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)