The Market Revolution

1. The Market Revolution Chapter 9-1

2. Markets Expand • Early 19th century: rural Americans = self-sufficient • mid 19th century: US more industrialized • specialization:mid 19th century farmers began raising 1 or 2 cash crops to sell – move away from self-sufficiency • market revolution: people bought and sold goods rather than making goods for their own use

3. Capitalism: private businesses and individuals control the means of production (ex: factories, machines, and land) and use them to make profits • Entrepreneurs:owners/investors in businesses –risky if it’s a new business

4. “America is a country in which fortunes have yet to be made…All cannot be made wealthy, but all have a chance of securing a prize. This stimulates to the race, and hence the eagerness of the competition.” – Alexander Mackay (Scottish journalist who lived in Canada)

5. Inventions • 1839: Charles Goodyear developed vulcanized rubber (didn’t freeze in cold weather or melt in hot weather) • 1846: Elias Howe patented the sewing machine • 1851: I.M. Singer added the foot-treadle to the sewing machine (less time to make textiles) = led to factory production of clothing • decreased clothing prices by 75%

8. Telegraph • 1837: Samuel F.B. Morse created the telegraph (carried coded messages across a copper wire) • Connected cities, spread info, kept railroads on schedule • By 1854: 23,000 miles of telegraph wire across US

9. Morse Code • http://www.youtube.com/watch?v=6XHwygN9CKM (drummer) • http://www.youtube.com/watch?v=_J8YcQETyTw(alphabet) • http://www.youtube.com/watch?v=k1WdoKKGM5o(twitter)

10. Do Now • What communication devices have you read about in science fiction stories or seen in futuristic movies? • What are these devices and how are they superior to the communication devices and technology we currently have? • If such a device were to exist, how would it revolutionize our lives?

11. Canals • 1807: Robert Fulton invented the steamboat • boats could now travel upstream • by 1830: 200 steamboats on western rivers = lowered shipping prices and travel times • 1816: 100 miles of canals  1831: 3,300+ miles of canals • Erie Canal: US’s first major canal

12. Railroads • Disadvantage: More expensive than shipping by canal • Advantages: speed (4x faster than steamboats), used in winter, bring goods inland • 1850: 10,000 miles of track

13. “If one could stop when one wanted, and if one were not locked up in a box with 50 or 60 tobacco-chewers; and the engine and fire did not burn holes in one’s clothes…and the smell of the smoke, of the oil, and of the chimney did not poison one…and [one] were not in danger of being blown sky-high or knocked off the rails – it would be the perfection of traveling.” – Samuel Breck (Philadelphia merchant)

14. Regional Specialties • South exported cotton to England and New England • Westsent grain and livestock to eastern cities and Europe • East manufactured textiles and machinery

15. Southern Agriculture • Relied on cotton, tobacco, and rice • Southerners disliked idea of industrialization - thought the northern factories were dirty • Communication and transportation lines were less advanced in south than in north

16. Northeast Shipping & Manufacturing • Northeast = center of American commerce (canals and railroads) • NYC = central link between American agriculture and European markets once Erie Canal opened • 14% of workers had manufacturing jobs – produced more and better goods at lower prices than had been done before

17. Midwest Farming • 1837: John Deere invented first steel plow = allowed farmers to develop farmland more efficiently and cheaply • Cyrus McCormick: invented mechanical reaper (horse-drawn grain reaper) = allowed 1 farmer to do the work of 5 farmers