Key Points
The Market Revolution was characterized by a shift away from local or regional markets to national markets. The agricultural explosion in the South and West and the textile boom in the North strengthened the economy in complementary ways.
What were the main elements of the market revolution quizlet?
What were the main elements of the market revolution? The market revolution represented an acceleration of developments already under way in the colonial era . In the first half of the 19th century, in rapid succession, the steamboat, canal, railroad, and telegraph brought America out of its economic past.
What major developments contributed to the market revolution?
Key factors that contributed to this economic shift were technological advancements in modes of transportation , a growing demand and employment in factory jobs followed by increased urban migration, and an agricultural shift away from subsistence farming (for self-sufficiency) towards commercial farming (for profits).
What were the effects of the market revolution?
The market revolution sparked not only explosive economic growth and new personal wealth but also devastating depressions—“panics”—and a growing lower class of property-less workers. Many Americans labored for low wages and became trapped in endless cycles of poverty.
What were the three causes of the market revolution?
What were the three primary causes of the Market revolution? Rapid improvements in transportation and communication; the production of goods for a cash market; and the use of inventions and innovations to produce goods for a mass market.
The market revolution sparked explosive economic growth and new personal wealth , but it also created a growing lower class of property-less workers and a series of devastating depressions, called “panics.” Many Americans labored for low wages and became trapped in endless cycles of poverty.
What were the main elements of a market revolution or American industrialization?
Key Components of the Market Revolution – Transportation, Mechanization, and Commercial Farming . Following the War of 1812, the country looked to expand into the western territories in order to take advantage of the economic opportunities there as new markets opened up.
What was life like before the market revolution?
Before the market revolution, economic transactions for farmers took place within the moral economy , which was characterized by local business dealings and based on face-to-face interactions with familiar people. With the market revolution, however, farmers and local exchanges were no longer the basis of the economy.
Which of the following was a major consequence of the market revolution quizlet?
A belief in upward mobility and equality of opportunity for workers and employers. Which of the following was a major consequence of the Market Revolution? Farmers grew more crops for their own use, and less for commercial sale. Slavery rapidly declined throughout the country.
What were the causes and effects of the market revolution?
A shift from a producer culture to a consumer culture. What were the three primary causes of the Market revolution? Rapid improvements in transportation and communication; the production of goods for a cash market; and the use of inventions and innovations to produce goods for a mass market .
How did the market revolution impact gender roles?
Domestic expectations constantly changed and the market revolution transformed many women’s traditional domestic tasks . ... This relieved many better-off women of a traditional labor obligation. As cloth production became commercialized, women’s home-based cloth production became less important to household economies.
What was the long term result of the market revolution?
As for long-term impacts, there were several positives coming from the Market Revolution. The United States became a consumer culture , as goods could be mass produced and shipped all over the country with the new transportation advances such as railroads and steamboats.
Who did the market revolution benefit?
The market revolution improved standards of living for most American farmers . For example, a mattress that cost fifty dollars in 1815 (which meant that almost no one owned one) cost five in 1848 (and everyone slept better).
How did the market revolution affect the South?
The South was impacted by the Market Revolution. As the use of the cotton gin expanded , the South turned more and more to the growing of cotton. Cotton eventually became the leading export of the South. The growth of cotton plantations also led to an expansion of slavery in the South.
Why is the market revolution important?
In the 1820s and 1830s, a market revolution was transforming American business and global trade . Factories and mass production increasingly displaced independent artisans. ... The American government promoted innovation and protected inventions with patents, which helped inventors profit from their creativity.
How did the market revolution lead to sectionalism?
The invention of the cotton gin in 1793 triggered a huge demand for slave labor to develop new cotton plantations. ... By 1819, there were exactly 11 free and 11 slave states, which increased sectionalism in the United States.
