The first comprehensive financial history of the United States in more than thirty years. Accessible to undergraduate level readers, it focuses on the growth and expansion of banking, securities, and insurance from the colonial period right up to the incredible growth of the stock market during the s and the attack on the World Trade Center in The author traces the origins of American finance to the older societies of Europe and Northern Africa, and shows how English merchants transferred their financial systems to America.
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He explains how financial matters dominated the founding and development of the colonies, and how financial concerns incited the Revolution. And he shows how the Civil War began the transformation of America from a small economy largely dependent on foreign capital into a complex capitalist society.
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From the Civil War, the nation's financial history breaks down into periods of frenzied speculation, quiet growth, periodic panics, and furious periods of expansion, right up through the incredible growth of the stock market during the s. Lockheed had a double-whammy: the slowing economy and the failure of its principle partner, Rolls Royce. The airplane engine manufacturer went into receivership with the British government in January The argument for bailout rested on jobs 60, in California and competition in defense aircraft Lockheed, Boeing, and McDonnell-Douglas.
Lockheed paid the U. President Gerald Ford rejected an appeal for help.
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The U. Treasury earned interest. The year was Jimmy Carter was in the White House. William Miller was Treasury Secretary.
And Chrysler was in trouble. Would the federal government help save the nation's number three automaker?
In , Chrysler was the nation's 17th largest manufacturing company in the country, with , employees, mostly in Detroit. It needed money to invest in tooling a fuel-efficient car that would compete with Japanese cars. The package provided for loan guarantees like co-signing a loan but the U. In , the U.
These Were the 6 Major American Economic Crises of the Last Century
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Kathy Gill is a former instructor at the University of Washington and researched the effects of social media on politics. Read on for more on government bailouts through the last century. Net Cost : None loan guarantees.
Causes, Length, GDP, and Unemployment Rates
Sum: Line of credit; repaid plus interest. Factors contributing to the crisis:. House vote, ; Senate agreed by Division Vote.
Related A Brief Financial History of the United States
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