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Unformatted text preview: Rise of Market Economy 15/04/2009 13:06:00 I. Rise of Market Economy Commercial Agriculture Spurred economy Cotton, wheat, tobacco Farmers turned to speculators Panic of 1819 Bought as much land/seed as they could get their hands on Borrowed on short-term credit Products plummeted Too dependent on loose and short term debt Lessons of 1819: Transportation has to be examined closely The cost of transportation Wanted to cut the cost of transportation to the bone Keep prices low Believed they could keep a larger share of value from their crops Merchant capitalists wanted to figure out a way to insure that the products would reach its destination in a timely way West of the Appalachians, most of the rivers ran North to South II. Transportation Revolution Large trucks with large wheels Dragged by mules Huge mule market Wheels would break Capacity was always inadequate Robert Livingston and Robert Fulton Introduced the first steamboat The Clermont in 1807 on the Hudson Flat boats Could be many acres large Could only carry produce down river...
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- Spring '07