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Antebellum (1820-1860) Economy
Changes in the North |
- North and South grew much more distant economically
-North: industry/technology -South: agriculture (cotton gin!) -incomes double -unstable economy (booms and busts, ups and downs) - rise in immigration (Irish, Germans, Scandanavians) -mass abuse of natural resources - small industrial revolution (railroads expanded, canals and steamboats/canals were made) - railroads ---> agricultural specialization |
Agricultural Specialization
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Railroads prompted farmers to focus on single crops because they could sell the excess of those crops to many others through train delivery
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"Lite" Industrial Revolution
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-railroads: mostly expanded in the North/Old Northwest and produced agricultural specialization
-canals/steamboats: grew in response to traveling materials; ex: Erie Canal (linked NY w/ Great Lakes/Old Northwest) |
Investors and Capital Support - Antebellum Era
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-Europeans invested in US (GB mostly) - saw potential
-banks became main capital makers ---> banking booms -Government: -provides tax breaks/loans -becomes source of capital for expansion (completes Hamitlon's/Federalists' vision!) -federal and local governments contributed |
Dartmouth v. Woodward
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-established contracts as binding
-courts gave power to businesses -resulted in free American enterprise/business system |
Land Speculation
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- works for land, railroads, etc
-very risky job: profit during economic booms, loss during busts |
Inventions
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-many new inventions/patents during the era: railroads, farming, business
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Common School Movement
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(1840)
- started by Horace Mann - focused in New England - promoted public schools being a place to train future workers -had educational standards -improved teacher training/morals being taught -established the 3 "R's" - reading, 'riting, 'rithmatic |
Horace Mann
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Started the Common School Movement
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Industrialization in NE/ONW
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- started with increase of textile factories
-Europe was ahead of the game for US -Change from Cottage Industry/Farming Out System to the Factory System/Walthom Operation -change in factory revolutionized the market/lifestyle of people -other industries than textiles were food mills, metal works -had heavy environmental impacts |
Cottage Industry/Farming Out System
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-old system, before the "lite" revolution
- owner would contract workers to do parts of factory proccess - each part of process was contracted out separately |
Factory System/Walthom Operation (effects)
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- initally had separate buldings for each step ===> eventually all steps put under one roof
-EFFECTS: -more goods/cheaper price -child labor - market revolution: new ways of selling/distributing goods ---> huge change -books/education became more important -greater emphasis on clocks/time |
Textile Industry
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-#1 industry
-focused in New England - operated under Walthom Operation: shift to one factory building for all parts of the proccess |
Power Source for Factories
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- initially needed water to run ---> built near rivers
-eventually move to electricity |
Environmental Imacts of Industrialization
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- depletion of forests
- coal used/mined - air/water pollution - becomes an increasing concern |