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The result was a major expansion of the money supply, resting largely on government deficits, which pushed prices rapidly upward. However, inflation also rested on the nation's steadily declining supremacy in international trade and, moreover, the decline in the global economic, geopolitical, commercial, technological, and cultural ...
American industry and labor prospered after World War II, but hard times set in after 1970. For the first time there was stiff competition from low-cost producers around the globe. Many rust belt industries faded or collapsed, especially the manufacture of steel, TV sets, shoes, toys, textiles and clothing.
Inflation was under control by the mid-1980s. Influenced by low and stable oil prices in combination with a steep rise in private investment and rising incomes, the economy entered what was at the time the second longest peacetime economic expansion in U.S. history. [4] [5] Mar 1991– Mar 2001 120 +2.0% +3.6%
The high cost of health care in the United States is attributed variously to technological advance, administration costs, drug pricing, suppliers charging more for medical equipment, the receiving of more medical care than people in other countries, the high wages of doctors, government regulations, the impact of lawsuits, and third party ...
While the North doubled its money supply during the war, the volume of money in the South increased 20 times over from 1861 to 1865, and prices soared. An item that cost one Confederate dollar in 1861 cost 92 of these dollars in 1865. [37]
A banking panic and a collapse in the money supply took place in the United States that was exacerbated by international commitment to the gold standard. [53] [54] [55] Extensive new tariffs and other factors contributed to an extremely deep depression. [56] GDP, industrial production, employment, and prices fell substantially.
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The first issue amounted to 242 million dollars. This paper money would supposedly be redeemed for state taxes, but the holders were eventually paid off in 1791 at the rate of one cent on the dollar. By 1780, the paper money was "not worth a Continental", as people said, and a second issue of new currency was attempted.