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The US has gone through several keyboom and bust cycles since the Civil War - Essay Example

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After the end of the American civil war, USA grew into a powerful industrialized country. However, the country experienced numerous challenges before it become wealthy, and industrialized. There are seven major boom and bust cycles that the country experienced before gaining full industrialized…
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The US has gone through several keyboom and bust cycles since the Civil War
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"The US has gone through several keyboom and bust cycles since the Civil War"

Download file to see previous pages There was also the discovery of oil in Pennsylvania, and coal in the Appalachian Mountains. In 1873, there was a recession causing the collapse of the New York Stock market. This recession lasted until 1897. The next period is the progressive era of the 1890 to 1920. This period saw the emergence of a powerful middle class who advocated for the regulation of the American business environment. Due to their efforts, the American congress passed the Sherman antitrust act. This law was meant to prevent large business organizations from controlling a particular industry. It was passed in 1890. In 1912, President Woodrow Wilson introduced the income tax system. It is during this period that saw the creation of the Federal Reserve2. The role of this organization was to regulate the monetary system in America. There was the growth of the American economy between the periods of 1920-1929. This point in time is called the Roaring twenties. It is during this period that the automobile industry grew, and there was a reduction in taxes. The oil industry grew, as well as the glass industry. As a result, millions of people were employed in these industries. However, between 1921 to 1941, the economy of the state came under recession. This period is referred to as the Great depression. There was a failure in the country’s stock market, and money circulation was low3. Due to an increase in the country’s debts, congress raised the rate of income tax. The periods of 1945 to 1973 saw the rise of the American economy. This period is referred to as the post war period. This period saw the emergence of a well educated workforce, and the maturity of $200 billion war bond. This period saw the emergence of labor unions to advocate for the right of workers. The periods of 1972 to 1992 saw an increase in the capital and operational costs of several sectors of the American economy4. This period is referred to as the deregulation and reagonomics phase. This period saw the enactment of the airline deregulation act, and the monetary control and the depository institution deregulation act. President Jimmy Carter instituted the 1977 stimulus package for purposes of recovering the economy. In 1980, there was a massive unemployment rate, with over 1.1 million people losing their jobs. In 1981, President Ronald Reagan introduced the concept of reagonomics. This concept led to a reduction of the income tax. The rate of reduction was 25%5. Between the periods of 1990, to the late 2000 is the era of globalization. There was the growth of the American stock market, and an increase to its GDP by 69%. This period was followed by the great depression of 2008 to 2010. This period saw the collapse of the construction industry, and the housing prices6. There was a collapse of leading financial institutions such as the Lehman brothers, and AIG insurance company. To bail out the economy, the American congress passed out over $700 billion. President Obama initiated the 2009 Investment and American recovery act. This law was meant to provide a stimulus of about $ 787 billion to the American economy. In conclusion, this paper identifies seven major boom and bust cycles that America had. These are the gilded age, the progressive era, the roaring twenties, the great depression, the age of deregulation and reagonomics, the period of globalization, and the great depress ...Download file to see next pagesRead More
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