The economic history of the United States has its roots in European colonization in the 16th, 17th, and 18th centuries. Marginal colonial economies grew into 13 small, independent farming economies, which joined together in 1776 to form the United States of America. In 230 years the United States grew to a huge, integrated, industrialized economy that makes up nearly a quarter of the world economy. The main causes were a large unified market, a supportive political-legal system, vast areas of highly productive farmlands, vast natural resources (especially timber, coal, iron, and oil), and an entrepreneurial spirit and commitment to investing in material and human capital. The economy has maintained high wages, attracting immigrants by the millions from all over the world. Technological and industrial factors played a major role.
Read more about Economic History Of The United States: Pre-colonial, Colonial Era, American Revolution, New Nation, Expansion and Growth, Railroads, Urbanization, Civil War, The Gilded Age: 1865–1900, Progressive Era: 1890–1920, Roaring Twenties: 1920–1929, Great Depression: 1929–1941, Wartime Controls: 1941–1945, Postwar Prosperity: 1945–1973, Inflation Woes: 1970s, Deregulation and Reaganomics: 1976–1992, The Rise of Globalization and A World Superpower: 1990s-late 2000s, Great Recession, Historical Statistics
Famous quotes containing the words united states, economic, history, united and/or states:
“Yesterday, December 7, 1941Ma date that will live in infamy—the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan.”
—Franklin D. Roosevelt (1882–1945)
“Weapons are an important factor in war, but not the decisive factor; it is people, not things, that are decisive. The contest of strength is not only a contest of military and economic power, but also a contest of human power and morale. Military and economic power is necessarily wielded by people.”
—Mao Zedong (1893–1976)
“The history of the world is none other than the progress of the consciousness of freedom.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“Prior to the meeting, there was a prayer. In general, in the United States there was always praying.”
—Friedrich Dürrenmatt (1921–1990)
“When some one remarked that, with the addition of a chaplain, it would have been a perfect Cromwellian troop, he observed that he would have been glad to add a chaplain to the list, if he could have found one who could fill that office worthily. It is easy enough to find one for the United States Army. I believe that he had prayers in his camp morning and evening, nevertheless.”
—Henry David Thoreau (1817–1862)