National Market Economy

National Market Economy - THE EMERGENCE OF A NATIONAL...

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THE EMERGENCE OF A NATIONAL MARKET ECONOMY The preindustrial, pre-market economy Republic: Laid foundation for 19 th  century of industrialization o Early stages of United States Industrial Revolution Market economy is a capitalist economy-based on buying and selling commodities o Ones labor was also a commodity  o Sell labor to employer and we receive money (wage) and we buy what we need  In the 18 th  century-Within one generation this change occurred o Profound change in the way people lived their life What preceded it? o Most land owners were committed to agriculture Indigo, and rice in Carolinas and tobacco in the Chesapeake Exported to other states and England o Middle colonies and New England Much more diversified, many different ways people made a living Commercial agricultural was not the backbone of the colony like it was in  the south Made living through a corporate household economy Family is unit of production They have family farm on which they grow everything they need and  every one has work to do to make the family productive What they can’t produce themselves they bartered for There were slaves and indentures servants in all colonies but not as  many in these colonies (unlike the south) because of the economy o Most people have very little need for cash except to pay taxes o Along the coastline Larger cities there was economic activity - exporters, importers, slaves,  indentured servants, ect.. Early 1800s most people in the United States did NOT make a living in the  market economy By 1850 most people in the United States did make a living in the market  economy What changed to make this happen??
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