Chapter 3 Section 2 The Market Revolution

Expanding Economy Market Revolution – Shift from home-based economy to one based on money and buying/selling of goods. Manufacturing – making products by machinery Free Enterprise System – private ownership of capital goods in a free market Banking Industry – Banks provided capital for businesses to produce goods/make money

Northern Economy Industrialization -The growth of industry especially in the North Increased rapidly in early 1800’s Labor Unions – organization of workers formed to protect their interests. National Trade Union. Strike – work stoppage by laborers

The Southern Economy Farming – cotton, tobacco, sugar, rice Dependent on slavery Slave revolts began – Nat Turner Rebellion in Virginia

Nationalism Feeling of belonging to a country instead of an association of states under separate governments Strong federal government role in the economy Strong foreign policy

Monroe Doctrine We won’t interfere with European affairs. You don’t interfere with our affairs. America recognizes existing colonies America won’t permit further colonization in Western Hemisphere Any attempt by European power to control any nation in W. Hemisphere is hostile action

Election of 1824 (John Q. Adams vs Andrew Jackson & Henry Clay) Jackson won popular vote but no one received majority of electoral college votes. House of Representatives voted to decide the election – Adams won

New Political Parties National Republicans (Adams and Clay) Spirit of improvement Jacksonian Democrats Limited government Political parties stirred healthy debates and strengthened the democratic process.

Nullify State’s rejection of a federal law South Carolina declared “unfair” federal government tariffs null and void Threatened to secede from Union

Indian Relocation 1830 Indian Removal Act – Take lands away from Native Americans in the east and give them land in parts of Louisiana Purchase Trail of Tears – 1838, 15,000 Cherokees forced to march westward.

Bank War Jackson versus Bank of the United States Called it a “monster”, blamed it for hard times, Panic of 1819 Jackson vetoed charter