Mapped: The Territorial Evolution of the U.S.
The sun (almost) never sets on the American Empire.
The United States is the third largest country in the world, with a vast territory extending beyond the borders of the contiguous states. To be exact, the United States is made up of 50 states, nine uninhabited territories, five self-governing territories, one incorporated territory, and one federal district (Washington D.C.). The boundaries of the country haven’t changed much in recent years, but the lines on the map have shifted numerous times in history, through both negotiation and bloodshed.
Today’s above animation, by u/Golbwiki, is the perfect visual aid to understand how the United States evolved from the Thirteen Colonies to its current form.
Here are five of the largest expansion events in U.S. history.
1803: Louisiana Purchase
Napoléon Bonaparte didn’t just have a huge impact on Europe, he also altered the course of history in the New World as well. The French General was waging an expensive war in Europe, and began to view the Louisiana Territory as a burden – as well as a potential source of income. In 1803, he offered up all 828,000 square miles for the famously low price of $15 million.
This massive land purchase comprises nearly 25% of the current territory of the United States, stretching from New Orleans all the way up to Montana and North Dakota.
1819: Adams–Onís Treaty
Spanish explorers first established a presence in Florida as far back as 1565, but 250 years later, Spain had done little to cement its foothold in the region. The Spanish realized they were in poor position to defend Florida should the U.S. decide to seize it.
In 1819, Secretary of State John Quincy Adams negotiated the signing of the Florida Purchase Treaty, which officially transferred Florida to the United States after years of negotiations. There was no official cost of purchase, but the U.S. government agreed to assume approximately $5 million of claims by U.S. citizens against Spain.
1845: Texas Annexation
The newly created Republic of Texas, which broke away from Mexico in the Texas Revolution, was peacefully annexed by the United States in 1845. In one fell swoop, the U.S. acquired 389,000 square miles of former Mexican territory.
1848: Mexican Cession
Shortly after the Texas Annexation, tensions between Mexico and the U.S. flared up anew.
Congress declared war on Mexico over a boundary dispute in 1846, and after a relatively brief armed conflict – known as the Mexican–American War – the two countries signed the Treaty of Guadalupe-Hidalgo.
The treaty recognized Texas as a U.S. state, and the United States took control of a huge parcel of land that includes the present-day states of California, Nevada, and Utah, as well as portions of Arizona, Colorado, New Mexico, and Wyoming. Mexico received $15 million in the arrangement, but saw the size of their territory halved.
1867: Alaska Purchase
In the aftermath of the Crimean War, Alexander II began exploring the possibility of selling Alaska. Similar to Spain’s foothold in Florida earlier in the century, the Russian Emperor recognized the possibility of American incursions into the territory, which they were not in a good position to defend against.
We must foresee that [the U.S.,] will take the afore-mentioned colonies from us and we shall not be able to regain them.
– Grand Duke Konstantin of Russia
After an all-night negotiation session on March 30, 1867, Alaska was sold to the United States for $7.2 million – the equivalent of $109 million in 2018. Alaska officially became a state in 1959.
Scratching the Surface
The examples above are only a brief overview of the complex evolution of shifting territorial claims in America.
For those who want to take a deep dive into the shifting borders of America, here is an extremely thorough animation, also by the same author:
Of course, colonial expansion in North America didn’t occur in a vacuum. For an Native American perspective on this topic, check out this animated map.
Internet Browser Market Share (1996–2019)
This animation provides a nostalgic look back at the market share of various web browsers, from Netscape Navigator to Google Chrome.
Internet Browser Market Share (1996–2019)
Web browsers are a ubiquitous part of the internet experience and one of the most commonly used digital tools of the modern era.
Since the first rudimentary interfaces were created in the 1990s, a number of browsers have entered the market, with a select few achieving market dominance over our access to web content.
Today’s bar chart race video, by the YouTube channel Data is Beautiful, is a nostalgic look back at how people used to access the internet, from Mosaic to Chrome.
The First Wave of Browsers
Simply put, web browsers are the software applications that act as our portal to the internet. Today, aside from the occasional pop-up box, we barely notice them. In the early ’90s though, when the web was in its infancy, the crude, boxy interfaces were a revolutionary step in making the internet usable to people with access to a computer.
The first step in this journey came in 1990, when the legendary Tim Berners-Lee developed the first-ever web browser called “WorldWideWeb” – later renamed Nexus. Nexus was a graphical user interface (GUI) that allowed users to view text on web pages. Images were still beyond reach, but since most connections were dial-up, that wasn’t much of a limitation at the time.
The precurser to the modern browser was Mosaic, originally developed as a temporary project by the the University of Illinois at Urbana–Champaign (UIUC) and the National Center for Supercomputing Applications (NCSA).
After his graduation from UIUC in 1993, Marc Andreessen teamed up with Jim Clark, the founder of Silicon Graphics, to produce a commercial version of the browser. The resulting software, Netscape Navigator, became the first widely used browser, moving the internet from an abstract concept to a network that was accessible to everyday people. The company soon staged a wildly popular IPO, which saw the 16-month-old startup reach a valuation of nearly $3 billion.
Naturally, the fanfare surrounding Netscape had captured Microsoft’s attention. Immediately after Netscape’s IPO, the first version of Internet Explorer (building off a licensed version of Mozilla) was released. The browser wars had begun.
The Internet Explorer Era
In 1995, Bill Gates was looking to capitalize on the “Internet Tidal Wave”, and was up to the challenge of eating into Netscape’s market share, which stood at about 90%.
A new competitor “born” on the Internet is Netscape. We have to match and beat their offerings…
– Bill Gates
Ultimately, Netscape was no match for Internet Explorer (IE) once it was bundled with the Windows operating system. By the dawn of the new millennium (beware Y2K!) the situation had reversed, with IE capturing over 75% of the browser market share.
