Rockefeller was part of a huge economic boom that began before the end of Reconstruction in 1877 and continued through 1900. There was a massive increase then in America's "gross domestic product" (GDP), which is the total output (in dollars) of all the goods and services produced by labor and property located our country. The GDP measures how much our entire country is producing, valued in dollars. When we are prosperous the GDP increases, and when we are in a recession the GDP goes down or does not increase as much. A depression is a severe, prolonged contraction in the GDP, along with high unemployment and immense hardship. Since 1854, there have been 33 recessions, but only one depression (the Great Depression which began with the stock market crash in 1929). | Rockefeller was part of a huge economic boom that began before the end of Reconstruction in 1877 and continued through 1900. There was a massive increase then in America's "gross domestic product" (GDP), which is the total output (in dollars) of all the goods and services produced by labor and property located our country. The GDP measures how much our entire country is producing, valued in dollars. When we are prosperous the GDP increases, and when we are in a recession the GDP goes down or does not increase as much. A depression is a severe, prolonged contraction in the GDP, along with high unemployment and immense hardship. Since 1854, there have been 33 recessions, but only one depression (the Great Depression which began with the stock market crash in 1929). |