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Market Revolution in America: Economic Growth and Supreme Court's Role

Explore the Market Revolution in America with a focus on the opening of the economy through free markets, cash money speculation, and infrastructure improvements like canals and railroads. Learn about the impact of the Supreme Court on economic growth and the significance of the Missouri Compromise in shaping the nation's economic future. Uncover the factors such as protective tariffs, national banks, and the transition from small manufacturing to factories that contributed to transforming the American economy. Understand the boom and bust cycle, the Lowell factory textiles, and the socio-economic implications of the market revolution. Delve into the complexities of the Market Revolution and its lasting effects on American society and economy.

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Market Revolution in America: Economic Growth and Supreme Court's Role

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  1. Learning objectives -10 The opening of America

  2. What was the market revolution?Opening of America! • Free market • Cash money- speculation and profit • Interchangeable parts • Creation and expansion of domestic market • Embargo and war stimulated manufacturing (Textiles) • Investments

  3. Why is it important to American economy? • Look inward for economy- no longer tied to international trade • Economy improves • New Nationalism • Young Republicans- use fed. Power to develop, foster prosperity and bind together the nation. • How did they do this? • 2nd National Bank • Protective tariff (raise prices on imports) • Infrastructure improvements • Promoted Cotton trade (easier do to cotton gin)

  4. Transportation and impact on economy • Before 1815 only waterways • Canal- reduce cost of shipping, stimulated growth along routes • Funded by government • Steamboats and railroads • Reduce time • St. important to rise in manufacturing- major form of transportation • RR take off by 1850 – rates higher but year round, direct routes, faster

  5. Supreme court promoting economic growth • Protection to new and expanding markets- uphold pvt. Property and promote growth. • McCulloch vs. Maryland • National bank needed to enable congress to regulate commerce and to coin and borrow money. • Maryland law unconstitutional because tax interfered with the operation of a federal bank • Helped clarify and strengthen powers of federal government. • Constitution does give Congress “implied powers” to carry out duties in the constitution. Also strengthened idea that federal laws prevail.

  6. Supreme court promoting economic growth • Interstate commerce • Protection of contracts • Encouraged economic risk taking, US interference in business affairs, created confidence in business

  7. Factories change life • Offered change in lifestyle • Small manufacturing to factory • Factories • Skilled or semi-skilled, cheap transportation, rise of cities, availability of credit and capital • Market revolution- interchangeable parts

  8. Lowell factory textiles • Female 16-30, moral focus, strict, long hours, tedious, repetitive • Disciplined, productivity, sober, dependable, self-disciplined, scheduled • Decline in status

  9. Boom and Bust cycle • Accelerating growth and expansion followed by crash and depression • Boom- speculation and investments • Depression people become insecure and anxious • Panic of 1819 • Push for borrowing and credit • Blamed government –supposed to stimulate economic development • Collapse in cotton-cause speculation-prices to fall

  10. Missouri Compromise • Conflict with interest and social groups • Missouri territory (all territories supposed to be free)- add as slave state- Maine free state- Slavery prohibited in rest of Louisiana Purchase 36-30 • North wanted western lands for economic interest • South expand slavery to economic welfare • Control of congress • Instilled debate on slavery again

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