group 4: mike wilcox & poorwa godbole
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Group 4: Mike Wilcox & Poorwa Godbole. Transportation, Market, and Industrial Revolutions & Panic of 1819. T a r g e t s. I can… Describe the “Transportation Revolution” and explain its effect on the U.S. economy Describe the “Market Revolution” and explain its effect on the U.S. economy - PowerPoint PPT PresentationTRANSCRIPT
Group 4: Mike Wilcox & Poorwa Godbole
Targets I can…
Describe the “Transportation Revolution” and explain its effect on the U.S. economy
Describe the “Market Revolution” and explain its effect on the U.S. economy
Identify the “Industrial Revolution” and describe the role of mass production and interchangeable parts
Identify the causes and results of the Panic of 1819
Transportation Revolution There was a need for better transportation
because: Flatboats could not float upriver to transport goods Wagons were too slow and expensive
Transportation Revolution Steamboat
construction improved In 1807 the first
steamboat capable of carrying heavy loads was made
Steamboats could travel up and down stream
Canal construction became more efficient Opening of Erie Canal
led to growth of canal construction across the nation
By 1840 a network of canals stretched from Illinois to the Atlantic Ocean
Transportation Revolution Locomotives came
into use in the United States in 1830s Allowed commercial
transportation of goods anywhere where tracks were laid
Decreased the traveling restrictions of flatboats and wagons because they did not depend on the presence of roads or water
Economical improvement: Better transportation
led to more purchases National markets
were created because goods could now be transported easily and inexpensively
Due to exponential increase in sales, national economy grew vastly
Market Revolution Profitable national markets were created
during the early 1800s due to an improvement in transportation systems
Led to an increase in farmers’ and manufacturers’ profits
Convenience of transportation revolutionized the manner in which business was conducted
Towns grew because: Small towns were linked through large businesses Goods could be transported further distances to reach
the ends of towns
Industrial Revolution Shift to machine production in the field of
manufacturing Began in Britain in mid-1700s, with the invention of the new
spinning mill, before spreading to US Revolutionized textile industry through mass
production - Manufacturing of large quantities of goods at one time Increased efficiency and decreased costs of production
Eli Whitney brought about the use of interchangeable parts Production of various parts in mass, which are then used to
make individual weapons Saved money Later spread to other industries, not just the weapon industry
Industrial Revolution Britain outlawed the sale of machines abroad
and stopped textile workers from leaving country out of fear of foreign competition
Samuel Slater Brought secret machine plans from Britain to US in
1789 Constructed British spinning mill with financial
support of Moses Brown Soon shared mills with Brown all over Rhode Island and
Massachusetts Summary video
Panic of 1819 Many manufacturers borrowed money from
state banks to finance new enterprises Due to booming economy, banks were
lending out money freely without checking credit
In late 1818, 2nd Bank of US ordered state banks to demand repayments of all loans & exchange all notes for gold & silver Few banks could accomplish this task
Panic of 1819 Sudden demand from Bank of United States
caused a chain reaction of bank failures, falling land prices, and foreclosures
Nation fell into depression for several years Weakened the optimism of the Era of Good
Feelings