The Market Revolution

1051 words 5 pages
American History I
The Market Revolution During the late 1700’s, the United States was no longer a possession of Britain, instead it was a market for industrial goods and the world’s major source for tobacco, cotton, and other agricultural products. A labor revolution started to occur in the United States throughout the early 1800’s. There was a shift from an agricultural economy to an industrial market system. After the War of 1812, the domestic marketplace changed due to the strong pressure of social and economic forces. Major innovations in transportation allowed the movement of information, people, and merchandise. Textile mills and factories became an important base for jobs, especially for women. There was also widespread
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The mills provided room and board for the women, which might include a 12-hour work day for six days of the week. The working conditions were dimly lit, hot, and very loud from all of the machinery. The wages would average between $2 and $3 for the long 70-hour workweek (Roark, 262). The ladies were only given a 15 minute break for breakfast and a 30 minute break for lunch. The housing provided for the women was tightly cramped, but social activities were always provided to make it seem more feasible to stay. There was a protest by young women at a Lowell mill after the factory chose to cut wages by 15 percent. The young women went on a strike, but it didn’t last long due to the huge Irish immigrant population. Irish men began to replace the young women that were striking and this kept the plants operational. They immigrated to the United States after the potato famine and were in a dire need for jobs. There was an increase in the number of state-chartered banks in the United States in the years after 1815. By 1840, there were more than 500 banks (Roark, 264). The second Bank of the United States was headquartered in Philadelphia. Banks assisted economic expansion by making loans to various businesses and real estate, thereby increasing the money supply (Roark, 264). Federal and state governments would issue banknotes instead of paper money. Bankers made the decision on who would receive these loans and

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