Chapter 8 in a Day:Creating a Republican Culture 14 October 2010
Topics • Growth of a Market Economy • Gender and the Family • Education • Cultural Independence • Slavery • Protestant Christianity
In what ways did government provide support for the growth of industry and transportation from 1790 through the 1820s?
Capitalism • A system of economic production based on the private ownership of property and the contractual exchange for profit of goods, labor, and money (capital)
Banks, Manufacturing, and Markets • Banking and credit • BUS 1791 • Second BUS 1816 • State legislatures charter banks in btwn (246 by 1816) • Panic of 1819 • Sparked by30% drop in world agriculture prices • Business cycle (periodic expansion & contraction) • Rural manufacturing
Transportation and Public Policy • Turnpikes! • Canals! • Part of Commonwealth system (state mercantilism) • State aid to private businesses for projects to improve the general welfare • In line with republican principles??
The Cheneys, c. 1795.National Gallery of Art, Washington, Gift of Edgar William and Bernice Chrysler Garbisch