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Reporting Category 4 United States STAAR Review

US History STAAR Review

Donna Sue Perkins

on 29 July 2016

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Transcript of Reporting Category 4 United States STAAR Review

Reporting Category 4
Economics, Science, Technology, & Society
United States History
STAAR Review
16 Questions From This Category Will Be On The STAAR Test
Domestic & Foreign Issues Related to US Economic Growth from 1870-1920
Economic Developments Between WWI & WWII
Economic Effects of WWII & the Cold War
Impact of Science, Technology, & Free Enterprise System on Economic Development of the US
Influence of Scientific Discoveries, Technological Innovations, & Free Enterprise System on the US Standard of Living
Donna Sue Perkins
December 2013
Credits :

Some Material was adapted from a TAKS review prepared by Kip Harmon, Revised by Scott Crossno and Laura Ewing
Assembled by Pearland and Dawson High School Social Studies Departments

Korean wireless provider SK Telecom recently gathered 30 of the most popular mobile phones (and four pagers) from the past three decades and wired them all together to create a bit of electronic music. The end result is a surprisingly catchy remake of the company’s current jingle.
Use of Transportation Innovations to Increase Standard of Living in the United States
• Automobile provided accessibility & created jobs
• Mass transportation systems facilitate access to jobs & recreation
• Air travel increased speed of transit & allowed for easier cross country & global connection
• Cable cars & subways enabled people to commute to and from job centers & retail areas and raised standard of living by allowing people to have more housing choice
Use of Communication Innovations to Increase Standard of Living in the United States
1. Bluetooth
2. Camera phones with sharing capabilities
3. RSS (Really Simple Syndication)
4. Skype .
5. Smart phones
6. Social networking sites
7. Twitter
8. Wi-Fi
9. Wikipedia
10. YouTube
New developments in technology continually change the way people communicate. Over the last 10 years, various innovations have made it easier and easier to exchange messages, pictures and videos with people around the globe. Here, in alphabetical order, is our list of the top 10 communications innovations since 1999
Effects of Space Exploration & Exploration Improve the Quality of Life
• artificial heart pump based on the space shuttle's fuel pumps
• developed digital image processing which led to MRI & CT imaging
• use the light technology to reduce the painful side effects of
• chemotherapy and radiation treatment in cancer patients from technology used to grow plants in space
• ear thermometers
• automatic insulin pumps
• implantable heart defibrillators
• improvements in digital mammography technology

Effects of Free Enterprise System Drive on Application of Technological Innovation
Cell Phones
By the end of 2013, there will be more mobile devices on Earth than people; Consumers spent six times as much time in retailers’ apps in December2013 compared to a year earlier
Inexpensive Person Computers 46 million computers sold in US in 2000 compared to 95.4 million sold in 2011 in the US; the US accounts for 38.8% of all computers sales in the world
Global Positioning Satellites Satellite industry revenues represent 61% of space industry revenues and 4% of overall global telecommunications industry revenues. Of the 994 satellites on orbit, 38% are commercial communications satellites.

American Entrepreneurs
Bill Gates

Developed a small software business (Microsoft) in his garage that eventually employed numerous Americans & set the standard in computer software; later investigated for questionable business practices, philanthropist with Bill & Melinda Gates Foundation
Sam Walton

Small town general store owner who believed he could bring low prices and common goods to communities across the world; his store WalMart is industry leader in supply chain operations
Estee’ Lauder

Listed as one of Times most influential business people in 1998; grew up in New York & developed a world renowned beauty company. The basis of her entrepreneurial skills were learned in her father’s hardware store & working for her uncle
Robert Johnson

Founder of television network BET, Black Entertainment Television
Lionel Sosa

Founder of largest Hispanic advertising agency in Texas; located in San Antonio; name top 25 Hispanics by Time Magazine in 2005; helped political campaigns of US Senator John Tower, President Ronald Reagan & President George W. Bush
Mary Kay Ash

Entrepreneur Mary Kay, founder of Mary Kay Inc., built a profitable business from scratch that created new opportunities for women to achieve financial success. Left the traditional workplace after watching yet another man whom she had trained get promoted over her.

