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Essay / Research Paper Abstract
This 3 page paper examines current times in relation to the history of the economy since the 1870s. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: RG13_SA1110nyt.rtf
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of the most volatile times in American economic history. One might think of this period as one that is replete with economic gain, but it also one of great loss.
There were many ups and downs in terms of social, political and economic problems as they relate to industrialization, urbanization and the Great Depression that would end the period with
a downturn. Of course, the depression of the 1930s would spur the creation of social programs and something that would change life immeasurably for U.S. citizens. In fact, by 1945,
things were looking up again. Yet, during the mid-1800s, the people suffered. The people of 1877 were going through difficult times. The economic collapse of 1873 suggests that things
were not always rosy. Not only that, but stability would not be achieved until the creation of the Federal Reserve. Prior to that time, the banking era was upon the
nation, which was the period of time between 1863 and 1913 (Wicker). Panics were prevalent then and in 1873, there were 101 bank failures in September alone (Wicker). Clearly, during
the 1870s and the 1930s there was economic chaos. Despite the fact that people complain about todays economy, it seems that things were worse then. The Current Economy
Leonhardt reports that the United States economy had created approximately $15 trillion worth of goods and services during 2008, rendering it the largest economy in the world. This
is good news. Many people have complained that China and India are surpassing the U.S. Of course, China is next in line (Leonhardt). Yet, in 2007, the American economy did
slow a great deal, largely due to the real estate market and problems related to that (Leonhardt). A recession ensued and lasted through 2009, rendering it the longest one in
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