What were the three causes of the market revolution?
What were the three primary causes of the Market revolution? Rapid improvements in transportation and communication; the production of goods for a cash market; and the use of inventions and innovations to produce goods for a mass market.
What is the market revolution what led to its development?
In the 1820s and 1830s, a market revolution was transforming American business and global trade. Factories and mass production increasingly displaced independent artisans. Farms grew and produced goods for distant, not local, markets, shipping them via inexpensive transportation like the Erie Canal.
What happened before the market revolution?
Before the market revolution, most people worked on their family farms. They worked hard and produced what their family needed for subsistence and they sold anything leftover locally. The market economy was beginning to replace the moral economy, which was characterized by doing business in person with familiar people.
What transition occurred in the market revolution?
The market revolution was simply the transition from subsistence economy or barter economy to using money to buy and sell things. This, in turn, transformed the way that people looked at things: from useful objects into commodities with prices attached to them.
How did the market revolution change the economy?
The market revolution sparked explosive economic growth and new personal wealth, but it also created a growing lower class of property-less workers and a series of devastating depressions, called “panics.” Many Americans labored for low wages and became trapped in endless cycles of poverty.
How did the market revolution lead to sectionalism?
Tensions Between the North and South The Market Revolution created new regional demarcations in respect to economic specialization. This era was marked by sectionalism, or loyalty to the interests of a particular region, rather than to the country as a whole.
How did the market revolution affect the West?
The power of the federal government grew under Henry Clay ‘s American System, which led to many improvements in the form of expanded roadways and canal systems. The rapid development and westward expansion during the Market Revolution resulted in land speculation which caused economic boom and bust.
What was the biggest motivating factor in moving westward?
What was the biggest motivating factor in moving westward in the 1820s and 1830s? Land was cheaper. Gold existed just beyond the Appalachian Mountains. Slaves could escape to safe havens.
Which improvement Most dramatically increased the speed?
15 Cards in this Set
| What improvement most dramatically increased the speed and lowered the expense of commerce in the first half of the nineteenth century? | canals and steamboats |
|---|---|
| Expanding westward was connected to American freedom. | True |
What was a big mistake banks made between 1810 1820?
What was a big mistake banks made between 1810-1820? They issued more paper money than they had specie in the vault.
How did the market revolution affect the Northeast?
The Market Revolution of the North came with the region’s rising urbanization. Factories for manufacturing became the largest employers in the region. For business owners, these factories and the new seemingly endless source of cheap labor helped earn them success.
What was the market revolution quizlet?
Market Revolution. In the 1800s,a shift from a home-based, often agricultural, economy to one based on money and the buying and selling of goods. Changes in labor and transportation increased the creation, sale and distribution of goods.
When did the market revolution take place quizlet?
When was the market revolution? Occurred in the United States in the 1st half of the 19th century (1800s).
Who was president during the market revolution?
There was no widespread discontent with the Bank of the United States; the BUS helped promote economic development and facilitated trade between the regions. The people wanted the Bank, and they wanted Jackson as president.
What were the major areas of conflict between nationalism and sectionalism?
What were the the major areas of conflict between nationalism and sectionalism? Nationalism wanted to expand its country inside its borders while sectionalism wanted to expand its country outside its borders.
How did the textile mills recruit and use labor?
The textile mills recruit and use labor by getting women who initially were recruited between ages 15 and 30. Women came to the mills for different reasons. The “Mill Girls” were female workers who came to work for the textile corporations in Lowell, Massachusetts, during the Industrial Revolution in the United States.
What was the general condition of workers in northeastern factories?
What was the general condition of workers in northeastern factories? What impact did factory work have on the artisan tradition in America? The general condition was a fourteen hour workday in a large, noisy, unsanitary, and often dangerous workplace.