Lecture__12_-_Industrialization,_the_Market_Revolution,_and_Immigration_-_Outline

Lecture__12_-_Industrialization,_the_Market_Revolution,_and_Immigration_-_Outline

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Lecture #12 - Industrialization, the Market Revolution, and Immigration I. Rise of Industrialization A. Northern Economy Prior to Industrialization 1. Originally based on pre-industrial economy Society based on agricultural goods for local exchange which are simply used for everyday life Property skills stayed within the family, information exchange was personal They traded within their town and between neighbors; shipping was too expensive to be profitable. They economy was based on reciprocity (e.g. trading candles for shoes) instead of a standard monetary unit 2. What did it mean socially? Towns and neighbors were close and personal; they wanted to make sure that the goods that they produced were quality because they were friends with the consumers B. The Market Revolution 1. What was it? Society revolves around the economic marketplace on a larger scale to trade within a larger market (early-mid 19 th century) 2. Why did it develop? The north shifts from plantations to manufacturing (no slaves in the north anymore) Technological advancements such as the cotton gin, to turn cotton into textiles, and railroads which make transportation cheaper C. Components of the Market Revolution 1. Transportation A means to move goods to mass markets in an economically feasible way 2. Commercialization Being able to reach these products to a mass market instead of only locally The workmanship suffers because of the withdrawnness of the product They start working for someone other than themselves which leads to wage slavery 3. Industrialization
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This note was uploaded on 04/20/2008 for the course HIST 151 taught by Professor Coil during the Fall '08 term at Ohio State.

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Lecture__12_-_Industrialization,_the_Market_Revolution,_and_Immigration_-_Outline

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