The Market Revolution:
The Market Revolution was a rise in development of manufacturing and improved farming that had such a profound effect on the American Society. The Market Revolution changed forever the way that the American people of all classes earned a living as well as the shape of the nation’s economy. The major changes revolved around a large array of different things that helped improve the economy but specifically the change in manufacturing, development and farming had the biggest effects.
One of the first major innovations of the Market Revolution came from a man named Eli Whitney. Eli Whitney was an American inventor who developed the Cotton Gin, a device that could do what the slaves did for cotton but at a much faster
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As a result of Congress not re-instating the Bank of the United States, the new state charter banks were able to issue more currency than previously done by the Bank of the United States and the state banks while it was around. By 1815, “there were 256 state chartered banks and almost $70 million in their bank notes in circulation.” (Shmoop, 2008) which in comparison to the Bank of the United States who back in 1809 only had $6 million in circulation in their bank notes. Later the Bank of the United States was re-instated but only took over some of the nation’s money supply, and even after its reinstatement the value of the circulating bank notes reduced to $45 million which was still a vast improvement to the $6million before the new state chartered banks. The state chartered banks made capital available to a larger audience than ever before and had such a critical impact on the American …show more content…
The Erie Canal being one very famous example of how this all changed. The Erie Canal was proposed in 1808 but wasn’t completed until 1825, it was a canal that linked the waters of Lake Erie to the Hudson River. The Erie Canal at the time was engineering marvel to the world, partially because of the 568 foot rise from the Hudson River to Lake Erie, it used a large amount of aqueducts and locks to do so. The Canal by 1830, had carried more than $15 million worth of goods and product annually. The Canal eventually had to have an increase in size from what was originally 4 feet deep and 40 feet wide into a massive 70 feet wide and 7 feet deep, allowing boats to also increase load size from the usual; 30 tons of freight to a whopping 240 tons of weight. In the time between 1836 to 1862 is when the enlargement occurred, and by 1850 the annual figure rose from $15 million to $200 million. Giving it a large impact on the flow of economy through transportation.
The Revolution had many affected more than just the political and social aspects of American life; it also impacted its economy. After being tied to the British navy for over a century the American trade was on its own. Even though the Revolution disrupted the traditional trading system,
Before the Market Revolution, America as a whole differed greatly from the America that had developed during the start of the 19th century. The ideals and values of an American family life varied from those after the revolution. American economy had relied heavily on agriculture and people had a more personal work sphere. The government as well, was cautious when involving itself in the nation’s economic affairs. The Market Revolution overall played a big role in changing American society, economy, and politics by fueling sectionalism, increasing commercialism, and forcing the government to take on more responsibilities to benefit the nation.
The Market Revolution in the America was characterized by the development of technology and the desire to maximize profit. To achieve maximum profit, Americans turned to illegal means to acquire cheap labor and land. In the case of the Mexicans, Americans saw the abundance of raw materials in California and Texas and annexed the territories through border dispute. The Mexican landowners were left vulnerable to the American legal structures and lost the title to their lands. Once landowners, the Mexican became the cheap labor for the Americans and some even became the workers on the land they once owned. Taking a hard look at the core of the Market Revolution, one will find that the revolution was rooted in greed.
The market revolution pushed The United States forward in many categories such as farming and free thought. The economy for ordinary folk improved greatly because of the cotton gin. The cotton gin was a machine that separated the seed from the cotton in a fast manor. Foner stated, “It made possible
The Market Revolution made America a capitalist country and less of an agrarian. It was also a driving force for the Industrial Revolution and helped thrust America onto the world stage. No longer were farmers pursuing a subsistence life style, they were now growing food and other crops for sale to buyers domestically
In the 19th century, the Market Revolution was created, resulting significance in American history by redefining the roles for genders, especially for women. During this time, factories began to appear changing the nature of work for men and women. Although, women were employed cheaper because at the time in Colonial America, men were considered superior to women, even in terms of morality. Some women worked effectively by applying their strength of factories, while other women adapted to a private lifestyle avoiding conflicts in the market economy. However, the privileges were determined based on a family’s class status, which were middle and upper classmen that gave a higher advantage than those who were poor. Those who were married had no
Between 1815 and 1860, mass revolutions in industry and religion spread throughout America, changing it politically, economically, and socially. These revolutions affected all of the country in various aspects, especially in opening new opportunities for women at this time. The Market Revolution and Second Great Awakening affected the evolution of women's role in the family, workplace, and society by expanding their roles and introducing them to reform and the strength of womanhood.