Impact on the 21st Century
International Events Terrorists destroy World Trade Center in New York City and damage the Pentagon in Washington, D.C.; War on Terror begins.
Multinational Corporations organizations that own or control production or services facilities in one or more countries other than the home country; The Top 500 multinational corporations account for nearly 70 percent of the worldwide trade; this percentage has steadily increased over the past twenty years.
Governmental Policies Increase use of digital technology to reduce waste and streamline government; increase information type and speed to citizens
Individuals TIME Magazine presents an annual list of the 100 most influential people in the world, from artists and leaders to pioneers, titans and icons
Effects of Scientific Discoveries & Technological Advances on the Economic Development of the Unites States
Electric Power Electric light improved homes and allowed for longer work day. Advances in electronics made household chores faster to free time for other activities.
Telephone & Satellite Communications Similar to the telegraph, these inventions brought people together by allowing information to be passed faster from one point to another. This allowed business to be conducted & managed from multiple locations at once.
Petroleum Based Products Edwin L. Drake struck oil in 1859, enabling kerosene production and paving the way for future products such as gasoline.
Steel Production Necessary to build the transcontinental railroad that would be a major social & economic drivers in the US; greatly impacted the industrialization efforts in the early 20th century
Computers Improves business’ ability to innovate, reduce inefficiencies & develop new products. Capitalizing on the computer’s networking & computing capabilities, businesses developed new products to increase the standard of living
Impact of Technological & Management Innovations and their Applications in the Workplace with Productivity Enhancements for Business & labor
Assembly Line Manufacture Ford's assembly line started 100 years ago, revolutionizing manufacturing and society. By cutting the time and cost it took to build the Ford Model T, the assembly line helped make it possible to bring the automobile to the masses.
Time-Study Analysis business efficiency technique; time study developed in the direction of establishing standard times, while motion study evolved into a technique for improving work methods. The two techniques became integrated and refined into a widely accepted method applicable to the improvement and upgrading of work systems; integrated approach to work system improvement is known as methods engineering & it is applied today to industrial as well as service organizations, including banks, schools and hospitals.
Robotics The effect of the application of robots is a rebalancing of world manufacturing economics enabling traditionally higher labor rate countries to compete in world markets. Greater competiveness results in increased sales of manufactured products leading to increased number of manufacturing jobs and creates higher paying support jobs; automation displaces people in manufacturing it almost always increases output, creates new markets and generates the need for downstream jobs to get the product to the consumer
Computer Management Computers have helped business tackle basic operations –collecting data, handling transactions, and creating reports; Supporting modern transactions and operations requires networks and increasingly complex security controls; Networks are used to share data, support teamwork, and build relationships with customers and suppliers.
Just-In-Time Inventory Management Production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs; introduced to the United States by the Ford motor company; It works on a demand-pull basis instead of a production-push basis; actual orders dictate what should be manufactured, so that the exact quantity is produced at the exact time that is required reducing waste

Scientific Discoveries & Technological Innovations
With geographic information systems (GIS), global positioning systems (GPS) and remote sensing (RS), farmers can now refine nutrient recommendation and water management models to the site-specific conditions of each field to maximize the benefit-cost ratio. Increased emphasis on improving the nutritional value of foods through genetics; use of soil moisture sensors to control irrigation
Military Telecommunications developed for the military led to wide-spread cell phone use & micro-technology; initially, the internet developed for military use
Space (NASA) artificial heart pump based on the space shuttle's fuel pumps; developed digital image processing which led to MRI & CT imaging; use the light technology to reduce the painful side effects of
chemotherapy and radiation treatment in cancer patients from technology used to grow plants in space; ear thermometers and automatic insulin pumps to implantable heart defibrillators and improvements in digital mammography technology
Medicine Vaccines – 1879 first vaccine for cholera, diphtheria 1923, tetanus 1924, polio 1963, measles 1964, human papilloma virus 2006
Anesthesia – first used in 1846 in Boston; xray 1895 ,ekg 1901,bandaid 1920,insulin used for diabetes 1922,iron lung 1927, penicillin discovered 1928, penicillin used1948, dialysis machine 1945, Tylenol 1951, ct scan 1972,first permanent heart implant 1982, first biotechnology drug 1982,laser cornea surgery 1987, first robotic surgery 2000,

