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Industrial Revolution In America: 1800’s Started in New England Bad farm lands Factories near water, coal, and iron

Industrial Revolution American Economy was Capitalist Capitalism: Economic system where people put their capital into a business in hopes of making a profit Capital: Money Free enterprise: People are free to buy, sell, and produce whatever they want and work wherever they want

Industrial Revolution Technologies Cotton gin- machine which removed seeds from cotton fiber (Eli Whitney) Congress passed patent laws Patent: Sole inventor gets legal right to invention and its profits

Industrial Revolution Factory system was invented by textile maker Francis Cabot Lowell Factory system: System to manufacture products together in one place to increase efficiency Interchangeable parts- Identical machine parts that could be put together to make a complete product

Industrial Revolution Northeast had small farms South consisted of plantations which produced cotton Slaves used to pick cotton

Industrial Revolution Stocks: Shares of ownership in a company First Bank of United States expired in 1811 Second Bank of United States (1816) Large loans to businesses State banks and frontier criticized Bank to be a monopoly 20% of capital U.S. Capital in bank 80 % of capital from foreign investors

Industrial Revolution New cities formed (Cincinnati, Pittsburgh) Dangers of urban areas Not sanitary (Yellow fever of 1793) Fires Advantages of cities More job offers Libraries, museums, etc.