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Long Term Economic Growth – 1860–1965: A Statistical Compendium. Business Booms and Depressions since 1775, a chart of the past trend of price inflation, federal debt, business, national income, stocks and bond yields for the United States from 1775 to 1943. Budget of the United States Government.
The 5 Best Years for GDP Growth. 1942: 18.9% 1941: 17.7% 1943: 17.0% 1936: 12.9% 1934: 10.8% The 5 Worst Years for GDP Decline. 1932: -12.9% 1946: -11.6% 1930: -8.5% 1931: -6.4% 1938: -3.3% Taking a long 90-year view of GDP growth, combined with major historical events, reveals a few interesting facts.
- Word to The Wise: Timeline
- First U.S. Census Is Taken
- The New York Stock Exchange Is Founded
- Treaty of 1818 Sets Boundary Between U.S. and Canada
- Open-Air Trading Leads to American Stock Exchange
- Wells Fargo Comes on The Scene
- First Brokerage Firm Run by Women Is Established
- Congress Passes The Specie Resumption Act, Making Paper Good as Gold
- Yukon Gold Rush Signals End to An Era
- McDonald's Founder Ray Kroc Is Born
We invite you to explore the timeline consisting of dates previously featured in our Guide to Economic History.
August 2, 1790
The first U.S. census began a year after the inauguration of President Washington to determine state representation in Congress. When completed, the census showed a population of almost 4 million.
Word to the Wise
Targeting the right audiences is the cornerstone to build foundation for successful business practices. This is why Purdue Global business students study how to get acquainted with the process of customer identification and recognition in order to build sustainable demand base for products. The census might have begun as a method to determine government representation, but today it is used as a business research tool across the board and on a global scale to identify potential customer bases...
March 8, 1817
Bulls and bears and brokers, oh my! It was a Saturday when the financial industry forever changed with the establishment of the New York Stock and Exchange Board, later known as the New York Stock Exchange, one of the largest equities-based exchange in the world.
Word to the Wise
American novelist Ralph Ellison once said, “It takes a deep commitment to change and an even deeper commitment to grow.” NYSE’s persistent transformation to remain relevant reflects what is required of the business sector, and of business education, in today's globalized economy.
October 20, 1818
To restrain both nations from seeking unfair advantages through accelerated development of the areas, U.S. and Britain agreed to establish the 49th Parallel as the boundary between the U.S. and Canada. The treaty also secured fishing and trade rights for mutual use of the territories, and marked the last major permanent loss of territory for the U.S., as it ceded the northernmost tip of the Louisiana Territory.
Word to the Wise
Resources are limited and the use of resources calls for sustainable development that takes the long-run effects into account. Establishing boundaries for peaceful coexistence can apply to the business world as well for mutual benefits. “People are beginning to realize that we need to live in accordance with the law of ecology, the law of finite resources, and if we don't, we're going to go extinct” (Paul Watson).
September 1, 1836
In 1836, the New York Stock Exchange prohibits its members from trading in the streets outside. But open-air trading persists under the nickname of "the Curb," which ultimately became the American Stock Exchange.
Word to the Wise
The financial world is always on the lookout for alternative investment avenues that yield great rewards. As the Chinese proverb says, “When the winds of change blow, some people build walls and others build windmills.” Smart business people build windmills in the changing business world, and they don’t give up on the vision of change due to setbacks. Finance students at Purdue Global have the opportunity to study the importance of innovations and persistence to face new challenges in the glo...
March 18, 1852
The California Gold Rush prompted a huge spike in the demand for cross-country shipping. To meet demand, Henry Wells and William G. Fargo joined with several other investors to start their namesake company providing mail, freight, transportation, and banking services. It remains one of today's largest banking institutions.
Word to the Wise
Business managers must study actual and potential demand as factors influencing how companies can grow and diversify their operations and strategies effectively. The same holds true for successful business graduates. Recognizing what skills are in demand can help them shape their education and improve their employment opportunities in the labor market.
January 20, 1870
Woodhull, Claflin, & Co., run by sisters Victoria and Tennessee Woodhull, becomes the first female-run brokerage firm on Wall Street.
Word to the Wise
Thanks to an Apple commercial, many recognize the stanza from Jack Kerouac's "The Crazy Ones": "Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo." Like Apple, you need to challenge the status quo to charter new frontiers and make what is presumed to be impossible, possible. Joining a local chapter of networking or leadership group...
January 14, 1875
In order to finance the Civil War without exhausting the country's gold and silver reserves, Congress temporarily broke from the gold standard and issued legal tender notes—or "greenbacks"—as currency. Once the War was over, the battle between "soft money" (notes) and "hard money" (gold) escalated, prompting Congress to pass the Specie Resumption Act on January 14, 1875. The Act put in motion a program for the Treasury Department to begin exchanging legal paper tender for gold on January 1, 1...
Word to the Wise
They say necessity is the mother of invention and I believe it. Be flexible and creative in dealing with difficult problems and challenges, as changing circumstances and times may call for new thinking and solutions. At Purdue Global we often use real-world business problems as a springboard to help students flex their critical thinking and creativity skills.
August 21,1896
"The Last Great Gold Rush" of the Americas began when George Carmack spotted gold nuggets in the Klondike River, just across the Canadian border, when fishing for salmon. Spawning the phrase "Klondike Fever,” news of the discovery spread fast, heralding the arrival of as many as 50,000 would-be miners to the region over the next 2 years hoping for a last chance to strike it rich.
Word to the Wise
Business managers need to pay attention when they see a new business trend is unfolding since, usually, “where there’s smoke, there's fire”. If businesses can't be out ahead of trend, they must be ready to react when a genuine opportunity presents itself. Business courses at Purdue Global familiarize students with the importance being alert and seeking out business opportunities by encouraging practices and critical-thinking perspectives that can help them recognize and capitalize on ensuing...
October 5, 1902
It's a classic American success story. While working as a milkshake machine salesman, Ray Kroc watched workers churn out the now-classic menu of burgers, fries and shakes. Kroc smelled profits and sat down with the owners—the McDonald brothers—to work out a deal to franchise their restaurant.
Word to the Wise
Sometimes the best opportunities are staring us right in the face. Having good instincts and insights can lead to success. Smart business people see and grab business opportunities before others are able to see them. "Small opportunities are often the beginning of great enterprises." (Demosthenes). At Purdue Global, business students have the opportunity to trust and build on their instincts in the classroom so they’re ready to translate their skills to the workplace.
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Apr 30, 2021 · This timeline includes a continuous line of alternating growth and crisis periods, with yearly GDP growth. It also displays over 150 important events in US economic history. For example, the California Gold Rush, US-China Trade War, events in the evolution of the national debt and economic plan such as the Reconstruction.
The U.S. Economy: A Brief. History. The modern American economy traces its roots to the quest of European settlers for economic gain in the 16th, 17th, and 18th centuries. The New World then progressed from a marginally successful colonial economy to a small, independent farming economy and, eventually, to a highly complex industrial economy.
Jun 16, 2016 · Our social tables build national income aggregates from details on labour and property incomes by occupation and location for the benchmark years 1774, 1800, 1850, 1860 and 1870. No such income estimates were available for any year before 1929 until now. Our unique approach leads to big rewards.
1944. Fearful of another Great Depression, world economic leaders meet in Bretton Woods, New Hampshire, to establish a new world economic order and discuss global monetary policy. They believe that establishing a global economic order would inspire peace among nations following World War II. 1950.
