1990s United States boom
Encyclopedia
The 1990s boom in the United States of America was a period of economic prosperity, largely coinciding with the presidency of Bill Clinton
and the Republican Revolution
.
" was also used during the 1990s when the U.S. economy appeared to be doing particularly well and is the title of a book analyzing this period, though it is also used to refer to the Post-World War II economic boom.
The book, written by Peter Schwarz, Peter Leyden, and Joel Hyatt and published in 1999, is in turn based on a Wired Magazine
cover story from 1997, by Peter Schwartz and Peter Leyden. Both the article and the book declared optimistically that the late-90s technology-fueled economic boom would continue for another two decades, sending the NASDAQ
index to 5000 points, while technology would facilitate the elimination of environmental and social problems; this ultimately proved more than a tad optimistic. Although the Nasdaq eventually peaked over 5000 points, this was at the peak of the Dot-com bubble
which led to the Early 2000s recession
. By the time of the Late-2000s recession it was clear the boom was not going to continue unimpeded.
According to the National Bureau of Economic Research
, the 1990s was the longest economic expansion in the history of the United States, lasting exactly ten years from March 1991 to March 2001.
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
and the Republican Revolution
Republican Revolution
The Republican Revolution or Revolution of '94 is what the media dubbed Republican Party success in the 1994 U.S. midterm elections, which resulted in a net gain of 54 seats in the House of Representatives, and a pickup of eight seats in the Senate...
.
The "long boom"
The term "long boomLong boom
Long boom is a term used to refer to various long periods of economic growth. Most commonly, it refers to these two distinct periods of economic growth:...
" was also used during the 1990s when the U.S. economy appeared to be doing particularly well and is the title of a book analyzing this period, though it is also used to refer to the Post-World War II economic boom.
The book, written by Peter Schwarz, Peter Leyden, and Joel Hyatt and published in 1999, is in turn based on a Wired Magazine
Wired (magazine)
Wired is a full-color monthly American magazine and on-line periodical, published since January 1993, that reports on how new and developing technology affects culture, the economy, and politics...
cover story from 1997, by Peter Schwartz and Peter Leyden. Both the article and the book declared optimistically that the late-90s technology-fueled economic boom would continue for another two decades, sending the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
index to 5000 points, while technology would facilitate the elimination of environmental and social problems; this ultimately proved more than a tad optimistic. Although the Nasdaq eventually peaked over 5000 points, this was at the peak of the Dot-com bubble
Dot-com bubble
The dot-com bubble was a speculative bubble covering roughly 1995–2000 during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more...
which led to the Early 2000s recession
Early 2000s recession
The early 2000s recession was a decline in economic activity which occurred mainly in developed countries. The recession affected the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. The UK, Canada and Australia avoided the recession for the most part, while...
. By the time of the Late-2000s recession it was clear the boom was not going to continue unimpeded.
According to the National Bureau of Economic Research
National Bureau of Economic Research
The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
, the 1990s was the longest economic expansion in the history of the United States, lasting exactly ten years from March 1991 to March 2001.
Contemporary booms
- Baltic TigerBaltic TigerBaltic Tiger is a term used to refer to any of the three Baltic states of Estonia, Latvia, and Lithuania during their periods of economic boom, which started after the year 2000 and continued until 2006–2007...
, shortly following - Celtic TigerCeltic TigerCeltic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
, Ireland - Miracle of ChileMiracle of ChileThe "Miracle of Chile" was a term used by free market Nobel Prize winning economist Milton Friedman to describe liberal and free market reorientation of the economy of Chile in the 1980s, 1990s and the purported benefits of his style of economic liberalism...