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The beginning of the first studied cycle of the development of capitalism coincides precisely with this acute economic crisis, which had a broad international character. The crisis did not manifest itself simultaneously in different countries, but apparently, it was caused by common causes. This is the impossibility of further economic growth without qualitative (including political) changes. The United States may have triumphed in the Revolutionary War, but it was in severe economic circumstances. The burden had depleted both governmental treasury and individual wealth of a protracted and costly war.
The new national government and the states were saddled with large war debts, owing primarily to foreign powers like France. This economic crisis posed a danger to both people and the new republic’s stability and destiny. The declaration of independence had been issued, and the war had made it a reality. Moreover, the new republican administrations, both at the state and national levels, faced difficult decisions about responding to major economic issues (“The economic crisis”, n.d.). The majority of state legislatures enacted legislation to assist regular farmers in dealing with their high debt levels. Repayment terms were lengthened, and debtors’ jail sentences were lowered.
The world had undergone significant changes in the sphere of trade and the international division of labor. The manufacturing industry has ceased to be a privilege of the most developed countries. To overcome the recession, technical innovations and political reforms were required both in the United States and worldwide. The great crisis of the late XVIII century gave a powerful impetus to progressive changes in the United States of America.
Reference
The economic crisis of the 1780s. (n.d.). U.S. History. Web.
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