Economic Effects of World War II on the Home Front

End of the Great Depression Military spending that began in 1940 to bolster the defense effort gave the nation’s economy the boost it needed, and millions of unemployed Americans returned to work to make the weapons of war needed to protect the United States. The renewed prosperity vindicated the theory of English economist John Maynard Keynes, who had earlier argued that sizable government spending could end a depression if the private sector was unable or unwilling to engage in such spending itself.
Rationing The war caused disruptions at home. Americans faced shortages that required them to deal with the hassle of rationing. They had to provide the necessary coupons—issued by the Office of Price Administration—to be able to purchase items in short supply like sugar, or meat, or gasoline.
Increased Opportunities for Women & Minorities Facing discrimination in the job market, they found many positions simply closed to them. But then the huge productive effort that began in 1940 gave women & minorities the chance to do industrial work. African American unemployment rate was twice that of whites, and many of the jobs they held were unskilled before the war. FDR signed an executive order creating a Fair Employment Practices Committee (FEPC) to investigate complaints about discrimination and take appropriate action. While the FEPC was never wholly effective, it enjoyed a few notable successes when the pressure of war production made employers willing to hire African American workers.
Causes of Prosperity in the 1950’s

Baby Boom The postwar economy proved to be more robust, which encouraged families to have more children. With the increase in marriages and general prosperity, the U.S. added millions of new consumers to its population during the post-WW II years.
Impact of GI Bill Servicemen Readjustment Act of 1944; Signed into law by President Franklin D. Roosevelt on June 22, 1944, provided veterans of the Second World War funds for college education, unemployment insurance, and housing.
Increased Consumption in part due to increase in population, but also as a result of increased disposable income with an expanding economy

Growth of Agriculture & Business in part due to increase in population, technological Improvements

Relationship Between US International Trade Policies & the Free Enterprise System
Organization of Petroleum Exporting Countries
Oil Embargo OPEC cut oil shipments in 1973, which dramatically raised prices and created shortages; The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
General Agreement of Tariffs & Trade covers international trade in goods; The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO (World Trade Organization) member countries; Goods Council has 10 committees dealing with specific subjects (such as agriculture, market access, subsidies, anti-dumping measures
North American Free Trade Agreement On January 1, 1994, the North American Free Trade Agreement between the United States, Canada, and Mexico (NAFTA) entered into force. NAFTA created the world's largest free trade area, which now links 450 million people producing $17 trillion worth of goods and services.
Economic Impact of Defense Spending from 1945 to 1990’s
Business Cycle First the depression and then the wartime focus on munitions production during World War II left the American consumer deprived of the inventive gadgets of industrialization that improved efficiency and made life easier and leisure more common. This tremendous unmet demand fueled the postwar economic boom.
Cold War fueled businesses, especially high tech industries and research and development (e.g., Rand Corp.) and steadily increased government defense spending. Cold War led to creation of a huge national security apparatus. Military Industrial Complex and weapons of mass destruction, NASA, Space Race.

Education Priorities NDEA – National Defense Education Act (passed in 1958) in response to the launching of Sputnik by the Soviet Union (education priorities were focused on math and science
Economic Opportunities for US Citizens
Event Description Unintended Consequence
Great Society Set of domestic programs by President Lyndon B. Johnson ; main goals of the Great Society social reforms were the elimination of poverty and racial injustice. New major spending programs that addressed education, medical care, urban problems, and transportation were launched during this period. The Great Society in scope and sweep resembled the New Deal domestic agenda of Franklin D. Roosevelt.
Rather than reducing economic dependency, the Great Society increased federal welfare spending

Public housing and urban renewal programs have subtracted from rather than added to the housing available to the poor
Today … 67.3 million Americans — from college students to retirees to welfare beneficiaries — depend on the federal government for housing, food, income, student aid or other assistance.
Affirmative Action outcome of the 1960's Civil Rights Movement, intended to provide equal opportunities for members of minority groups and women in education and employment Students are no longer being accepted based on merit but rather on their ability to embody a “diverse perspective” for the university

Increasingly associated with the requirement for special or preferential treatment to individuals because of their membership in a certain group

Title IX No person in the United States shall, on the basis of sex, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any education program or activity receiving Federal financial assistance.
Ten key areas addressed by the law include: access to higher education, career education, education for pregnant and parenting students, employment, learning environment, math and science, sexual harassment, standardized testing, and technology.
Schools remove boy programs due to cost of adding equal girl programs

Female coaches have become a casualty of the same law that provided such huge benefits to female athletes. In 1972, more than 90 percent of the people coaching women’s teams were women. Today, that number is 43 percent.

