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THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
1776: British Economist Adam Smith
outlined the Free Enterprise
System by re-emphasizing
the Three Laws of economics
1. The Law of Self – Interest
2. The Law of Competition
3. The Law of Supply and Demand
The Free Enterprise System evolved into Capitalism
as State and Federal Governments began playing an important role
in Regulating Businesses to protect workers and consumers
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Late 1700’s: Most American’s worked in or
around the home as farmers or
artisans in home based businesses
Shoemakers
Blacksmiths
Dressmakers Furniture makers
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Others were employed in the
Shipping Industry
or in Legal and
Financial Professions
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Between the late 1700’s and
early 1800’s the first banks
appeared in the United States
1791 - 1811: The First Bank of the
United States
1816 - 1836: Second Bank of the
United States
By 1820: Banks existed in Twenty-
Three States and Territories
The majority of Banks were located
in the Northern & Mid-Atlantic States
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Banks increased business opportunities for Americans by
providing capital in the form of loans
These loans provided wealth that
could be invested to produce new
goods and services to Americans
Although most American’s preferred
pure Gold, Silver, or Coins
Most Banks issued Bank Notes to
their customers
(a piece of paper that banks issued
instead of actual money)
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Ultimately, Bank loans allowed investors to support
the development of many new inventions:
Textile Industry (1789 – 1846)
Military Weapons (1795 – 1845)
Transportation (1806 – 1853)
Agricultural Machinery (1819 – 1842)
Communication (1847 – 1858)
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Textile Industry (1789 – 1846)
• 1789: Samuel Slater built the first
Water Frame in the United States
• 1793: Eli Whitney built a simple Cotton
Gin to improve Cotton production
• 1814: Francis C. Lowell opened the
first series of Textile Mills in Boston
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Textile Industry (1789 – 1846)
• 1846: Elias Howe developed the first
Sewing Machine in the U.S.
Military Weapons (1795 – 1845)
• 1795: The Springfield Armory began
producing the first U.S. made Musket
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Military Weapons (1795 – 1845)
• 1801: Eli Whitney introduced the use
of interchangeable parts
• 1816: The U.S. Model 1816 flintlock
musket began production at the
Harper’s Ferry Armory in Maryland
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Military Weapons (1795 – 1845)
• 1819: Thomas Blanchard developed a
special lathe to mass produce rifle stocks
• 1836: Samuel Colt patented
his first Colt Revolver
• 1842: U.S. Model 1842 Musket became first fully interchangeable
parts weapon
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Transportation (1806 – 1853)
• 1806: The Cumberland Road was first
authorized by Pres. Thomas Jefferson
• 1811 – 1818: The road was constructed
between Cumberland , Maryland and
Wheeling , Virginia (West Virginia)
• 1820: Congress authorized
extending the National Road
to Saint Louis, Missouri
• 1825: Congress authorized
extending the National Road
across the Mississippi River
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Transportation (1806 – 1853)
• 1807: Robert Fulton and
Robert Livingston built the 1st
steamboat “the Clermont”
• Sailing from New York to
Albany in only 30 hours
• 1817 - 1825: The Erie Canal
was constructed
• Traversing the 363 miles from
Albany to Buffalo, New York
• Eventually extending into
other states thru feeder canals
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Transportation (1806 – 1853)
• 1830: Industrialist
Peter Cooper built
the first steam
locomotive in the U.S.
called “Tom Thumb”
• 1830 - 1853:
The Baltimore and Ohio
Railroad was constructed
• Extending 379 miles
from Baltimore, Maryland
to Wheeling, Virginia (WV)
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Agricultural Machinery (1819 – 1842)
• 1819: Jethro Wood
developed the Iron
Blades Plow
• 1834: Cyrus McCormick
patented the first
Mechanical Reaper
• 1837: John Deere engineered a
new steel bladed plow
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
Communication (1847 – 1858)
• 1847: Samuel F. B. Morse
patented the telegraph
• 1858: Cyrus W. Fields’
Atlantic Telegraph Co.
laid telegraph cable
across the Atlantic Ocean
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT OF THE TEXTILE INDUSTRY
• Lowell’s textile factories
employed mostly young
single farm girls
(Lowell Girls)
• 1817 – 1840:
New England Textile
Mills increased
production from
4 million to 323
million yards
• By the 1850’s, many were
Irish Immigrants
New England
Textile Mills (1830’s)
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
By the 1840’s:
Manufacturing
in New England
became the
backbone of the
North’s
Economy
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT OF THE TEXTILE INDUSTRY
• Textile Factories
increased the demand
for Cotton
• Cotton Gin helped
increase Cotton production
1820’s
1860’s
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT OF THE TEXTILE INDUSTRY
By the 1850’s:
Cotton was King of the
Southern Economy
• 1820 – 1830: Cotton production went
from $22 million to $200 million
HOWEVER, IT CAME AT A PRICE!
• 1790 – 1850: Slave Labor increased
from 698 thousand to over 3 million
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT OF TRANSPORTATION
• Opened the interior to settlement
• Lowered Transportation costs
• Linked Western Farmers to Markets
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT OF TRANSPORTATION
Changes in Travel Times
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT ON AMERICA’S SOCIETY
• Growth of Industrial Centers
• Increased Urbanization
• Major Transportation Hubs
CHICAGO, ILLINOIS
ST. LOUIS,
MISSOURI
NEW YORK
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT ON AMERICA’S SOCIETY
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT ON AMERICA’S SOCIETY
Year Population
1790 4 million
1800 6 million
1810 7 million
1820 8 million
1830 12 million
1840 17 million
1850 23 million
1860 31 million
Year Free Labor Slave Labor Total (Mil)
1800 1,330,000 530,000 (28%) 1,860
1810 1,590,000 740,000 (32%) 2,330
1820 2,185,000 950,000 (30%) 3,135
1830 3,020,000 1,180,000 (28%) 4,200
1840 4,180,000 1,480,000 (26%) 5,660
1850 6, 280,000 1,970,000 (23%) 8,250
1860 8,770,000 2,340,000 (21%) 11,110
THE RISE OF THE MARKET REVOLUTION
(1790 – 1850)
IMPACT ON AMERICA’S SOCIETY
INDUSTRIALIZATION
• New Inventions
• Rise of Factories
• Increased Jobs
• More Production
• Wider Range of Goods
• Greater Distribution
URBANIZATION
• Rise of Industry
• Increased Jobs
• Growth of Cities
• Greater Transportation
• Western Migration
• New Immigration
• Growth of Sectionalism and a Widening Gap in Society
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