Jack Duncan, Taylor Bratton

  • Thematic Review- Business Growth/ Declines and issue
  • 1700’s South Atlantic System
  • Sugarcane plantations’ success raised trans-Atlantic slave trade to 4000 slaves annually
  • English Sugar merchants invested in the profitable plantations in Jamaica
  • 1763-1790
  • Artisans won political influence which therefore boosted overall economic wealth
  • Merchant defiance of sugar and stamp act
  • Boycotts spur patriot women to make textiles (homespun act)
  • Manufacturing expands during the American Revolution (1775)
  • Cutoff of trade, severe inflation and War debt threaten economy (1775)
  • Bank of North America founded (1781)
  • Commercial recession (1783-1789)
  • Ch8- Capitalist commonwealth-Nation of merchants
  • National banks reduced the need for soliciting credits from England
  • First bank of the US was chartered to issue notes and commercial loans
  • Jeffersonians said banks supported the rich and were too centered in the north
  • State banks were often corrupted and issued ill-advised loans.
  • Corruption caused the panic of 1819
  • 30% drop in world agricultural prices after Napoleonic Wars
  • Americans experienced their first business cycle
  • Unregulated market economy’s expansion and contraction of output and jobs
  • Yeomen became part of the market economy (1820)
  • Expanded output and sold goods throughout the nation
  • Mercantilism: government assisted economic development
  • 1790
  • First Bank of the United States (1792-1811)
  • States charter business corporations
  • Outwork system increases
  • 1800
  • Cotton output and demand for slave labor expands
  • Farm Productivity improves, plus Embargo encourages US manufacturing
  • 1810-1850
  • Second Bank of the US is chartered (1816-1836)
  • A national economy emerges
  • Cotton belt emerges in the south, market economy spreads worldwide
  • Protective tariffs (1828, 1832)
  • Panic of 1837 plus separate economic distress of 1857
  • Commonwealth vs. Hunt (1842) assists unions, but workers remain servants
  • Ch9- Economic transformation-Industrial and Market Revolutions
  • Mass produced goods aided commonwealth system (US lead export of cotton and wheat)
  • Construction of turnpikes and railroads expanded trade and transportation
  • Divided labor by undermining artisans’ business, setting up large shops, and shoe factories with mass production and price cuts.
  • Factories were not made for outwork system products
  • Outwork system- Products made in homes and sold (Factories not made for such products)
  • Water power controlled flour mills, many factories were located around rivers
  • Coal-burning steam engines
  • Textile industry competed with Britain
  • America had an abundance of natural resources
  • Textile industry lured British for better work
  • Creating and preserving a Continental Nation 1844-1877
  • Recession (Panic of 1837) causes some states to default on bonds to build canals
  • Farm society expands into trans-Mississippi
  • Railroads/manufacturing grow in North/Midwest (1850’s) to be stopped by crisis of 1873
  • High protective tariffs enacted in 1862 railroad and national banking expand
  • Sharecropping rises in south (1870’s)