By legitimizing women’s sports, Title IX bestowed a new level of respect — and significantly higher salaries
Causes of the Great Depression

Tariffs on World Trade tariff is a tax that foreign industries must pay to place their products on the market in another country. Before the great depression the United States raised the tariffs that were allowing European traders to trade in American Markets. By doing this the American economy rose due to the lack of foreign competes on the market and allowed American markets to only sell American made goods in an attempt to raise the US economy. Foreign countries were in complete wreckage and with the high tariffs wouldn’t be able to pay off what they owed to the United States and rebuild their countries back to the state that they wanted
Stock Market Speculation With only loose stock market regulations in place before the Great Depression, investors were able to speculate wildly, buying stocks on the margins, needing only 10% of the price of a stock to be able to complete the purchase. Rampant speculation led to falsely high stock prices, & when the stock market began to tumble in the months leading up to the October 1929 crash. Speculative investors couldn’t make the margin calls and a massive sell-off began. While the great rise in the stock market (181 points in early 1928 to 381 points in September 1929) was fueled by optimism & false hope, the plunge was flamed by stark fear.
Bank Failures The run on America’s banks began immediately following the stock market crash of 1929. Overnight, hundreds of thousands of customers began to withdraw their deposits. With no money to lend and loans going sour as businesses and farmers went belly up, the American banking crisis deepened. After taking office in March 1933, Franklin D. Roosevelt did his best to shore up the flagging banking system. When a third banking panic in less than four years threatened, he announced a three-day bank holiday to stop the run on banks by halting all financial transactions. When the banks were allowed to reopen, nearly 1,000 banks had been saved. On January 1, 1934, the Federal Deposit Insurance Corporation (FDIC) was established, and since that time, not one depositor has lost insured funds.
Monetary Policy of Federal Reserve System Problems could have been:
1. Federal officials failed to understand more aggressive action was needed & the death of Benjamin Strong in 1928, governor of the Federal Reserve, caused deterioration in the agency.
2. Policy of being tight was deliberate & designed to cause the failure of non-member banks, which would enhance the long-run profits of member banks & enlarge the systems regulatory domain.
Effects of the Great Depression on the US Economy & Society

Unemployment Unemployment in the U.S. rose to 25% ; By the end of 1920’s, more than 4 million workers in the United States were jobless (tripled, 1932) When employees weren’t discharged, wages and salaries were often slashed
Deportation & Repatriation of European & Mexican Heritage Deportation and reparation of people of European and Mexican heritage were popular during the Great Depression. In the 1930s, the US government looked for ways to ease the country’s financial hardship. In order to make more jobs available, the government deported many people of European and Mexican heritage. Half a million Mexican American workers were forced to return to Mexico when job opportunities dwindled during the Great Depression.
Causes of Economic Growth & Prosperity in the 1920’s

Warren Harding’s “Return to Normalcy” Harding was the compromise candidate in the 1920 election, when he promised the nation a "return to normalcy", in the form of a strong economy, independent of foreign influence and a rise in industrialization. This program was designed to rid Americans of the tragic memories and hardships they faced during World War I
Reduced Taxes Allowed Americans to take home more money
Increased Production Efficiencies Assembly line allowed production levels to increase more quickly & lowered the price
Resolving the Economic Effects of the Great Depression

