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Economic Life 1820 to 1860

Economic Life 1820 to 1860 - A The Growth of a Market...

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Economic Life in America (1820-1860) I. America in 1820 A. Included not only the original 13 colonies, but 9 other states B. Population doubled since 1790 C. Most people lived off the land D. Majority of farmers did not cultivate for the marketplace -- subsistent farm- ers (self sufficient -- produced what they needed on their farms) E. “Cities” tended to be small - Boston had 43, 000 people, other cities had fewer than 30,000 F. Commercial activities that occurred were still colonial in nature (still expor- ted raw materials, imported finished goods) II. Economic Development After 1820
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Unformatted text preview: A. The Growth of a Market Economy 1. Market Economy: significant proportion of the production of goods that are produced within in an area are produced not for personal consump-tion, but for sale in the market place for a profit 2. Reinforced the tendencies to prize ambition and achievement than a person’s social origins 3. Aided social mobility and geographical mobility B. General Factors Fostering Economic Growth 1. Population Increase a) high birth rate b) immigration 2. Transportation “Revolution” 3. Government a) Federal b) State and Local...
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