Chapter 9 Section 1
US Markets Expand Specialization: Raising one or two cash crops to sell at home or abroad Mid 19 th century shift away from being self sufficient Market Revolution People are going to buy and sell goods rather than make them for their own use
US Market Expands The Entrepreneurial Spirit Capitalism Individuals control the means of production and use them to make a profit People would use their own money to create new businesses that fueled the new American economy Entrepreneurs French for “ to undertake” Investors who risk it all for the chance to make large profits
US Market Expands New Inventions Vulcanized Rubber (1839)- Charles Goodyear ; wouldn’t freeze in the cold or melt in the heat. (Automobile tires) Sewing Machine ( 1846) – Made easier and faster to make clothing. Now most people could afford store bought clothes Falling prices for goods allows many people to purchase items not just for work, but comfort as well
Economic Revolution Communication Telegraph- F. B. Morse invented messages typed in code sent through a copper wire Business will use to place orders from great distances Railroads will use to keep trains on schedule Connected large cities across the east coast
Economic Revolution Transportation Steamboat – (1807) Robert Fulton Allowed shipping goods to be done much faster Boats can now easily navigate up rivers powered by the steam engine Erie Canal 1807 slashed freight charges significantly Shipping by boat much cheaper then across land now Erie’s success led to thousands of miles of canals to be dug Connecting the East with the Midwest
New Markets Link Regions Southern Agriculture Most of the South remained agricultural Major crops: rice, tobacco, cotton Many Southerners looked down upon the North’s dirty factories. Improvements in transportation and communication led to new market places and regional interdependencies
New Markets Link Regions Northeast Shipping and Manufacturing Heavy investment in canals and railroads transformed the Northeast into the center of American commerce More cotton was shipped through New York City than any other city in the US
New Markets Link Regions Midwest Farming Steel Plow John Deere ( 1837) Cut through soil faster and required less animal power Farmers can replace oxen with horses Made farming cheaper, easier, faster Mechanical Reaper Cyrus McCormick One farmer could do the work of five field hands Farmers start to grow cash crops like wheat and corn