Crash Course: Market Revolution

Warm Up 1. What is economics? 2. What is capitalism? 3. What is the difference b/w a traditional economy & a free market economy?

Before Industrial Revolution  18 th Century –old economy Built around exporting a small number of staple goods ○ Only the wealthy purchased fabric, paint, glass & other manufactures from England Other necessities produced in the home (homespun cloth) or by local artisans ○ Cobblers, blacksmiths, coopers

Rise of the Market Economy (1790 – 1840)  Development of the factory system Factories gradually replace home industries  Continental expansion Treaty of Paris, 1783 Louisiana Purchase, 1803 Adams-Onis Treaty, 1819  Expansion of commercial agriculture Crops produced for sale & export –cotton*

Attributes of the Market Revolution  Prices set by competition, not the gov’t  New technology in communication & transportation  Organizational innovation Factories (organize the factors of production) Standardization of time

Factors that made the 1 st Industrial Revolution possible  Gov’t protection of patent rights  Gov’t support of crucial infrastructure projects  Transportation revolution; steam powered ships, trains  Tariffs  Development of corporations w/limited liability  Improved educational system  Cheap labor -immigrants or people moving from farm to city (young women, esp.)  Embargo of 1807 & War of 1812 stimulated need for domestic manufactures  Eli Whitney’s interchangeable parts (efficiency)  Federal gov’t control of interstate commerce & gov’t protection of contracts  Improved communication –invention of the telegraph

 Gov’t support (early on) Infrastructure (canals, roads, railroads) often w/ monopolistic charter Judicial branch protects ○ Competition Charles River Bridge vs. Warren Bridge, 1837 Gibbons v. Ogden, 1824 ○ Limited liability National bank (modern banking system) ○ Stable currency ○ Established credit worthiness with European nations

 Effects of the new market economy: Expansion of middle class Higher standard of living Exploitation of women, children & immigrants Greater accumulation of wealth Increasing urbanization

Warm Up  How does the diagram reflect the values of the Second Great Awakening?

The Second Great Awakening  1790s – 1830s  Protestant revival movement  Increased the number of Baptists & Methodists  Believers thought a new age of humanity was beginning - millennialism

 Revivals & camp meetings were popular in the west ‘Burned over’ district of western NY Cane Ridge, KY TN, Southern OH,  Stimulated reform movements The nation must be free from the evils of society before the Second Coming of Jesus Christ

 Most reform movements were started by Congregationalists Expressed the values of white, Protestant, middle class, northeast urban culture Benevolent Empire ○ Worked to institutionalize charity & battle social evils in a systematic way  Major Reform Movements Abolition Temperance Women’s Rights* Asylum(Hospital) Prisons Education

Cultural Conflicts  Immigration Between , millions settle permanently; majority are: ○ Irish in the northeast, NY & Boston ○ Germans, Midwest states Most were Catholic ○ Growth of Catholic Churches ○ Acceptance of alcohol ○ Irish were typically illiterate; didn’t want to send children to public schools ○ Church (Pope) was more important than American political leaders Gives rise to Nativism ○ Mob violence of unemployed natives vs. Irish ○ Publication of anti-Catholic stories ○ Anti-immigration laws advocated

The Awful Disclosures by Maria Monk: A Narrative of Her Sufferings in the Hotel Dieu Nunnery in Montreal The Superior now informed me that having taken the black veil, it only remained that I should swear the three oaths customary on becoming a nun…I must be informed that one of my great duties was to obey the priests in all things; and this I soon learnt, to my utter astonishment and horror, was to live in the practice of criminal intercourse with them.

Complete with your team Description of Document Reform promotes democratic Ideals -Explain how Reform limits participation in society –Explain How A B C D E F G H I