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The Market Revolution What does this term mean?

The Market Revolution What does this term mean?. Rural American workers produced and traded their goods with neighbors to supply almost all of their needs At local markets, families sold the goods they produced

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The Market Revolution What does this term mean?

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  1. The Market Revolution What does this term mean?

  2. Rural American workers produced and traded their goods with neighbors to supply almost all of their needs At local markets, families sold the goods they produced With the cash they earned, they purchased goods they could not produce themselves (coffee, sugar, horseshoes) US Markets early 19th Century

  3. In the Northeast, the US became more industrialized with the factory system The factory system changed the lives of both workers and consumers Workers spent their earnings on goods produced by other workers US Markets expand mid century

  4. Farmers began to shift from self-sufficiency (raising a variety of food for their families) to specialization, raising one or two crops that they could sell at home or abroad. These developments brought about a market revolution US Markets expand mid century

  5. People buy and sell goods rather than making the goods for themselves This revolution led to a striking change in the US economy and in the daily lives of Americans. Goods and services multiplied while incomes rose The economy was growing rapidly Market Revolution

  6. Capitalism – the economic system in which private businesses and individuals control the means of production Means of production – factories, machines and land – which are used to make a profit Entrepreneurs – Businessmen who invested their own money (capital) in new businesses knowing that they risked losing their investment if a venture failed, but they also stood to earn huge profits if they succeeded Entrepreneurial spirit

  7. Purchased the rights of an inventor who mixed rubber with sulfur Goodyear heated the mixture which toughened into permanent elastic 1844 he received a patent for his process called vulcanization Others stole and used his process He was deeply in debt when he died His risk paid off for Americans, but left him penniless Charles Goodyear 1800-1860

  8. Resourcefulness & Experimentation • Americans were willing to try anything. • They were first copiers, theninnovators. 1800  41 patents were approved. 1860 4,357 “ “ “

  9. Warren BuffetGreatest Wealth – $66 Billion at age 82First Job – Newspaper delivery boy Bill GatesGreatest Wealth – $46 Billion at age 57First Job – Congressional page Michael DellGreatest Wealth – $14.6 Billion at age 47First Job – Dishwasher for a Chinese restaurant American Entrepreneurs

  10. Steve Jobs (RIP)Greatest Wealth – $11 Billion at age 53First Job – Gopher at Hewlett Packard Oprah WinfreyGreatest Wealth – $2.7 Billion at age 58First Job – Part time radio news broadcaster Mark CubanGreatest Wealth – $2.3 Billion at age 54 Started acomputer consulting firm -- without having ever owned a computer or taken a computer class First Job – Bartender American Entrepreneurs

  11. America boosted its industrial output especially in the north American agriculture flourished feeding workers in the industrial cities To meet new demands, farmers also began to use mechanized farm equipment produced in the factories Impact on Household Economy

  12. Manufactured goods became less expensive as technological advances lowered prices Falling prices meant that workers on farms and in cities became consumers of new products not only for work but also for comfort Impact on Household Economy

  13. A handcrafted clock cost $50.00 A factory made clock cost 50 cents Hand crafted vs. Factory made

  14. New Inventions: "Yankee Ingenuity"

  15. Inventor entrepreneurs began to develop goods to make life more comfortable Production of clothing was aided by the invention of the sewing machine Patented by Elias Howe in 1846, the sewing machine was first used in shoe factories Isaac Singer’s treadle sewing machine led to factory production of clothing Clothing prices dropped by more than 75% Working people could now afford to buy clothes Inventions and Improvements

  16. Elias Howe & Isaac Singer 1840sSewing Machine

  17. Communication Revolution

  18. Joseph Henry developed the first telegraph Samuel F.B. Morse improved the devise Morse was Yale educated where he constructed batteries in chemistry class Realizing he could not support himself as an artist, he continued his scientific work Instant Communication

