A June report by the American Society of Civil Engineers indicated that two-thirds of the flooding was caused by the multiple failures of the city's floodwalls. According to the National Hurricane Center, 1, fatalities can be attributed to the storm: The hurricane left an estimated three million people without electricity. On September 3,Homeland Security Secretary Michael Chertoff described the aftermath of Hurricane Katrina as "probably the worst catastrophe, or set of catastrophes," in the country's history, referring to the hurricane itself plus the flooding of New Orleans.
Economic history of the United States Colonial era and 18th century[ edit ] The economic history of the United States began with American settlements in the 17th and 18th centuries. The American colonies went from marginally successful colonial economies to a small, independent farming economy, which in became the United States of America.
As a result, the U. GDP per capita converged on and eventually surpassed that of the UK, as well as other nations that it previously trailed economically.
The economy maintained high wages, attracting immigrants by the millions from all over the world. Most of the manufacturing centered on the first stages of transformation of raw materials with lumber and saw mills, textiles and boots and shoes leading the way.
The rich resource endowments contributed to the rapid economic expansion during the nineteenth century. Ample land availability allowed the number of farmers to keep growing, but activity in manufacturing, services, transportation and other sectors grew at a much faster pace.
Thus, by the share of the farm population in the U.
The Panic of was followed by a five-year depression, with the failure of banks and then-record-high unemployment levels. Many firms grew large by taking advantage of economies of scale and better communication to run nationwide operations. Concentration in these industries raised fears of monopoly that would drive prices higher and output lower, but many of these firms were cutting costs so fast that trends were towards lower price and more output in these industries.
Lots of workers shared the success of these large firms, which typically offered the highest wages in the world. Ideas about the best tools for stabilizing the economy changed substantially between the s and the s.
From the New Deal era that began into the Great Society initiatives of the s, national policy makers relied principally on fiscal policy to influence the economy. Yet, even in the United States, the wars meant sacrifice. During the peak of Second World War activity, nearly 40 percent of U.
GDP was devoted to war production.
Decisions about large swaths of the economy were largely made for military purposes and nearly all relevant inputs were allocated to the war effort. Many goods were rationed, prices and wages controlled and many durable consumer goods were no longer produced. Large segments of the workforce were inducted into the military, paid half wages, and roughly half of those were sent into harm's way.
President and the Congress. The "Baby Boom" saw a dramatic increase in fertility in the period —; it was caused by delayed marriages and childbearing during depression years, a surge in prosperity, a demand for suburban single-family homes as opposed to inner city apartments and new optimism about the future.
The boom crested aboutthen slowly declined. Other significant recessions took place in —58, when GDP fell 3. In most cases, this has been due to moving the manufacture of goods formerly made in the U. In other cases, some countries have gradually learned to produce the same products and services that previously only the U.
Real income growth in the U. Great Recession The United States economy experienced a recession in with an unusually slow jobs recovery, with the number of jobs not regaining the February level until January Homeowners were borrowing against their bubble-priced homes to fuel consumption, driving up their debt levels while providing an unsustainable boost to GDP.
When housing prices began falling inthe value of securities backed by mortgages fell dramatically, causing the equivalent of a bank run in the essentially unregulated non-depository banking system, which had outgrown the traditional, regulated depository banking system.
Many mortgage companies and other non-depository banks e. These measures helped the economy recover, as households paid down debts from —, the only years since where this occurred,  presenting a significant barrier to recovery.
Income inequality peaked in and fell during the Great Recession, yet still ranked 41st highest among countries in i.This is the first year of module fabrication and site construction, as well as initiation of the module transportation system.
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