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The Market Revolution and Its Impact on American Society

Explore the transition from self-sufficient farming to a market economy in pre and post-Industrial Revolution America. Learn about the Market Revolution's effects, capitalism, entrepreneurs, and key inventions that transformed industries and transportation.

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The Market Revolution and Its Impact on American Society

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  1. The Market Revolution

  2. Before the Industrial Revolution • Remember, before the Industrial Revolution (early 1800’s) most Americans lived on farms and produced their own goods or traded with neighbors. • Farm families were self-sufficient—grew crops, raised animals for food, made their own clothing, candles, soap, etc. • At local markets they sold wood, eggs, butter, etc. for cash which they used to buy coffee, tea, sugar, or horseshoes.

  3. After the Industrial Revolution • But, after the Industrial Revolution came to America things slowly began to change. • The U.S. (especially the Northeast) became more industrialized with the rise of textile mills and the factory system. • People began spending their earnings on goods produced by other workers. • Workers and farmers became specialized. • Making or raising one specific item or crop that they could then sell.

  4. The Market Revolution • This led to what is called the Market Revolution. • This had a huge impact on the U.S. economy and in the daily lives and culture of Americans.

  5. Effects of the Market Revolution • People bought and sold goods rather than making them for their own use—used cash or credit!! • Changes manufacturing from at home to in the factories—leave home to go to work!! • People move to live in the cities for jobs—urbanization (especially in the North).

  6. Capitalism • The economic system in which private businesses and individuals control the means of production—such as factories, machines, and land—and use them to earn profits.

  7. Entrepreneurs • Individuals who invest (risk) their own money in new industries.

  8. An American Entrepreneur • One example of capitalism at work with an American entrepreneur is Francis Cabot Lowell. • Formed the Boston Manufacturing Company that produced textiles.

  9. Lowell’s Factory System • Built a huge factory with living accommodations on-site. • Hired young girls to work in the factory and live in the dorms there. • Low wages, poor working conditions = high worker turnover rates. • But the workers were easily replaced!

  10. An Economic Revolution:New Inventions The Sewing Machine, Elias Howe, 1846 • Revolutionized the clothing business • Causes for a greater demand for cotton and wool • Significance: Takes the making of clothes out of the home and into factories

  11. An Economic Revolution:New Inventions • Invention of the telegraph—Samuel F.B. Morse • 1844, Morse strung a wire 40 miles from Washington to Baltimore • Significance: Better communication over the country and businesses used the telegraph to transmit orders and relay up to date information on prices/sales.

  12. An Economic Revolution:New Inventions • Charles Goodyear creates a process of vulcanizing rubber which was then put to over 500 different uses.

  13. An Economic Revolution:New Inventions • Improvements in farming equipment • John Deere invents a steel plow that could break the thickly matted soil of the West.

  14. An Economic Revolution:New Inventions • Improvements in farming equipment • Cyrus McCormick (1830’s) introduces the mechanical mower-reaper that could do the work of 5 men.

  15. An Economic Revolution:Improvements in Transportation • Toll roads and turnpikes • Canals (success of the Erie Canal) • The Steamboat • Railroads

  16. Boats Before… • What types of boats were being used before? • Keelboats and flatboats = less than 1 mile per hour; very expensive • Hard to go upstream!!

  17. The Steamboat • In 1807, Robert Fulton developed the first steam driven boat; called it the Clermont. • Left NYC and churned 500 miles up the Hudson River to Albany in 32 hours. • Significance of the Steamboat: • Changed all of America’s navigable rivers into 2-way transportation • Could carry more people & goods • Travel time was cut by 2/3 and costs by 1/2

  18. Railroads • Railroads represent the most significant contribution to the transportation of long distances (until the airplane). • Trains were faster, more reliable, and cheaper than canals to construct, and did not freeze in the winter. • Able to go almost anywhere; defied terrain and weather--didn’t need water

  19. The Railroad Explosion • First railroad in the U.S. = the Baltimore and Ohio (the B&O) in 1828. • By 1860, the U.S. had 30,000 miles of railroad track. • Most ran east to west—linking farms to the factories. • ¾ of the railroad track was the Northern part of the country!

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