayi0absymmu0xpjuc3ck1a

Smith–Connally Act


Allowed the U.S government to take over mines and factories in essential war industries that were being hampered by strikes.


Servicemen's Readjustment Act


It is also known as the G.I Bill of Rights. The GI Bill provided a wide range of benefits, including mustering-out pay; health care; assistance with job placement; low-interest loans to buy a home, farm, or business; unemployment benefits; reemployment rights; employment preferences; and education benefits.


Women in the workforce


After men were called for war women were encouraged to join the labor force. About 200,000 women joined the military services including the Women’s Army Corps (WAC) and Women Accepted for Volunteer Emergency Services (WAVES).  While others joined the civilian labor force symbolized by “Rosie the Riveter,” entered jobs traditionally filled by men. Women became toolmakers, crane operators, lumberjacks, and stevedores. Paving the way for women in the workforce.

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Taft–Hartley Act


Individual workers should be protected by public policy not only in their right to join a labor organization but also in their right to refrain from joining




1945-




Roosevelt death, Truman becomes president


After battling a very long fight with polio, which he kept secret about from the public mostly, Franklin D. Roosevelt passes away. Succeeding him was Vice-President Harry Truman, who would famously make the decision to drop the atomic bomb on and Japan and help end World War II.


World War Two ends


In the months of April and May of 1945, the allied forces capture more than 1.5 million axis prisoners in the final battles of Europe forcing the axis powers to surrender to the allies and ending the war in Europe. Following the dropping of the atomic bomb on Japan, The Empire of Japan is forced to surrender thus ending the war in the Pacific and World War ll in August of 1945.



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