Market Revolution

Definition

The Market Revolution refers to the dramatic transformation in the economy of the United States during the early 19th century, characterized by a shift from subsistence farming and artisanal production to a more market-oriented economy. This period saw the rise of factories, advancements in transportation, and increased trade, which changed how goods were produced and consumed, ultimately reshaping American society and its economic structures.

5 Must Know Facts For Your Next Test

1. The Market Revolution led to a significant increase in the production of goods, with factories emerging primarily in the North, boosting economic growth.
2. Transportation advancements, like railroads and canals, played a crucial role in expanding markets and connecting producers to consumers over long distances.
3. The introduction of new technologies and machinery during this period allowed for mass production, altering traditional craft-based methods of manufacturing.
4. The Market Revolution also resulted in urbanization, as many people moved from rural areas to cities in search of jobs in factories.
5. This economic transformation contributed to social changes, including shifts in labor patterns, the rise of a wage-labor force, and increased participation of women and children in the workforce.

Review Questions

• How did the Market Revolution alter the economic landscape of the United States in the early 19th century?
  • The Market Revolution fundamentally changed the U.S. economy by moving away from subsistence farming towards a market-oriented system where goods were produced for sale rather than personal consumption. This shift allowed for greater specialization of labor and increased efficiency through factory production. As a result, there was an explosion of new industries and growth in urban centers where these factories were located.
• Evaluate the impact of transportation advancements during the Market Revolution on trade and commerce.
  • Transportation advancements during the Market Revolution were crucial for enhancing trade and commerce across the country. The development of canals, such as the Erie Canal, and railroads significantly reduced transportation costs and time, allowing goods to be moved quickly from producers to consumers. This connectivity not only expanded local markets but also linked regional economies together, fostering national economic integration.
• Assess how the Market Revolution contributed to social changes within American society during this period.
  • The Market Revolution contributed to profound social changes in American society by transforming labor patterns and lifestyles. With the rise of factories came a wage-labor system that drew many people into cities for work, altering family dynamics and traditional roles. Additionally, women and children increasingly entered the workforce as laborers in textile mills and other industries, leading to discussions about labor rights and gender roles that would influence social movements in subsequent decades.

Related terms

Industrialization: The process of developing industries in a country or region on a wide scale, leading to economic growth and urbanization.

Transportation Revolution: A significant change in transportation methods, including the expansion of canals, roads, and railroads that facilitated quicker and cheaper movement of goods.

Cotton Gin: A machine invented by Eli Whitney in 1793 that revolutionized the cotton industry by greatly increasing the efficiency of cotton processing.