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Learning objectives -10

Learning objectives -10. The opening of America. What was the market revolution? Opening of America!. Free market Cash money- speculation and profit Interchangeable parts Creation and expansion of domestic market Embargo and war stimulated manufacturing (Textiles) Investments.

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Learning objectives -10

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  1. Learning objectives -10 The opening of America

  2. What was the market revolution?Opening of America! • Free market • Cash money- speculation and profit • Interchangeable parts • Creation and expansion of domestic market • Embargo and war stimulated manufacturing (Textiles) • Investments

  3. Why is it important to American economy? • Look inward for economy- no longer tied to international trade • Economy improves • New Nationalism • Young Republicans- use fed. Power to develop, foster prosperity and bind together the nation. • How did they do this? • 2nd National Bank • Protective tariff (raise prices on imports) • Infrastructure improvements • Promoted Cotton trade (easier do to cotton gin)

  4. Transportation and impact on economy • Before 1815 only waterways • Canal- reduce cost of shipping, stimulated growth along routes • Funded by government • Steamboats and railroads • Reduce time • St. important to rise in manufacturing- major form of transportation • RR take off by 1850 – rates higher but year round, direct routes, faster

  5. Supreme court promoting economic growth • Protection to new and expanding markets- uphold pvt. Property and promote growth. • McCulloch vs. Maryland • National bank needed to enable congress to regulate commerce and to coin and borrow money. • Maryland law unconstitutional because tax interfered with the operation of a federal bank • Helped clarify and strengthen powers of federal government. • Constitution does give Congress “implied powers” to carry out duties in the constitution. Also strengthened idea that federal laws prevail.

  6. Supreme court promoting economic growth • Interstate commerce • Protection of contracts • Encouraged economic risk taking, US interference in business affairs, created confidence in business

  7. Factories change life • Offered change in lifestyle • Small manufacturing to factory • Factories • Skilled or semi-skilled, cheap transportation, rise of cities, availability of credit and capital • Market revolution- interchangeable parts

  8. Lowell factory textiles • Female 16-30, moral focus, strict, long hours, tedious, repetitive • Disciplined, productivity, sober, dependable, self-disciplined, scheduled • Decline in status

  9. Boom and Bust cycle • Accelerating growth and expansion followed by crash and depression • Boom- speculation and investments • Depression people become insecure and anxious • Panic of 1819 • Push for borrowing and credit • Blamed government –supposed to stimulate economic development • Collapse in cotton-cause speculation-prices to fall

  10. Missouri Compromise • Conflict with interest and social groups • Missouri territory (all territories supposed to be free)- add as slave state- Maine free state- Slavery prohibited in rest of Louisiana Purchase 36-30 • North wanted western lands for economic interest • South expand slavery to economic welfare • Control of congress • Instilled debate on slavery again

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