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The Market Revolution
Transcript of The Market Revolution
Forging the National Economy
dramatic expansion of the American republic, 1790-1860
Political leaders realized the importance of linking distant citizens with the rest of the nation through a viable transportation network.
river network initially more efficient than overland roads
To make use of water traffic, a system of canals was needed to link the Great Lakes, the Ohio, and the Mississippi with the coastal states
The Beginning of Commercial Agriculture
The surge of a market economy encouraged new industrial development.
Increased sectional economic specialization (remember for the Civil War!)
Changes to American society
Exploitation of the environment was frequent
extermination of wildlife was rampant
This led to preservation movements
West became a symbol of national identity
The "west" (frontier) became the symbol of national identity
Frontier life was difficlt and cruel, especially for women
Most western settlers moved in family units
attracted to abundant land
paintings and authors created the western hero
official federal policy stripped Indians of their land east of the Mississippi River
settlers moved westward into the trans-Appalachian West, encroaching on Indian land
contact between white settlers and Indian tribes will define much of the 19th century frontier
The National (or Cumberland) Road was the first of the overland toll roads
These had limited success over long distances
Ohio-Mississippi system especially busy with trade
Robert Fulton invented the steamboat in 1807
1825, the Erie Canal was finished, signaling the birth of the "canal boom," which lasted until the late 1830s.
The Market Economy
led to increasing farm productivity that promoted the transition from subsistent diversification farming to profit-oriented staple farming.
Example: the South (much of it frontier) became the world's leading cotton producer
availability of good farmland
increasing demand for cotton
invention of the cotton gin
The extension of credit to local merchants and manufacturers
Commerce and Banking
Cause: Transportation improvements leads to increased farm income
the expansion of capital
creates a need for banking
demand for money after the War of 1812 created state and private banks
exponentially, but they were often poorly regulated.
The nation’s first factory system emerged in New England’s textile industry.
The U.S.’s infant industries before the 1840s, however, developed less dramatically than in European regions
as late as 1840, only 8.8 percent of the nation’s population worked in factories
Results of the New National Economy
Expansion of existing cities
Development of new cities
Irish & German immigration- 1830’s and 1840’s
Changes to traditional economic functions of the family
Industrialization led to increased class differences
leads to reform movements
Movements (and unionization) not as strong though, as job opportunities remain plentiful
Foreign trade still a small portion of the American economy
even though cables, clippers, steamers linked
American and European economies
Changes to American Labor and Industry
The Agrarian Economy
Changes caused by...
which led to increased farm income,
The Beginning of True Commercial Agriculture