The Business Of America

Mix entrepreneurial energy with abundant capital. Result: the world's most dynamic economy

1900s Financial institutions can't keep pace with the economy. The Panic of 1907 was one of many credit crunches that plagued the U.S. before it established the Federal Reserve.

1910s As powerful corporations emerge, the government becomes active in regulating them. The Standard Oil Trust is broken up. A War Industries Board manages production.

1920s Painful depression in 1920 and 1921. The downturn is immediately followed by unprecedented growth. By 1929, nearly every household in America has a car.

1930s The Great Depression decade. The Dow falls from a high of 381.17 in 1929 to 41.22 in 1932. National output drops...