1. Expanding Markets and Moving West
Economic opportunity and “manifest destiny” encourage Americans to head west. The U.S. gains territory in a war with Mexico.
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2. 9.1
The Market Revolution
Technological changes create greater interaction and more economic diversity among the regions of the nation.
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3. I. U.S. Markets Expand A. Changing Economic Activities 1
SECTION
I. U.S. Markets Expand
A. Changing Economic Activities
• Early 1800s farm families self-sufficient
• Mid-1800s farmers begin specialization —raise 1or 2 cash crops
• Market revolution —people buy/sell goods rather than make them = more dependent on others.
B. The Entrepreneurial Spirit
• Capitalism —private control of means of production, used for profit
• Entrepreneurs invest own money in new industries; great loss, profit
Continued . . .
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4. D. Impact on Household Economy1
SECTION
C. New Inventions
Inventor-entrepreneurs develop new
products
Elias Howe-sewing machine
Factory production of clothing now
possible; prices drop by over 75%
D. Impact on Household Economy
Farmers begin using mechanized farm
equipment; boost industry output
Technology lowers cost of factory items;
workers become consumers
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5. II. The Economic Revolution 1
SECTION
II. The Economic Revolution
A. Impact on Communication
• Samuel F. B. Morse develops
telegraph:
- messages tapped in code, carried by
copper wire
- businesses, railroads transmit
information
B. Impact on Transportation
• Robert Fulton --invention of the
steam boat resulted in cut freight
costs, quicker travel
• Canals connect Midwest farmers to
world markets
Continued . . .
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6. C. Emergence of Railroads 1
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C. Emergence of Railroads
1840s, shipping by railroad much
costlier than by canal
Railroads faster, operate in winter,
go inland
Early train travel
uncomfortable for
passengers
By 1850s, railroads
expand, cost drops, safety increased
Continued . . .
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7. III. New Markets Link Regions1
SECTION
III. New Markets Link Regions
A. Effect of Regional Links
Improved transportation, communication make regions interdependent
Growing links lead to development of regional specialties
B. Southern Agriculture
South relies on cotton/tobacco/rice
South lacks capital for factories; money tied up in land, slaves
Continued . . .
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8. C. Northeast Shipping and Manufacturing 1
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C. Northeast Shipping and Manufacturing
Canals, railroads turn Northeast into center of American commerce
Great rise in manufacturing: more, better, less expensive goods
D. Midwest Farming
• John Deere invents steel plow; farmers
replace oxen with horses
• Cyrus McCormick invents mechanical
reaper; 1 farmer can do work of 5
• Farmers shift from subsistence farming to growing cash crops
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