03 - The Market Revolution

03 - The Market Revolution - February 27, 2008 The Market...

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Unformatted text preview: February 27, 2008 The Market Revolution I. Agriculture a. Eli Whitney and Cotton Gin i. Cotton production used to be a hard and tedious process ii. Cotton Gin enables one person to separate seeds 50x faster than by hand iii. Britain was the first country to industrialize 1. US was key supplier of Cotton iv. Ties the southern economy closer to slavery b. Cyrus McCormick and Grain Reaper i. The reaper allowed 2 people to harvest 12 acres a day 1. Fewer farmers can produce more cotton and wheat than ever before I I. I ndustrialization a. Putting out system and new division of Labor i. Merchant capitalists would put out raw materials to be made at home and they would collect the finished product 1. Individuals would do the same thing over and over a. Paid by how many times they do that process over n over b. Never make the whole product 2. Organization of labor b. Samuel Slater i. Great Britain prohibited exportation of machines to other nations for fear of releasing the technology. ii. Memorized the plans for a water powered textile mill iii. Built the mill in Rhode Island c. Textile Manufacturing i. Textile factories in Lowell, Mass. 1. Large Scale 2. Massive investment of capital 3. Skill needed was minimal. a. Labor is changing becomes very easy b. Easy to replace individuals 4. By 1840s, new group comes to the industry a. Less concerned with morality b. More concerned with profit and efficiency c. Begin to work machines and employees at faster pace i. Employees begin to go on strike 1. Antagonistic relat ionship between employer and employee...
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This note was uploaded on 03/25/2008 for the course HIST 105 taught by Professor Hatfield during the Spring '07 term at Texas A&M.

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03 - The Market Revolution - February 27, 2008 The Market...

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