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This contains only the modern economic history starting from the great
1929 Black Tuesday, October 29. The stock market crash of the
New York Stock Exchange at Wall Street shows the risks of buying stocks on
margin. Not only did the Fed squash the money supply, over the next few
years, the Fed would allow the money supply to contract by a third, but
when after the stock market crash the demand for food
collapsed, in June
1930 American farmers
succeeded in convincing President Herbert Hover to pass the Smoot-Hawley Tariff
Act, that was followed by European retaliation. The Smoot-Hawley Tariff
had a minor impact because trade formed only 6 percent of the U.S.
economy, and reducing trade gave Americans only that much more money to
spend domestically. Within four years world trade fell by two-third,
the unemployment rose in all countries. (see also
1933 Franklin Delano Roosevelt won the presidency with his new deal.
1944 Bretton Woods Conference held, establishing the basis of the postwar
international monetary system and creating the International Monetary
Fund. The post war baby boom started.
1971 flexible exchange rates ended the Bretton Woods system.
1973 The effects of the Vietnam war,
and the oil price shock following the OPEC conference influenced by the Yom
Kippur War in October, eventually lead to stagflation.
1979 Paul A. Volcker
stopped the inflation and created a recession.
1981 Reagonomics lead to
the collapse of communism in
1992 Bill Clinton won the presidency with: "It's the
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April 01, 2002