Market Revolution Flashcards
public policies & government
- reflected widespread confidence in private enterprise
- determined private enterprise needed spurring for development projects
- promoted industrial growth, stimulate economy and built infrastructure
families were moving because
of hopes for industry/mill based jobs. (new england farm moving to a mill village)
postwar congress reflected
democratic republican needs for government intervention to protect rising american businesses from cheap british competition
protectionists believed
- british were plotting to wreck the american economy and called for a tariff
- american’s ‘infant industries’ needed the care of federal governments
northern vs southern infastructure
- canals mainly facilitated east-west traffic, esp. along lake erie
- the south had no comparable network
- thus there was a disparity between the two in the civil war
1793, eli whitney
- system of interchangeable parts, accelerating a process of assembly
1790, samuel slater
brought the plans for a cotton mill by memory from england
1804, oliver evans
- developed a high-pressure steam engine which was applied to mills and printing presses
- experimented with techniques of mash production for flour mills
population vs immigration
- the number of immigration rose from 1820 to 1860, but was erratic and often spiked/dropped
- from 1820-1860, the total resident population grew and much more consistently
rise in immigration population
contributed to economic growth and industrialization because they could bring ideas from outside the country as well as take on jobs.
marshall court promoted
-business enterprise
- original federalist beliefs
federal judiciary (1824)
- supreme court overturned a new york state law that gave (Robert Fulton and Robert Livingston) a monopoly
- marshall had ruled trade fell under the sway of the commerce clause of the constitution
- congress, NOT ny controlled power
- federal government issued licenses on a nonexclusive basis
- decision ended monopolies on waterways throughout the nation
- within a year, 54 steamboats were plying ogden’s rule
odgen’s rule
- congress has the power to “regulate commerce”
- federal law takes precedence over state laws
dartmouth college vs woodward (1819)
- marshall court expanded federal power over economy while limiting the ability of states to control economic activity within their borders
- protected sanctity of contracts against interference by the states
divergence in state & commercial priorities
- commercial capitalists (who couldn’t invest in commerical enterprises during the embargo & war of 1812) found an opportunity to put their money into early factories
- the state govt. & (to a lesser degree), fed govt. invested into infastructure (canals, banks, railroads) & manufacturing firms
bank of the us
- closed doors in 1811
- state banks (private banks chartered by states) multiplied and issued their own paper
- there was no national currency
bank of us during the war
- it was difficult for the nation to pay for the war
- many holders of state bank notes tried to convert to gold & silver as the banks had promised
- the banks lacked these specle and thus the value declined.
- bonds of fed govt. sold below face value and national debt soared
rechartering the bank
- similar to hamilton’s bank, but with larger capital
- govt would hold 1/5 of the stock and name 1/5 of the directors
- southern statesmen who argued against hamilton’s bank now changed their tune
- madison signed the new bank bill on April 10, 1816
john deere steel plow
1837
- allowed farmers to be much more efficent
- increased crop yields
- planting more land
- reduced cost of planting
- lead to increased production
- less employees needed
need for farm labor decreasing…
workers out of jobs, go to factories instead
interchangeable parts
eli whitney
- beginning of mass production
- less need for skilled workers
samuel f. b. morse’s telegraph (1840)
use morse code to communicatec
