The Panic of 1819 was the first major financial crisis in the United States, and had occurred during the political calm of the Era of Good Feelings. The new nation previously had faced a depression following the war of independence in the late 1780s and led directly to the establishment of the dollar and, perhaps indirectly, to the calls for a Constitutional Convention. It had also experienced another severe economic downturn in the late 1790s following the Panic of 1797. In the earlier crises however, the primary cause of economic turmoil originated in foreign trade and the broader Atlantic economy. These crises and others had resulted from international conflicts such as the Embargo Act and War of 1812 and had caused widespread domestic foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. However, things would change for the US economy after the Second Bank of the United States was founded in 1816, in response to the spread of bank notes across United States from private banks, due to inflation brought on by the debt following the war. In contrast, the causes of the Panic of 1819 largely originated within the U.S. economy. The panic marked the end of the economic expansion that had followed the War of 1812 and ushered in new financial policies that would shape economic development.

James Monroe (April 28, 1758 – July 4, 1831) was the fifth President of the United States (1817–1825). Monroe was the last president who was a Founding Father of the United States, and the last president from the Virginia dynasty and the Republican Generation. His presidency was marked both by an "Era of Good Feelings" – a period of relatively little partisan strife – and later by the Panic of 1819 and a fierce national debate over the admission of the Missouri Territory. Monroe is most noted for his proclamation of the Monroe Doctrine in 1823, which stated that the United States would not tolerate further European intervention in the Americas.

Born in Westmoreland County, Virginia, Monroe fought in the American Revolutionary War. He was injured in the Battle of Trenton with a musket ball to his shoulder. After studying law under Thomas Jefferson from 1780 to 1783, he served as a delegate in the Continental Congress. As an anti-federalist delegate to the Virginia convention that considered ratification of the United States Constitution, Monroe opposed ratification, claiming it gave too much power to the central government. Nonetheless, Monroe took an active part in the new government and in 1790 he was elected to the Senate of the first United States Congress, where he joined the Jeffersonians. He gained experience as an executive as the Governor of Virginia and rose to national prominence when as a diplomat in France he helped negotiate the Louisiana Purchase in 1803. Monroe was of French and Scottish descent.

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.

Ludwig Heinrich Edler von Mises (German pronunciation: [ˈluːtvɪç fɔn ˈmiːzəs]; September 29, 1881 – October 10, 1973) was a philosopher, Austrian School economist, and classical liberal. He became a prominent figure in the Austrian School of economic thought and is best known for his work on praxeology. Fearing a Nazi takeover of Europe, Mises emigrated to the United States in 1940. Mises had a significant influence on the libertarian movement in the United States in the mid-20th century.

Ludwig von Mises was born to wealthy Jewish parents in the city of Lemberg, in Galicia, Austria-Hungary (now Lviv in Ukraine). The family of his father Arthur Edler von Mises had been elevated to the Austrian nobility in the 19th century, and was involved in building and financing railroads. Ludwig's mother, Adele (née Landau), was a niece of Dr. Joachim Landau, a Liberal Party deputy to the Austrian Parliament. Arthur was stationed there as a construction engineer with Czernowitz railway company. At the age of twelve Ludwig spoke fluent Yiddish, German, Polish, and French, read Latin, and could understand Ukrainian. Mises was the older brother of the famous applied physicist Richard von Mises, a member of the Vienna Circle. Another brother, Karl von Mises, died as a child from scarlet fever.^{[citation needed]} When Ludwig and Richard were children, his family moved back to their ancestral home of Vienna.

3-2-1 Contact is an American science educational television show that aired on PBS from 1980 to 1988, and an adjoining children's magazine. The show, a production of the Children's Television Workshop, teaches scientific principles and their applications. Dr. Edward G. Atkins, who was responsible for much of the scientific content of the show, felt that the TV program wouldn't replace a classroom but would open the viewers to ask questions about the scientific purpose of things.

3-2-1 Contact was the brainchild of Samuel Y. Gibbon, Jr., who had been the executive producer of The Electric Company for CTW from 1971 to 1977. (Gibbon actually left CTW before Contact's production began, though he was still credited as "Senior Consultant.")

The first season of 65 programs began airing January 14, 1980 on select PBS member stations; it featured a cast of three college students who discussed science in an on-campus room known as the Workshop. The first season came to an end on April 11, 1980, but funds for more episodes were not sufficient until 1982.