Antebellum Economic Developments I.Productivity Factors Behind the “Industrial Revolution” and the “Market Revolution”

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Presentation transcript:

Antebellum Economic Developments

I.Productivity Factors Behind the “Industrial Revolution” and the “Market Revolution”

A) Abundant Natural Resources Lumber

B) Technological Innovations Eli Whitney Cotton Gin & Interchangeable Parts

Robert Fulton & the Steamboat

Ex: John Deere & the Steel Plow

Ex: Cyrus McCormick & the Mechanical Reaper

Ex: Samuel Slater & the Factory System

Ex: Samuel Morse & the Telegraph

C) Transportation Developments

Rivers, Canals & Turnpikes Main Transport Arteries Before 1850

Railroads Begins To Dominate Transport By 1860

D) Abundant (Cheap) Labor

E) Government Financial & Political Support For Economic Growth Easy Credit (State Banks & B.U.S.) Protective Tariffs “Common Wealth” Laws (ex: Limited Liability & Eminent Domain) “Laissez-Faire” Labor Regulation

II. The Industrial & Market Revolutions Increase Political Sectionalism

New England Textile Mill

“King Cotton” in the South

Foodstuffs in the West

“Regional Specialization” Leads to “Comparative Advantage”

III. Social Impacts of Economic Changes

Urbanization mainly in the North

“Outwork System” Replaced by “Factory System” & “Division of Labor”

American Urbanization Example: Lowell, Mass. “Model” Factory Town??

Increase in Child & Female Labor

Growing Inequality Leads to: “Wage Slaves” Loss of Individual Craftsmanship

Journeymen Artisans Lose Status Despite Unionization Efforts

“Labor Theory of Value” Loses to the efficiency of the Factory System

Nativism Grows as immigrants come seeking jobs and face backlash ex: “Know Nothing” Party

Anti-Catholic Cartoon