The Democratic-Republican Party was an American political party formed by « Thomas Jefferson » and « James Madison » around 1792 to oppose the centralizing policies of the new Federalist Party run by « Alexander Hamilton », who was secretary of the treasury and chief architect of George Washington's administration.
Following WWI in North America and most of Europe there was a recession that led to economic decline. The recession in the United States did not last long and was followed by nearly a decade of major economic growth that made the United States the most powerful economy in the world.