The market revolution in the United States brought a sudden change in the manual labor system originating in south and digressed to the north and later spread to the entire world. The integral part of the economic growth in the United States in the nineteenth century was a good thing that brought change in the market. In respect to the change, America took its first major step in creating the world’s most stable and strongest economy, which gave room for growth among the citizens.
The bank provided credit to growing enterprises, issued bank notes which served as a dependable medium of exchange throughout the country, and it exercised a restraining effect on the less well manages state banks. Nicholas Biddle, who ran the Bank, tried to put the institution on a sound and prosperous basis. But Andrew Jackson was always determined to destroy it (Brinkley, 249). The Bank had two opposition groups: the “soft-money” faction and the “hard-money” faction. Soft money advocates objected to the Bank of the United States because it restrained the state banks from issuing notes freely. Hard money advocates believed that coin was the only safe currency, and they condemned all banks that issued bank notes.
The Market Revolution drastically increased industry in the United States. Its emphasis on economic development caused people to limit the rights of others for the sake of expansion and progress. Liberty overall contracts during the Market Revolution since opportunities for economic freedom and personal liberty have been restricted for various groups because the new economic way of thinking amplified disparities that had already existed before the Market Revolution.
The Market Revolution brought on several social, economic and political changes during 1812 to 1860. Farming land was a way of life for most since they were providing for their own families; however, the Market Revolution brought on changes that would benefit them while providing a market-based society. This plan would help the American farmers to specialize in the area that they considered was their best, sell this specialized produce at the market and purchase from the market the other items needed by their families. This new revolution brought on many new marketing centers within the United States making it much easier for the farmers to produce and sell their goods locally. In fact, the change that the Market Revolution brought about
Transportation began to fuel the American economy during the Market Revolution by adding many different ways to transport goods and to get around the country. These roads were made of mud, which happened to be quite an issue during the different seasons. In the spring,all roads turned to mud, in the summer all roads were dust and in the winter these roads were snow and ice which made it difficult to travel on. The national road was made and was the only road funded by the national government, all of the other roads were funded by private investors. The national road opened up travel through the East and the West, which began to help foster a national community. Canals were starting to expand from not only running North and South, but creating ways to get East and West as well.The farmers began an eight year long project, which was taken over by Irish immigrants and they created the Erie
Market Revolution mostly changes the politics of America and the Society. The advent of the production and the factory system was permanently changed the traditional master-apprentice relation. It also sequenced the traditional craftsmen from the business by making them break the task in the production of the manufactured goods (Larson, J. L. (2009). This brought a big class of the wage laborers in most of the cities mostly from the northern side.
This made it very hard for the individual states to come up with the money. Usually private investors took care of this issue (Roark, 260). Canals were another way for an increase in transportation. They would connect cities, such as the Erie Canal, which covered the area between Albany and Buffalo and connecting New York City to the area of the Great Lakes (Roark, 261). Railroads also came into the picture with the first railroad, the Baltimore and Ohio in 1829 (Roark, 262).
In the early nineteenth century, the market revolution helped the growth of the United States’ economy and become the nation that exists in present day. This was one of the biggest change that helped the United States to take its first step in creating the strongest economy and maintaining it stable for decades. This change did not happen in a short time, but it took several years to build it up and with that came along some positive and negative effects. The market revolution acknowledges the radical changes that took place in the early 1800s, it helped link the country together through an impact of society, religion and majorly through the growth of economy, meanwhile at the same time increasing the nation’s sectional differences