1. Chapter 3 Section 2
The Market Revolution

2. Expanding Economy
Market Revolution – Shift from home-based economy to one based on money and buying/selling of goods.
Manufacturing – making products by machinery
Free Enterprise System – private ownership of capital goods in a free market
Banking Industry – Banks provided capital for businesses to produce goods/make money

3. Northern Economy
Industrialization -The growth of industry especially in the North
Increased rapidly in early 1800’s
Labor Unions – organization of workers formed to protect their interests. National Trade Union.
Strike – work stoppage by laborers

4. The Southern Economy Farming – cotton, tobacco, sugar, rice
Dependent on slavery
Slave revolts began – Nat Turner Rebellion in Virginia

5. Nationalism
Feeling of belonging to a country instead of an association of states under separate governments
Strong federal government role in the economy
Strong foreign policy

6. Monroe Doctrine
We won’t interfere with European affairs. You don’t interfere with our affairs.
America recognizes existing colonies
America won’t permit further colonization in Western Hemisphere
Any attempt by European power to control any nation in W. Hemisphere is hostile action

7. Election of 1824 (John Q. Adams vs Andrew Jackson & Henry Clay)
Jackson won popular vote but no one received majority of electoral college votes.
House of Representatives voted to decide the election – Adams won

8. New Political Parties National Republicans (Adams and Clay)
Spirit of improvement
Jacksonian Democrats
Limited government
Political parties stirred healthy debates and strengthened the democratic process.

9. Nullify State’s rejection of a federal law
South Carolina declared “unfair” federal government tariffs null and void
Threatened to secede from Union

10. Indian Relocation
1830 Indian Removal Act – Take lands away from Native Americans in the east and give them land in parts of Louisiana Purchase
Trail of Tears – 1838, 15,000 Cherokees forced to march westward.

11. Bank War Jackson versus Bank of the United States
Called it a “monster”, blamed it for hard times, Panic of 1819
Jackson vetoed charter