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Market Revolution & the Growing National Economy

Market Revolution & the Growing National Economy. Mr. Owens. Crash Course: Market Revolution. Essential Questions. What role did technological innovations have in creating and expanding the market economy and make it more efficient?

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Market Revolution & the Growing National Economy

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  1. Market Revolution & the Growing National Economy Mr. Owens Crash Course: Market Revolution

  2. Essential Questions • What role did technological innovations have in creating and expanding the market economy and make it more efficient? • How did the market revolution change labor and the way many Americans earned their living? • How did the economic changes resulting from the Market Revolution effect migration patterns, gender and family relations, and the distribution of political power?

  3. Population Growth • 1800-1825 U.S. population doubled, & doubled again by 1850 due to high birth rate & rising immigration (from Great Britain & Germany by 1830) • By 1830s 1/3 of population lived west of Appalachians

  4. Transportation • Roads – success of Lancaster Turnpike in PA sparked expansion of roads & turnpikes, mostly funded by states except National (Cumberland) Road from Maryland to Illinois 1811-1850s • Canals: Erie Canal completed in NY by 1825, Gov. De Witt Clinton, greatest construction project so far • Steamboats: Robert Fulton’s Clermont up Hudson River in 1807 • Railroads – by 1830s competing with canals led to rise of western cities: Cleveland, Cincinnati, Detroit, & Chicago

  5. Growth of Industry • Industry limited by 1800, but manufactures surpass value of agriculture by 1850s • Mechanical Inventions: Eli Whitney’s cotton gin, & rifle factory used interchangeable parts to supply War of 1812 • Corporations: 1811 NY 1stincorporation law, early NY stock exchange- idea of “limited liability” • Factory System: Samuel Slater established first true textile factory in 1791, more expanded due to Embargo esp. in New England such as Lowell, MA • Labor: textile mills hired young poor farm women – Lowell System – regimented & lived in dorms, rise of child labor & poor immigrants by 1840s • Unions: Trade (craft) unions began in 1790s due to low pay, long hours & unsafe conditions, BUT weak due to • Cheap immigrant labor esp. Irish • state laws limit unions, • depressions caused high unemployment & desperation

  6. Agriculture • Rise of commercial agriculture – cash crops for market instead of subsistence due to cheap land, easy credit & expanded markets due to transportation • Cotton & South: Eli Whitney’s Cotton gin 1793 – cotton replaced indigo & tobacco & expanded west – high demand for British textile industry

  7. Effects of Market Revolution • End of individual self-sufficiency – led to specialization • Increased standard of living • Single women moved to cities to work in factories & as domestic servants • More independence, but few legal gains • More social mobility, but increased gap between rich & poor • Increase in slavery despite ban on international slave trade in 1808, due to demand for cotton from Britain & northern textile industry • Slave Population: 893,000 in 1800, 2 million in 1830, to nearly 4 million by 1860

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