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9.1 The Market Revolution

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by

Kevin Campbell

on 11 November 2015

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Transcript of 9.1 The Market Revolution

9.1 The Market Revolution
U.S. Markets Expand
By Midcentury, United States becomes more industrialized.
Rise of textile mills and factory system
Farmers shift from self-sufficient to specialization
raising one or two cash crops that they could sell at home.
Market revolution
buying and selling goods rather than for own use.
Entrepreneurial Spirit
Capitalism
economic system in which private businesses and individuals control the means of production and use to earn profits.
Entrepreneurs
New Inventions
Charles Goodyear- Vulcanized rubber
Elias Howe- Sewing machine
Impact
Agriculture continued to flourish
Increase in production= Decrease in prices
Economic Revolution
Impact on:
Communication
Telegraph
Transportation
Steamboats
Canals
1816- 100 miles of canals
1841- 3,300 miles
Railroads
By 1850, 10,000 miles of track laid
By 1859, railroads carried 2 billion tons of freight at year
New Markets Link Regions
Regional Specialties
South- Cotton, West-Livestock and grain, East- Manufactured goods
South
Tobacco, Rice and Cotton
disfavored industrialization
less advanced transportation
Northeast
Shipping
Canals and railroads
Manufacturing
Midwest
had to make land suitable for growing
John Deere- Steel plow
sliced through heavy soil
Cyrus McCormick
Mechanical Reaper
Full transcript