Timeline of Economic Evolution

Events

first Congress imposed first U.S. tariffs

1789

rival political parties: Southern party and Northern party

1789 - 1797

Confederate States of America formed

1861

Congress expanded the power of the federal government

1861 - 1865

slavery and the American Civil War end

1865

first railroad completed

1869

manufacturing output higher value than farming output

1880 - 1889

more technology

1890

many Democrats and Republicans turn to Progressivism

1900

Federal Reserve bank created by President Woodrow Wilson

1913

stock market crashes and Great Depression begins

1920

“New Deal” economic program

1932

World War II

1941

International Monetary Fund and World Bank

1944

Medicare and Medicaid government health insurance

1965