With Netscape mostly out of the picture, IE had a stranglehold on the market. In fact, Microsoft’s position was so comfortable that after IE6 was released 2001, the next full version wouldn’t ship until 2006.
It was during this time that a new player came onto the scene. Mozilla Firefox was officially launched in 2004, seeing over 60 million downloads within its first nine months. For the first time in years, Microsoft began to feel the heat of competition.
Goliath and Goliath
Despite the growing popularity for Mozilla Firefox, it was a browser backed by another tech giant that would eventually lead to IE’s downfall – Google Chrome.
Chrome was pitched to the public in 2008 as “a fresh take on the browser”. While Microsoft struggled with open web standards, Chrome’s source code was openly available through Google’s Chromium project.
By 2011, Firefox and Chrome had eroded IE’s market share to below 50%, and a year later, Chrome would end Internet Explorer’s 14-year reign as the world’s top internet browser.
Today, the browser market has come full circle. Chrome has now become the dominant browser on the market, while competitors fight to increase their single-digit market shares. IE has dropped to fourth place.
Looking Back at the Peaks
In the 25 years since Netscape gave people access to the internet, a few browsers have had their moment in the sun. Here are the years of peak market share for all the major browsers:
|Browser||Peak Market Share||Peak Year|
Once a browser becomes popular, it can be incredibly difficult to carve into its market share. Even during the height of the iPhone era, Apple’s browser, Safari, was only able to manage a 7% market share.
For now, it looks like Chrome will continue to be the world’s preferred method of experiencing the internet. If Chrome’s current trajectory continues, it could become the third major browser to surpass a 90% market share.
From Coast to Coast: How U.S. Muni Bonds Help Build the Nation
From the Erie Canal to the Golden Gate Bridge, U.S. municipal bonds have financed crucial infrastructure. This infographic details their long history.
Over 200 Years of U.S. Municipal Bond History
Our modern society shares few characteristics with the 1800s. In the last two centuries, styles have changed, laws have evolved, and cities look entirely different. However, one thing that has prevailed is the way state and local governments finance public projects.
Far from a new invention, municipal bonds have been shaping U.S. communities for more than 200 years. In today’s infographic from New York Life Investments, we take a look back at their long history.
Early Beginnings – 1800s
1812: First Official Issue
New York City issues a general obligation bond for a canal.
1817-1825: Facilitating Economic Growth
A few years later, 42 separate bond issues help fund the successful Erie Canal project.
1843: Growing Popularity
Municipal debt sits at about $25 million. Over the next two decades, this total increases exponentially to fund urban improvement and free public education.
Circa 1865: Railroad Expansion
For a few years after the American Civil War, a great deal of debt is issued to build railroads.
1873: The Panic of 1873
Excessive investment in railroads, real estate, and nonessential services leads to the downfall of the large bank Jay Cooke and Co., smaller firms, and the stock market. Many state and local governments default, temporarily halting municipal financing.
The 20th Century
1913: Exception Granted
U.S. Congress introduces a permanent federal income tax, and specifically excludes municipal bond income from taxation.
Note: today, a portion of municipal bonds are taxable.
1930: Expansion in the West
In the midst of the Great Depression, voters approve $35 million in funding to build the Golden Gate Bridge.
1939-1945: Diverted Resources
With financial resources directed to the military in WWII, municipal debt falls. By 1945, total debt sits at less than $20 billion.
1960: Exponential Growth
Only 25 years later, outstanding public debt—the total amount owed to creditors—more than triples to $66 billion.
1971: Investor Protection
Municipal bond insurance is introduced. That same year, insured municipal bonds finance the construction of hospital facilities in Alaska—bringing essential services and investment opportunities to a remote area.
1975: Marketplace Stewardship
Bringing further reassurance to the municipal bond market, the Municipal Securities Rulemaking Board (MSRB) is introduced to establish regulations for dealers, and for advisors at a later date.
1981: Continued Growth
Outstanding public debt reaches $361 billion.
2009-2010: Economic Recovery
More than $181 billion of federally-subsidized Build America Bonds are issued by state and local governments to help stimulate the economy after the financial crisis.
2016-2018: Investor Dollars at Work
In recent years, state and local debt has financed many important projects across the country.
- 2016: The New York State Thruway Authority issues $850 million in bonds to finance a portion of the new NY Bridge Project.
- 2017: California’s Department of Water Resources issues $428 million in bonds for the maintenance and construction of its water management infrastructure.
- 2018: The Denver International Airport issues $2.5B in bonds to finance capital improvements, the largest airport revenue bond in municipal bond history.
2018: Helping People and the Planet
Sustainable applications for municipal bonds continue to grow, with Californian voters approving $2 billion in financing for supportive housing. In addition, state and local governments issue $4.9 billion in U.S. municipal green bonds.
Today: A Sizable Investment Opportunity
As financing spans the nation, the U.S. municipal bond market is both large and active:
- $3.8 trillion capital market
- One million outstanding securities
- $11.6 billion in par traded per/day
- 40,000 daily trades
Not only that, municipals have offered a compelling after-tax yield. For example, high yield municipals offered 121% of the after-tax yield of high yield corporates as of September 30, 2019.
The Foundation of Infrastructure
For over 200 years, municipal bonds have provided critical financing to build hospitals, schools, highways, airports, and more. Today, two out of three infrastructure projects in the U.S. are financed by municipal bonds.
Additionally, municipals have weathered almost every economic storm, providing much-needed capital stimulus during some of the deepest U.S. recessions. As history continues to unfold, municipals hold great potential for issuers, communities, and investors.
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