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The Market Revolution

The Market Revolution. Chapter 9. Post War Market. War of 1812 demonstrated inefficiencies in US gov’t: - dependent on foreign trade - immobile military Congressional decisions: - encourage nat’l independence - build transportation routes. Tariff act of 1816.

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The Market Revolution

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  1. The Market Revolution Chapter 9

  2. Post War Market • War of 1812 demonstrated inefficiencies in US gov’t: - dependent on foreign trade - immobile military Congressional decisions: - encourage nat’l independence - build transportation routes

  3. Tariff act of 1816 Congress eases burden of dependence • Tariff- duties imposed on imported goods. • Tariff Act of 1816 - raised tariffs an average of 25% • Discourages dependence on imported products - designed to protect American industries - helps avoid entanglements during foreign conflicts

  4. Improvement in Transportation • In 1816, a Senate Committee reported that $9 would move a ton of goods across the 3,000 miles journey of the Atlantic from Britain to America; the same $9 would move the same ton of goods only 30 miles inland. • Changes in transportation is needed

  5. Transportation Revolution • By 1815, drastic improvements were made in transportation - better roads, canals, railroad, etc • Congress authorized the “national road” - links east & west regions - made it easier for settlers & wagons to reach the west - increase mobility of armed forces

  6. The National Road opened the the Midwest for settlement and commerce

  7. Erie Canal (continue) • construction began on the Erie Canal in 1817 (100 miles of canal in the US) • By 1840, more than 3,000 miles existed. • Transformed interior of New York into a prosperous commercial area

  8. Erie Canal (continue) • runs from the Hudson River to Lake Erie, connecting the Great Lakes with the Atlantic Ocean • entire canal was opened on October 26, 1825 363 miles long, 40 feet wide, and 4 feet deep • Result: massive population surge in N.Y. - opened regions further west to increased settlement

  9. US Railroads • Connected cities to rivers and canals - 3,000 miles of railroad built between 1820 & 1840 - 30,000 miles by 1860 - rendered some canals obsolete • Improvements in speed - journey from Ohio to N.Y. in 1815 took 52 days. Same route by 1850 took 6 days.

  10. Railroads in the United States, 1840 and 1860

  11. Industrial Revolution • Market Revolution initiated the Industrial revolution • Produced the beginnings of industry and the greatest period of growth in US history (1820-1870) • South produced ¾ of the world’s cotton (p 258) - Dependent on slavery (4 million in US)

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