Essay on The Market Revolution

Communication, transportation, and the trading of new goods changed the culture of the United States. Machinery for mass production, like the Spinning Jenny, the Iron mining industry and coal mining industries created a culture of constant communication, trading and commerce between U.S citizens. Textile Factories and other innovations in this time created various jobs for Americans and created tradeable crops for American to exchange with other countries. (Lec 12) With this, throughout the 1800s, the population of the United States grew to 31.4 million by 1860. (Lec 12). This shows the improvement of economic relationships within the United States.

The industrial revolution during the 19th Century led to the rapid expanse of cotton production in America. Several new inventions began to be used which could more efficiently use cotton and other similar materials to aid in the production of textiles. During that time, the textile industry was big and the demand for cotton continued to grow however the price of cotton never increased to match the demand. Slaves were taken advantage of and because their labor was so cheap it was beneficial to slave owners to collect cotton using slave labor and trade the cotton for a profit. Great Britain was the worlds most powerful country and a large part of that countries industrial life was cotton textiles. America became Britain’s biggest trade partner for cotton and the increase in trade allowed America to build on its own and gain a bigger variety of goods through trade. The cotton industry was one of the biggest influences of America’s growth in the 19th Century and slave labor was used to ensure its expansion could continue throughout the years.

America had a huge industrial revolution in the late 1800”s. Many changes happened to our great nation, which factored into this. The evidence clearly shows that advancements in new technology, a large wave of immigrants into our country and new views of our government, helped to promote America’s huge industrial growth from the period of 1860-1900.

Not only were economics majorly revolutionized during this time period but transportation transformed as well. Before the invention of the steam engine, goods were hauled by horse drawn carriages and the journey was a long and difficult one. Robert Fulton was the first to build a steamboat successfully. This caused for a wave of change and soon goods were hauled across the Atlantic (“Industrial Revolution”) After the rapid success of the steamboat, soon steam locomotives began to take the spotlight. The steamboat and locomotive enabled Americans to travel to different parts of the country in less tie add connected the U.S in a way that it had never been before.

The economic “market revolution” and the religious “Second Great Awakening” shaped American society after 1815. Both of these developments affected women significantly, and contributed to their changing status both inside and outside the home. Throughout time, women’s roles and opportunities in the family, workplace, and society have greatly evolved.

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.

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).

The Market Revolution in the United States originated in the South and then in the north, which was a immense change in the system of how the laborers worked. The common trade started to become outdated due to the new discoveries of transportation. The North began to gain a more powerful economy as a result of the Market Revolution. The Market Revolution changed farming to become more large-scale farming with cash. The farmers would use the cash to buy other necessary items.

These new railroads glued the country together thus creating a massive new market and loads of jobs contributing to the industrialisation of the US. Said industrialisation helped along mining and agriculture and brought supplies to the people that worked in said industries

The Lowell Mills, in Massachusetts, before the Market Revolution bosses acted like family and they were paternal to their workers. Prior to the market revolution, paternalism guided the relationships between employers and their workers. Paternalism meant that employers took care of their workers in a similar way to how they would care for their own family members. In times, employers would keep their workers working instead of firing them, and they would overlook transgressions such as tardiness. They would also take care of workers in their old age. As the Lowell Mills exemplified, the demands of the market, however, fundamentally changed this relationship. Between 1822 and 1839, Lowell's population grew from 200 to 18,000 people and the mills rivaled the world's major textile centers. Lowell was unique for its size, but also because it employed mostly young, single women rather than men, like the vast majority of other mills and factories. Lowell chose women because they received less wages since they were perceived as not having a family to feed. They were also seen as more obedient and less rebellious, and their smaller hands were believed to be more dexterous and suitable for detailed textile work. Lured by the potential of the market, the Lowell Mills departed from the traditional paternalism and instead sought to maximize profits. As the women's wages decreased, the pace of work and the regimentation of the work place increased. Moreover, workers became deskilled because they only made one part of the final product instead of the product in its

The most important industry that arose from the construction of railroads was the steel industry. During the construction of railroads, a great deal of steel was needed; steel was used to build the railroad tracks and the railroad cars. However, steel was also used to build other items and proved to be useful. Railroads also created a natural monopoly. Railroads connected cities with each other and able to trade with each other. Through railroads, cities became ¡°interdependent¡± (Danzer, 254) and ¡°began to specialize in particular products¡± (Danzer, 254). For example, one state would specialize in one particular product while a second state would specialize in a second product. When these two states traded with each other, they would have what they needed. Through this ¡°specialization¡± of states, America began to develop as an industrialized nation.

The transportation revolution contributed in many ways to the development of a national market economy in the United States. With the United States expanding farmers needed a way to ship and trade goods in a faster more affordable way. Interior roads such as rail roads and toll roads were to expensive. For transporters water transportation was better, it provided easy access to different areas of the country and was more affordable. The Canal Boom and the Erie Canal were by far the best form of transportation created, they both allowed easy access to port side cities and also lowered the cost of not only shipping but also products and goods.

Industry and manufacturing seemed like a good investment. Literacy rates went up during this time. The level of technological education in society as whole increased. There were many new discoveries and inventions, and a great deal of interest and enthusiasm for new technology. Many of the new inventions were things that made cloth production faster and easier.

After the War of 1812, three historical processes unleashed by the Revolution, which were the following: the spread of market relations, the westward movement of the population, and the rise of a vigorous political democracy. The same steamboats and canals that were used by millions of famers to send their goods to the markets, also facilitated the growth of the slave-based cotton plantations in the South. In the first half of the nineteenth century, the market revolution swept over the United States. Both the westward expansion and the market revolution

The revolution in economic structure is known as creative destruction. This term was invented by Joseph Schumpeter in 1950 who considered it as the essential factor of capitalism. According to him, “fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers ' goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprises create”. This is a fundamental process, that new product replaces old ones and destroys the old production companies. This is an innovation of a new product, prompt capital investment, economic spreading out and increase living standard of human beings. Consequently, by substitute of present products, industry ruined and workers unemployment, .Globalization, improvement in technology and market force increases the competition market that directly and indirectly affects the product’s formation. These changes destroy the old product. This is the essential factor and aspect of capitalization world, macroeconomics structure and function of market. Every industry faces this destructiveness. The process of this change may have long and short term consequences in economy of every company. Not only small companies, even big management companies do not find any solution of this devastation in corporate inactivity.