21 September 2015 by Sigrid Brevik Wangsness. I. 18 th Century Economic reasons for the War of...
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21 September 2015by
Sigrid Brevik Wangsness
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I. 18th Century Economic reasons for the War of Independence (1775-1783)
Agriculture as the main economic activity
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The Industrial Revolution and development of a modern economy
How can we explain the tremendous growthof the US economy since the early 19th century?
1 6 The free-enterprise system (Adam Smith)
2 7
3 8
4 9
5 10
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Focus on opportunity to succeed through:
1.
2.
3.
4.
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◦Poor immigrant from Scotland
◦From factory worker to one of the richest men in the world
◦Founded a steel company, consolidated the steel industry
◦A philanthropist
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Development of corporations
a)Why did corporations replace many family businesses and partnerships in the US?
b)How did the giant corporations develop?
b)Consolidation in major industries: oil, steel, railroads
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To what extent did the US government intervene in the economy in the 20th century?
1. Early 20th century
oTariffs
oTrust busting
o1913: The Federal Reserve (The Fed)
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2. The Roaring 20soGrowth in mass production and consumptiono ProhibitionoSpeculation on the stock market
3. The crash in October 1929 o Why?
4.The Depression of the 1930so25% unemployment, extreme poverty
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5. The New Deal o The election of Franklin D. Roosevelt in 1932• Creating jobs• Social Security• Regulation of finance
o The three Rs:• Relief• Recovery• Reform
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Roosevelt was influenced by a new economic theory: A managed economy
John Keynes: The General Theory of
Employment, Interest and Money (1937)
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6. World War IIoGovernment control of large parts of the economyo Full employmentoConsensus
7. The Post-War Period
How has Big Business profited from co-operation with the US government?
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Major growth of the US economy from 1945-1970
World economic dominance
Sustained growth in the 50s and 60s
Consolidation in the 60s
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Mid-1970s: Stagflation and recession New economic theory: Monetarism
Milton Friedman – the ”Chicago school” of economics
”Supply-side” economic theory (1970s/80s)
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1980s: The decade of the Yuppies Economic growth, but at a slower pace towards the end of the period.
Ronald Reagan: 1980-88
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Continued shift in the workforce from manufacturing to services and high-tech.
Declining number of workers, but increased production and efficiency.
Development of conglomerates and multinationals.
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From being the world’s biggest creditor the US became the biggest debtor.
Foreign investment inside the USA became greater than US investment abroad.
Deregulation: fewer restrictions and less government intervention
1987: Stock market crash. World recession
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1990 - 1992: Recession. George Bush Sr. Signs of recovery at the end of his term.
1993 - 2000: Growth. Boom. Bill Clinton. Eight years of
uninterrupted growth. Signs of decline at
the end of his term.
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2000/2001: "The new economy” (dot.com shares) "A bubble economy”?
The IT bubble burst: Prices of IT shares dropped dramatically
A major slowdown of the US economy
Sectors of the economy sliding into recession
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September 11th 2001
2002 - early 2003: Signs of recovery, but sluggish
2003 - 2007: Relative growth (GDP: 2.6% in 2007), stability and relatively
low unemployment (4.7% in 2007).
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2008 – 2009: Financial crisis. Recession
2009 - 2013: Slow recovery
2014: 2.5% growth, but economic data difficult to interpret.
2015: Better than it looks?