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Concept
Economic history of the United States
Summary
The economic history of the United States is about characteristics of and important developments in the economy of the U.S., from the colonial era to the present. The emphasis is on productivity and economic performance and how the economy was affected by new technologies, the change of size in economic sectors and the effects of legislation and government policy.
Prior to the European colonial conquest of North America, there were indigenous communities with varied economic structures. Some communities were agrarian whereas others focused on hunting, gathering and foraging. While some early scholarship characterized these communities as non-market, more recent scholarship has made note of substantial trade and markets.
Much of the Eastern half of what would become the United States was characterized by settled agriculture and large towns in the pre-colonial period. According to a 2023 study, in pre-colonial North America, "there were organized, complex agricultural communities with settled populations that had opened and cleared land, domesticated plants, crafted irrigation systems, and determined the best rotation and fallow practices for a given region."
Colonial history of the United States and Economy of the British Empire
The colonial economy was characterized by an abundance of land and natural resources and a severe scarcity of labor. This was the opposite of Europe and attracted immigrants despite the high death rate caused by New World diseases. From 1700 to 1774, the output of the thirteen colonies increased 12-fold, giving the colonies an economy about 30% the size of Britain's at the time of independence.
Population growth was responsible for over three-quarters of the economic growth of the British American colonies. The free white population had the highest standard of living in the world. There was very little change in productivity and little in the way of introduction of new goods and services. Under the mercantilist system, Britain put restrictions on the products that could be made in the colonies and put restrictions on trade outside the British Empire.
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