Government policy designed to promote affordable housing, widespread failures in corporate and regulatory governance, and historically low interest rates set by the Federal Reserve led to the mid-2000s housing bubble, which culminated with the 2008 financial crisis, the nation's largest economic contraction since the Great Depression. Barack Obama, the first African-American and multiracial president, was elected in 2008 amid the crisis, and subsequently passed stimulus measures and the Dodd–Frank Act in an attempt to mitigate its negative effects and ensure there would not be a repeat of the crisis. In 2010, the Obama administration passed the Affordable Care Act, which made the most sweeping reforms to the nation's healthcare system in nearly five decades, including mandates, subsidies and insurance exchanges.
Following the decisive Franco-American victory at Yorktown in 1781, Britain signed the peace treaty of 1783, and American sovereignty was internationally recognized and the country was granted all lands east of the Mississippi River. Nationalists led the Philadelphia Convention of 1787 in writing the United States Constitution, ratified in state conventions in 1788. The federal government was reorganized into three branches, on the principle of creating salutary checks and balances, in 1789. George Washington, who had led the Continental Army to victory, was the first president elected under the new constitution. The Bill of Rights, forbidding federal restriction of personal freedoms and guaranteeing a range of legal protections, was adopted in 1791.
More InfoOriginating within U.S. military defense networks, the Internet spread to international academic platforms and then to the public in the 1990s, greatly affecting the global economy, society, and culture. Due to the dot-com boom, stable monetary policy, and reduced social welfare spending, the 1990s saw the longest economic expansion in modern U.S. history. Beginning in 1994, the U.S. entered into the North American Free Trade Agreement (NAFTA), prompting trade among the U.S., Canada, and Mexico to soar.
More InfoAt home, the U.S. experienced sustained economic expansion and a rapid growth of its population and middle class. Construction of an Interstate Highway System transformed the nation's infrastructure over the following decades. Millions moved from farms and inner cities to large suburban housing developments. In 1959 Hawaii became the 50th and last U.S. state added to the country. The growing Civil Rights Movement used nonviolence to confront segregation and discrimination, with Martin Luther King Jr. becoming a prominent leader and figurehead. A combination of court decisions and legislation, culminating in the Civil Rights Act of 1968, sought to end racial discrimination. Meanwhile, a counterculture movement grew which was fueled by opposition to the Vietnam war, black nationalism, and the sexual revolution.
More InfoFrom 1820 to 1850, Jacksonian democracy began a set of reforms which included wider white male suffrage; it led to the rise of the Second Party System of Democrats and Whigs as the dominant parties from 1828 to 1854. The Trail of Tears in the 1830s exemplified the Indian removal policy that forcibly resettled Indians into the west on Indian reservations. The U.S. annexed the Republic of Texas in 1845 during a period of expansionist Manifest destiny. The 1846 Oregon Treaty with Britain led to U.S. control of the present-day American Northwest. Victory in the Mexican–American War resulted in the 1848 Mexican Cession of California and much of the present-day American Southwest.The California Gold Rush of 1848–49 spurred migration to the Pacific coast, which led to the California Genocide and the creation of additional western states. After the Civil War, new transcontinental railways made relocation easier for settlers, expanded internal trade and increased conflicts with Native Americans. In 1869, a new Peace Policy nominally promised to protect Native Americans from abuses, avoid further war, and secure their eventual U.S. citizenship. Nonetheless, large-scale conflicts continued throughout the West into the 1900s.
More InfoRapid economic development during the late 19th and early 20th centuries fostered the rise of many prominent industrialists. Tycoons like Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie led the nation's progress in railroad, petroleum, and steel industries. Banking became a major part of the economy, with J. P. Morgan playing a notable role. The American economy boomed, becoming the world's largest, and the United States achieved great power status. These dramatic changes were accompanied by social unrest and the rise of populist, socialist, and anarchist movements. This period eventually ended with the advent of the Progressive Era, which saw significant reforms including women's suffrage, alcohol prohibition, regulation of consumer goods, greater antitrust measures to ensure competition and attention to worker conditions.
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