The Market Revolution Summary

The Market Revolution Summary - The Market Revolution...

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The "Market Revolution"—Why the Label Fits "Market revolution" is a fitting label for the economic transformation that occurred in America during the first half of the nineteenth century. It acknowledges that radical changes occurred and that the key to these changes lay within the character and size of the market. But the term is also useful for what it acknowledges by omission. The American economy was not transformed by an "industrial revolution" during these years. The most dramatic changes in American industrial growth were still a half century in the future. Nor would the term "technological revolution" really fit. While important new technologies were introduced in a few industries, most of the period's economic growth was not linked to new machinery. Most manufacturers continued to use old tools and methods, and farmers would not really benefit from new technologies until roughly 1850. But while the emphasis placed on the term "market" is appropriate, it is equally important that we recognize the full meaning of the term. For starters, the term refers to the dramatic expansion of the market through the construction of
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This note was uploaded on 01/04/2012 for the course AMH AMH2010 taught by Professor Pietrzak during the Fall '10 term at Broward College.

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The Market Revolution Summary - The Market Revolution...

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