What is the market revolution in the South?
What is the market revolution in the South?
The Market Revolution (1793–1909) in the United States was a drastic change in the manual-labor system originating in the South (and soon moving to the North) and later spreading to the entire world. Traditional commerce was made obsolete by improvements in transportation, communication, and industry.
How did the market revolution help the South?
Slave labor helped fuel the market revolution. By 1832, textile companies made up 88 out of 106 American corporations valued at over $100,000. These textile mills, worked by free labor, nevertheless depended on southern cotton, and the vast new market economy spurred the expansion of the plantation South.
What are the 3 major effects of the market revolution?
Key Components of the Market Revolution – Transportation, Mechanization, and Commercial Farming. Following the War of 1812, the country looked to expand into the western territories in order to take advantage of the economic opportunities there as new markets opened up.
How did the market revolution change the North and South?
The market revolution impact on the South and Northeast brought about widespread economic growth yet affected the regions differently, the South shifted from subsistence farming to commercial farming and the Northeast grew in mechanization and industrialization.
How did the market revolution affect slavery in the South?
As northern textile factories boomed, the demand for southern cotton swelled and the institution of American slavery accelerated. Northern subsistence farmers became laborers bound to the whims of markets and bosses.
What was the market revolution and why was it important?
In the 1820s and 1830s, a market revolution was transforming American business and global trade. Factories and mass production increasingly displaced independent artisans. Farms grew and produced goods for distant, not local, markets, shipping them via inexpensive transportation like the Erie Canal.
What were the causes of the market revolution?
What were the three primary causes of the Market revolution? Rapid improvements in transportation and communication; the production of goods for a cash market; and the use of inventions and innovations to produce goods for a mass market.
How did the market revolution change slavery?
And as more men and women worked in the cash economy, they were freed from the bound dependence of servitude. But there were costs to this revolution. As northern textile factories boomed, the demand for southern cotton swelled and the institution of American slavery accelerated.
How did the market revolution transform the economies of the North and South quizlet?
The Market Revolution sparked social change in many ways. Cities grew, factories sprouted along with “the clock” and the “mill girls”, and immigration increased. With the new inventions like steamboats and canals, there was a growth of “slave-based cotton plantations in the South” (331).
How did industrialization of the South differ from that of the North?
The Union’s industrial and economic capacity soared during the war as the North continued its rapid industrialization to suppress the rebellion. In the South, a smaller industrial base, fewer rail lines, and an agricultural economy based upon slave labor made mobilization of resources more difficult.