New Deal Policies The New Deal, introduced by F D Roosevelt was to transform America's economy which had been shattered by the Great Depression. The economic downturn that followed the Wall Street Crash also had a major psychological impact on America and that Roosevelt was actually doing something did a great deal to boost America's self-esteem. In Roosevelt's first Hundred Days many acts were introduced which were to form the basis of the New Deal. The New Deal was to cover as many issues as could be imagined - be they social, economic, financial etc. The New Deal introduced acts that became part of the law and numerous agencies that worked with the Federal government in ensuring that the acts were enacted.
Wealthy Social Class Objected to higher taxes and rejected Roosevelt from society events, even though Roosevelt grew up in this wealthy class
Supreme Court 11 of 16 Alphabet Laws were declared unconstitutional by the Supreme Court citing Roosevelt was imposing the power of the federal government onto the state governments
Share Our Wealth Proposed by Louisiana Senator Huey Long; aka as “Kingfish” with mob type resolutions to opposition; promised to confiscate any personal fortune over $3 million and that he would use this money to give each family in America between $4000 to $5000 so that they could buy a home and a car. Long also promised a national minimum wage, old age pensions and cheap food for the poor. Long also promised to make all education free in America.
National Union for Justice Another vocal opponent of Roosevelt was a Catholic priest called Charles Coughlin. He set up the National Union for Justice and used his weekly radio program to attack Roosevelt for being "anti-God". Coughlin wanted the less well off to be paid what he described as a "fair wage". He teamed up with Frances Townsend who also opposed the New Deal. Townsend wanted the federal government to give all citizens aged 60 and above $200 a month to be financed by a 2% sales tax. These 2 men allied themselves to Gerald Smith, Huey Long’s successor, and the three of them planned in 1936 to tap the voting strength of the less well off in America.
New Deal Agencies & Programs & Continued Effect on US Citizens

Federal Deposit Insurance Corporation United States government corporation operating as an independent agency created by the Banking Act of 1933. As of January 2013, it provides deposit insurance guaranteeing the safety of a depositor's accounts in member banks up to $250,000 for each deposit ownership category in each insured bank. As of September 30, 2012, the FDIC insured deposits at 7,181 institutions. The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages banks in receiverships (failed banks)
Securities & Exchange Commission responsible for protecting U.S. investors from potential loss of income by maintaining fair and orderly practices to encourage capital markets. The commission requires businesses to disclose meaningful information about securities they sell, so that investors can make informed decisions
Social Security Administration The Social Security Act was designed to combat the widespread poverty among senior citizens. The government program provided income to retired wage earners. The program has become one of the most popular government programs and is funded by current wage earners and their employers. However, in recent years concerns have arisen about the viability of continuing to fund the program as the Baby Boom generation reaches retirement age.
Changing Relationship between Federal Government & Private Businesses
Concerning Costs & Benefits
Laissez-faire laissez-faire -- "leave it alone." ; Idea that as long as markets were free and competitive, the actions of private individuals, motivated by self-interest, would work together for the greater good of society.
Anti-trust Acts
Trusts and monopolies are concentrations of wealth in the hands of a few. Trusts and monopolies are considered harmful restraints of trade which alter normal marketplace competition, and yield undesirable price controls. To prevent trusts from creating restraints on trade or commerce and reducing competition, Congress passed the Sherman Antitrust Act in 1890.
Interstate Commerce Act The 1886 Wabash case, the Supreme Court struck down an Illinois law outlawing long-and-short haul discrimination of railroads. Nevertheless, an important result of Wabash was that the Court clearly established the exclusive power of Congress to regulate interstate commerce. In 1887 Congress passed the Interstate Commerce Act, making the railroads the first industry subject to Federal regulation. Congress passed the law largely in response to public demand that railroad operations be regulated. The railroad monopolies had the power to set prices, exclude competitors, and control the market in several geographic areas.
Pure Food & Drug Act Shocking disclosures of insanitary conditions in meat-packing plants (Upton Sinclair’s book The Jungle), the use of poisonous preservatives and dyes in foods, and cure-all claims for worthless and dangerous patent medicines were the major problems leading to the enactment of these laws. Food and Drugs Act is passed by Congress on June 30,1906 and signed by President Theodore Roosevelt. It prohibits interstate commerce in misbranded and adulterated foods, drinks and drugs.
The Meat Inspection Act is passed the same day
Economic Impact of International Military Conflicts
Spanish-American War • Signaled the emergence of the US as a great power onto the world stage of international relations and diplomacy
• Revealed that industrialization in the late 19th century had made the US a great power. Now, as the frontier in the American West disappeared, the nation sought new room to grow: world markets, protected by a worldwide Navy based on island territories throughout the world.
World War I • Increased work opportunities for women & minorities
• Economy improved
• Europeans began purchasing U.S. goods for the war
• U.S. federal spending which shifted national production from civilian to war goods
• attempted to guide economic activity via centralized price and production controls administered by the War Industries Board, the Food Administration, and the Fuel Administration
• United States began investing large amounts internationally and became a world financier
Economic Impact on the Close of the Frontier on the Late 19th Century
Transcontinental Railroad The first phase of the government’s plan for settlement was building the Transcontinental Railroad. The railroad provided a way to bring settlers and manufactured goods west and ship their agricultural and mining produce east. The Transcontinental Railroad was an essential artery for rapid development of the frontier
Homestead Act The second phase of the government’s plan was a liberal land distribution policy that made it possible for many people to homestead. With these two key elements—transportation and cheap land—the government rapidly achieved its goal of persuading people to move west, settle on farms, and push back the frontier.
Effects of Foreign Policies on Economic Issues

