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Unformatted text preview: The Market Revolution and Early Industrialization The preindustrial, pre-market economy Emergence of national market economy: late 18 th , early 19 th centuries means that the market is based on buying and selling things not bartering or producing everything you need • Attitudes favorable to capitalism and economic individualism • Westward expansion moving west where there was more land to farm and they would become more commercial, people were also moving into the cities • Transportation Revolution allowed goods to make it to the market to be sold, transportation costs were to high before, westerners wanted gov’t to build roads and canals, Jeffersonian’s said it wasn’t in the constitution for gov’t to build roads, Federalists said that the general welfare clause covered it, Republicans thought that it would only benefit a few so gov’t shouldn’t do it, canal boom (1820 – 1830) built for transportation, 1829 first railroad built, most railroads in the north • New legal and governmental support didn’t happen before because of English mercantilism and the navigation acts, restrained them from developing market economy, independence from Britain gave hope for development of a market economy, but there were still restraining influences fight after independence (ex. Moving west, the Indians)--Commonwealth system--Decisions of the “Marshall court” America’s Industrial Revolution, early stages antebellum (before the war – civil war), not with steel mills and heavy machinery, concentrated on cotton textiles, biggest change in human life in 10,000 years, Eli Whiten – invented identical interchangeable parts, not implemented at this time, added to the industrial revolution • Technological innovation new farming methods and technology changed subsistence farming into commercial farming, some technological innovations imported from England, machinery in England required skill to operate, those in U.S. didn’t, women followed cotton spinning to the factories, Americans more inventive than rest of the world • New systems of power to drive machines steam and water powered machines, it brings down labor costs, new systems of power would have been like adding 100,000,000 people to the labor force • Industrial capital group of merchants could come together to get enough capital to start a factory, also could get money from banks • Transportation Revolution/National Market industrial revolution could not happen without market economy first, most modes of transportation (roads, canals, railroads) were paid for by public money (mainly states) • Labor (as a commodity) people worked for wages, was a new thing, division of labor, artisan population in America didn’t compare to the population in Britain, Artisans were going to go out of business by the factories and machines, artisans also followed their work into the factories in America, most labor came from rural areas, cause rural population too big for the...
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This note was uploaded on 09/17/2011 for the course HIS 315K taught by Professor Matttribbe during the Fall '11 term at University of Texas at Austin.
- Fall '11