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The Market Revolution

The Market Revolution. 1820-1860. What are we talking about?. Major economic transformation Expansion of people producing for the market Changing WHAT they are producing and HOW they are producing Completely new mindset  REVOLUTIONARY!!. Factors Leading to the Market Revolution.

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The Market Revolution

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  1. The Market Revolution 1820-1860

  2. What are we talking about? • Major economic transformation • Expansion of people producing for the market • Changing WHAT they are producing and HOW they are producing • Completely new mindset  REVOLUTIONARY!!

  3. Factors Leading to the Market Revolution • Specialization of Labor • Early Industrialization • Transportation & Communication Revolution • Westward Expansion • Rise of the Cotton Kingdom • Immigration & Migration • Government Support for Business

  4. Specialization of Labor • What is “outwork”? • What is the “factory system”? • Lowell/Waltham Mills

  5. Samuel Slater(“Father of the Factory System”)

  6. The Lowell/Waltham System:First Dual-Purpose Textile Plant Francis Cabot Lowell’s town - 1814

  7. Lowell in 1850

  8. Lowell Mill

  9. Early Textile Mill Loom Floor

  10. Early Textile Loom

  11. Early Industrialization • Begins in England as early as 1780s • Really underway in US by 1790s, but doesn’t really start to grow until early 1800s • MECHANIZATION • STANDARDIZATION • INTERCHANGABLE PARTS

  12. New EnglandTextileCenters:1830s

  13. New England Dominance in Textiles

  14. Starting for Lowell

  15. Lowell Girls What was their typical “profile?”

  16. Lowell Boarding Houses What was boardinghouse life like?

  17. Eli Whitney’s Cotton Gin, 1791 Actually invented by a slave!

  18. Eli Whitney’s Gun Factory Interchangeable Parts Rifle

  19. Elias Howe & Isaac Singer 1840sSewing Machine

  20. John Deere & the Steel Plow(1837)

  21. Cyrus McCormick& the Mechanical Reaper: 1831

  22. Transportation & Communication Revolution

  23. Cumberland (National Road), 1811

  24. Conestoga Covered Wagons Conestoga Trail, 1820s

  25. Erie Canal System

  26. Erie Canal, 1820s Begun in 1817; completed in 1825

  27. Robert Fulton & the Steamboat 1807: The Clermont

  28. Principal Canals in 1840

  29. Inland Freight Rates

  30. Clipper Ships

  31. OliverEvans First automated flour mill First prototype of the locomotive

  32. The “Iron Horse” Wins! (1830) 1830  13 miles of track built by Baltimore & Ohio RRBy 1850  9000 mi. of RR track [1860  31,000 mi.]

  33. TheRailroadRevolution,1850s • Immigrant laborbuilt the No. RRs. • Slave laborbuilt the So. RRs.

  34. Samuel F. B. Morse 1840 – Telegraph

  35. Cyrus Field & the Transatlantic Cable, 1858

  36. Westward Expansion • Doors opened by removal of Indians & new transportation, communication • Streams of migration • From lower south • From upper south • From New England • Opens up access to new resources • Cheap land huge pull factors for immigrants

  37. Rise of the Cotton Kingdom • Contributing factors: • Industrial demand for cotton (1st in UK, then in US) • Opening of Deep South to new settlement • Some consequences: • Further pushes regional economic specialization • Revitalizes slavery • Growth of domestic slave trade

  38. Eli Whitney’s Cotton Gin, 1791 Actually invented by a slave!

  39. Immigration & Migration Immigration 1840s – Irish 1850s -- German • Pull factors • Relatively cheap land • Access to jobs • Quicker long-distance travel • Political freedoms • Push factors • Political unrest • Famine • Lack of economic opportunity Internal Migration Gradual shift from countryside to cities People in cities moved more frequently

  40. National Origin of Immigrants:1820 - 1860 Why now?

  41. Government Support for Business • Gov’t NOT actively involved in economy • Laissez-faire policies mostly • BUT • Development of private corporations • Severely limited gov’t investment in business • State gov’ts active in improving transportation infrastructure • Support competition & private property (court cases) • Criminalize strikes (supportive of employers) • Protective tariffs in 1816, 1824, 1828

  42. Creating a Business-Friendly Climate Supreme Court Rulings:*Fletcher v. Peck (1810)*Dartmouth v. Woodward (1819)*McCulloch v. Maryland (1819)*Gibbons v. Ogden (1824)*Charles Rivers Bridge v. Warren Bridge (1835) General Incorporation Law  passed in New York, 1848. Laissez faire  BUT, govt. did much to assist capitalism!

  43. Outcomes of these Changes • Rapid Economic Growth • Periods of Boom & Bust • Urbanization/Growth of Cities • Changes in Labor • Beginnings of Organized Labor • Rise of Nativism • Commercialization of farming in NW • Social/Cultural Responses

  44. Rapid Economic Growth

  45. Regional Specialization EAST Industrial SOUTH Cotton & Slavery WEST The Nation’s “Breadbasket”

  46. Periods of Boom & Bust

  47. Boom/Bust Cycles: 1790-1860 The blue line shows, for comparison, the price of a year’s tuition at Harvard College. In 1790 it was $24, but by 1860 had risen to $104.

  48. Urbanization/Growth of Cities

  49. American Population Centers in 1820

  50. American Population Centers in 1860

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