Chinese Exclusion Act of 1882
The Chinese Exclusion Act was the first major law restricting immigration to the United States. It was enacted in response to economic fears, especially on the West Coast, where native-born Americans attributed unemployment and declining wages to Chinese workers whom they also viewed as racially inferior. The Chinese Exclusion Act, signed into law on May 6, 1882, by President Chester A. Arthur, effectively halted Chinese immigration for ten years and prohibited Chinese from becoming US citizens.

Open Door Policy
Secretary of State John Hay first articulated the concept of the “Open Door” in China in a series of notes in 1899–1900. These Open Door Notes aimed to secure international agreement to the U.S. policy of promoting equal opportunity for international trade and commerce in China, and respect for China’s administrative and territorial integrity. British and American policies toward China had long operated under similar principles, but once Hay put them into writing, the “Open Door” became the official U.S. policy towards the Far East in the first half of the 20th century.

Effects of Foreign Policies on Economic Issues

Dollar Diplomacy
From 1909 to 1913, President William Howard Taft and Secretary of State Philander C. Knox followed a foreign policy characterized as “dollar diplomacy.” The goal of diplomacy was to create stability and order abroad that would best promote American commercial interests. “Dollar diplomacy” was evident in extensive U.S. interventions in the Caribbean and Central America, especially in measures undertaken to safeguard American financial interests in the region. In China, Knox secured the entry of an American banking conglomerate, headed by J.P. Morgan, into a European-financed consortium financing the construction of a railway from Huguang to Canton. In spite of successes, “dollar diplomacy” failed to counteract economic instability and the tide of revolution in places like Mexico, the Dominican Republic, Nicaragua, and China.

Immigration Quotas

The 1924 Immigration Act set quotas that limited annual immigration from particular countries. The legislation identified who could enter as a "non-quota" immigrant; this category included wives and unmarried children (under 18 years of age) of US citizens, residents of the Western hemisphere, religious or academic professionals, and “bona-fide students” under 15 years of age. Those not in any of these categories were referred to as a “quota immigrant” and were subject to annual numerical limitations. For quota immigrants, the Act stated that preference would be given to family members of US citizens and to immigrants who were skilled in agriculture.

Emergence of Monetary Policy in the United States

Federal Reserve Act of 1913 Also known at the time as the Currency Bill, or the Owen-Glass Act. The bill called for a system of eight to twelve mostly autonomous regional Reserve Banks that would be owned by commercial banks and whose actions would be coordinated by a committee appointed by the President. The Federal Reserve System would then become a privately owned banking system that was operated in the public interest. Bankers would run the twelve Banks, but those Banks would be supervised and by the Federal Reserve Board whose members included the Secretary of the Treasury, the Comptroller of the Currency, and other officials appointed by the President to represent public interests.
Shifting Trend from Gold Standards to Fiat Money In a fiat money system, money is not backed by a physical commodity. Only thing that gives the money value is its relative scarcity and the faith placed in it by the people that use it. The first use of fiat money (called Greenbacks) in the US was in 1862, used as tool to pay for the cost of the Civil War. Greenbacks were a debt of the U.S. government, redeemable in gold at a future unspecified date A true gold standard came to fruition in 1900 with the passage of the Gold Standard Act. The gold standard effectively came to an end in 1933 when President Franklin D. Roosevelt outlawed private gold ownership (except for the purposes of jewelry). The Bretton Woods System, enacted in 1946 created a system of fixed exchange rates that allowed governments to sell their gold to the US treasury for price of $35/ounce. Bretton Woods system ended on Aug. 15, 1971, when President Nixon ended trading of gold at the fixed price.
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