US Economy by year | Amazing Facts

US Economy by year


US economy by year is a hot topic nowadays. Suppose we go back to the previous history of the united states economy. We explore how the US economy is expanding and flourished in the colonial era.

us economy by year
us economy by year

The beginning and starting us economy era is around 1700. The colonial era is based on exploring the natural resources and utilizing these resources in the development of the United States economy and the United Kingdom economy.

In 1700 the united kingdom is ruled by the United States. The United Kingdom utilized its resources and shipped them to the United Kingdom.

Utilized the resources in their industries and sell her finished goods to the United States market. The United States economy is basically dependent on British finished goods. 

Colonial era of the United States economy from 1700-1774

In the era of the United States colonial era, the united states economy is 30% bigger than the British economy. All the states of the united states are very advanced in the economy in the colonial era.

At the time of the colonial era in the united states, the white Americans are the world’s most advanced and had the most high-standard lifestyle.

This era is the production of goods and services and the beginning of an industrial era. In this era, natural resources are discovered, and mining these natural resources.

This era is basically a farming era. Most Americans are associated with the farming and agriculture sector. Iron ores are the biggest natural resource during the colonial era. 

Urban area’s economy in the colonial era

During the colonial era, the five major cities are the hub of production and advancement. These cities are Boston, Newport Rhode Island, New York City, and Philadelphia.

These cities are the main centers for the growth of the economy in the united state. During the colonial era, most country leadership is forcing the people to promote trade and economic growth.

In this era, technology is enhanced and discoveries are appearing. In this era, the education system of the united states is grown very fast.

At that time 95% of the American population lives outside the urban areas and only 5% population lives in urban and cities area. At that time American economy is based on free enterprise.

The traders and companies are full freedom in the trading matters. In the colonial era, the government taxes are very small amount. Low taxes rates are causing the growth of trade and economic development in the united states. 

United States economy at the time of the revolution

During the revolution era, thirteen states of the united states demanded freedom from the British empire. Britain refuses the demand of these states.

The Americans decided to boycott British products and manufactured items. America decides on the full independence of the Britishers and launches the revolution movement.

As a result of the independence war, the Americans gain independence from the British empire. 

Industrial era

When the machined or industrial era started, the united states cotton industry shifts the old traditional technology to modern industrial technology.

When the cotton industry shift to machined technology it boosts the economy of the united state. When this technology is introduced the labor cost in the United States is very low.

Due to low labor costs, it is more beneficial for the cotton industry. This cotton industry gives millions of jobs to the people of the united states. 

Early 19th century

At the beginning of the early 19th century. Millions of people in the united states leave the agriculture sector and migrate to the urban areas for seeking jobs in industries.

At the time of the 19th century united states is the world’s top exporter of agricultural products but so united states becomes the biggest exporter of industrially manufactured products.

In the 19th century, roads are manufactured all over the country. In this era, the rail network is built all over the country. The transportation system of the united states is shift traditional to modern infrastructure.

Due to fast economic growth in the united states, millions of European people migrate to the united states for seeking jobs in the industries of the united states.

In the 19th century, the river system is formed into a modern system. this modern river system is a very good system for the modern agriculture sector of the united states. In this era, the industries are growing very fast.

Due to fast industrial growth, the shortage of labor is a big problem for the industries of the united states. In this situation, millions of migrants from all over the world and Europe come to the united states as a solution to the shortage of labor force in the united states. 

Sources: Worldbank, IMF, Wikipedia, and others.

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