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The Market Revolution. SECTION 1. SECTION 2. Manifest Destiny. Expansion in Texas. SECTION 3. The War with Mexico. SECTION 4. Expanding Markets and Moving West. NEXT. Section 1. The Market Revolution.

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SECTION 1

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  1. The Market Revolution SECTION 1 SECTION 2 Manifest Destiny Expansion in Texas SECTION 3 The War with Mexico SECTION 4 Expanding Markets and Moving West NEXT

  2. Section 1 The Market Revolution Technological changes create greater interaction and more economic diversity among the regions of the nation. NEXT

  3. SECTION 1 The Market Revolution U.S. Markets Expand Changing Economic Activities • Early 1800s farm families self-sufficient; only buy what cannot make • Mid-century farmers begin specialization—raise 1or 2 cash crops • Market revolution—people buy and sell goods rather than make them The Entrepreneurial Spirit • Capitalism—private control of means of production, used for profit • Business capital (money, property, machines) fuels growing economy • Entrepreneurs invest own money in new industries; great loss, profit Continued . . . NEXT

  4. Capitalism Capitalism hasn’t always been like the way it is today. Throughout the 1800s, it was mainly dominated by small family-owned firms. In 1830 the biggest company in the world was the Cyfartha iron company, worth about $2 million, with 5,000 employees. A hundred years later the biggest company, U.S. Steel, was worth $2.3 billion, and employed 250,000 people. Today, the world’s largest company is the energy producer Royal Dutch Shell. It raked in a staggering $458 billion in revenue in 2008.

  5. SECTION 1 continuedU.S. Markets Expand • New Inventions • Inventor-entrepreneurs develop new products • Charles Goodyear creates vulcanized rubber in 1839 • Elias Howe patents sewing machine; I. M. Singer adds foot treadle • Factory production of clothing prices drop by over 75% • Impact on Household Economy • Farmers begin using mechanized farm equipment; boost industry output • Technology lowers cost of factory items; workers become consumers NEXT

  6. SECTION 1 The Economic Revolution Impact on Communication • 1837,Samuel F. B. Morse develops electromagnetic telegraph: - messages tapped in code, carried by copper wire - businesses, railroads transmit information In 1843, Congress agreed to pay for the construction of the first telegraph line, from Baltimore to Washington. On May 24, 1844, the first message was sent across the wires: “What hath God wrought?”—a quotation from the Bible. Continued . . . NEXT

  7. SECTION 1 continuedThe Economic Revolution Impact on Transportation • 1807, Robert Fulton’s steamboat goes 150 miles up Hudson in 32 hours • By 1830 steamboats on western rivers and canals cut freight costs, speed travel, carry heavy machinery and raw materials • Canals connect Midwest farmers to Northeast and world markets • Emergence of Railroads • 1840s, shipping by railroad much costlier than by canal • Railroads faster, operate in winter, go inland • Early train travel uncomfortable for passengers • By 1850s, railroads expand, cost drops, safety increased Continued . . . NEXT

  8. Birth of the Railroads Before the opening of the first major railway line, the Liverpool & Manchester in 1830, there were fears it would be impossible to breathe while travelling at such a velocity, or that the passengers’ eyes would explode due to having to adjust to the motion. The first moving picture, "The Arrival of a Train at La Ciotat Station“, was shown to an audience in France in 1895. When the film was first shown, the audience was so overwhelmed by the moving image of a life-sized train coming directly at them that people screamed and ran to the back of the room. Hellmuth Karasek in the German magazine Der Spiegel wrote that the film "had a particularly lasting impact; yes, it caused fear, terror, even panic.“ https://www.youtube.com/watch?v=1dgLEDdFddk

  9. SECTION 1 New Markets Link Regions • Northeast Shipping and Manufacturing • Canals, railroads turn Northeast into center of American commerce • New York City central link between U.S. farms and European markets • Great rise in manufacturing: more, better, less expensive goods Midwest Farming • John Deere invents steel plow; farmers replace oxen with horses • Cyrus McCormick invents mechanical reaper; 1 farmer can do work of 5 • Farmers shift from subsistence farming to growing cash crops NEXT

  10. SECTION 1 continuedNew Markets Link Regions • Effect of Regional Links • Improved transportation, communication make regions interdependent • Growing links lead to development of regional specialties • Southern Agriculture • Most of South agricultural; relies on cotton, tobacco, rice • South lacks capital for factories; money tied up in land, slave Continued . . . NEXT

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