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Antebellum Economic Developments
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I. Productivity Factors Behind the
“Industrial Revolution” and the
“Market Revolution”
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A) Abundant Natural Resources
Lumber
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B) Technological Innovations
Eli Whitney
CottonGin
&
InterchangeableParts
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Robert Fulton & the Steamboat
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Ex: John Deere & the Steel Plow
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Ex: Cyrus McCormick & the Mechanical Reaper
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Ex: Samuel Slater & the Factory System
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Ex: Samuel Morse &
the Telegraph
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C) Transportation Developments
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Rivers,Canals
&Turnpikes
Main TransportArteries
Before 1850
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Railroads
Begins
To
Dominate
Transport
By 1860
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D) Abundant (Cheap) Labor
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E) GovernmentFinancial & Political Support
For Economic Growth
• Easy Credit (State Banks & B.U.S.)• Protective Tariffs
• “Common Wealth” Laws (ex: Limited Liability & Eminent Domain)
• “Laissez-Faire” Labor Regulation
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II. The Industrial & Market Revolutions
Increase Political Sectionalism
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New England Textile Mill
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“King Cotton” in the South
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Foodstuffs in the West
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“Regional Specialization”
Leads to
“ComparativeAdvantage”
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III. Social Impactsof Economic
Changes
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Urbanization
mainly in
the
North
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“Outwork System”
Replaced by
“Factory System”
&
“Division ofLabor”
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American Urbanization Example:
Lowell, Mass.“Model” Factory Town??
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Increase in Child & Female Labor
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Growing Inequality Leads to:“Wage Slaves”
Loss of Individual Craftsmanship
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JourneymenArtisans
Lose StatusDespite
Unionization
Efforts
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“Labor Theory of Value”
Loses to the efficiency
of the
Factory System
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Nativism Grows as immigrants come seeking jobs and face backlash
ex: “Know Nothing” Party
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Anti-Catholic Cartoon