  19. With an associate he built an electromagnetic telegraph with 10 miles of wire wrapped around his workroom In 1843, Congress granted Morse $30,000. to build a test line between Baltimore and Washington D.C. Morse won international fame Instant Communication

  20. Samuel F. B. Morse 1840 – Telegraph

  21. Cyrus Field & the Transatlantic Cable, 1858 The telegraph cable linked the US to England

  22. The Transportation Revolution

  23. Better and faster transportation became essential to the expansion of agriculture and industry In 1807, Robert Fulton ushered in the steamboat era when his boat, the Clermont, made a 150 mile trip up the Hudson River from New York City to Albany in 32 hours – very fast for the era. By 1830,200 steamboats traveled the nations rivers Freight rates and voyage times were slashed Steamboats

  24. Robert Fulton & the Steamboat 1807: The Clermont

  25. The Erie Canal was the nations first major canal Before the canal was built it cost 19 cents a ton per mile to ship over land By 1830, the cost had fallen to less than 2 cents a ton per mile Dozens of other canal projects started opening up the heartland of America to world markets by binding the Northeast to the Midwest Americans makes canals

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

  27. Erie Canal System

  28. Principal Canals in 1840

  29. Although shipping by rail cost more than shipping by canal, railroads offered the advantage of speed Railroads could operate during the winter unlike the canals By the 1840’s steam engines pulled freight at ten miles an hour Unfortunately, train travel was not comfortable Emergence of Railroads

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

  31. TheRailroadRevolution,1850s • Immigrant laborbuilt the No. RRs. • Slave laborbuilt the So. RRs. By 1859, railroads Carried 2 billion tons of freight each year

  32. Clipper Ships 1845-1859 The Flying Cloud sailed from New York City around Cape Horn to San Francisco in 89 days. The fastest way to get to California during the Gold Rush

  33. New Markets Link Regions

  34. By the 1840’s improved transportation and communications made America’s regions interdependent Steamboats plied the Mississippi linking North and South The Erie Canal, railroads and telegraph wires linked the East and the West Arteries like the “National Road”, funded by Congress opened up western travel A Growing America

  35. First Turnpike- 1790 Lancaster, PA By 1832, nearly 2400 mi. of road connected most major cities.

  36. Cumberland (National Road), 1811

  37. Conestoga Covered Wagons Common form of transportation for moving west Conestoga Trail, 1820s

  38. Regional Specialization EAST Industrial - manufactured textiles and machinery (hired workers) WEST The Nation’s “Breadbasket” produced grain and livestock shipped to feed factory workers in eastern cities and Europe SOUTH Cotton traded to England and New England (worked by slaves)

  39. John Deere & the Steel Plow(1837) Allowed farmers to replace oxen with horses for plowing land more efficiently

  40. Cyrus McCormick& the Mechanical Reaper: 1831 Permitted one man to do the work of 5 hired men. An ambitious farmer could shift from subsistence farming to growing cash crops.

  41. New York City became the central link between American agriculture and European markets Rise of manufacturing led to the production of better goods at lower prices These goods became affordable for ordinary Americans Regional Specialization - East

  42. Many people moved to farm the fertile soil of the Midwest It took hard work to clear the land and make it fit to cultivate New inventions like the steel plow and McCormick Reaper made life easier Transportation brought manufactured goods and carried crops to markets in the East Regional Specialization – Midwest Farming

  43. The South remained agricultural Many Southerners looked at the industrialization of the Northeast with disfavor The South usually lacked the capital ($) to build factories because they had invested so much in land and slaves Regional Specialization – Southern Agriculture

  44. On the next slide you will see 9 images of devises that have changed the way we communicate or get information With your group members, try to name the devise With your group members, put the letter of the devise next to the date you think it matches Good Luck Communication Challenge

  45. B 1982 Cell phone C A Apple 1976 Sold for $666.66 Transistor radio 1957 E D F Telegraph 1844 Radio 1920 CB 1970 G H I Walkie Talkie 1940’s Bell phone 1876 Bell phone 1907

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