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- Inflation surged in 1813 and 1814, with prices rising almost 30%, followed by a fall in prices of just over 12% in 1815. While small by today’s standards, budget deficits surged to 2.1% of GDP and the national debt tripled. Despite these problems, growth in GDP averaged a respectable 3% over the four-year period.
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The economy grew every year from 1812 to 1815 despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4.8% a year. The national economy grew 1812–1815 at the rate of 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation.
- I. Introduction
- II. Early Republic Economic Development
- III. The Decline of Northern Slavery and The Rise of The Cotton Kingdom
- IV. Changes in Labor Organization
- V. Changes in Gender Roles and Family Life
- VI. The Rise of Industrial Labor in Antebellum America
- VII. Conclusion
- VIII. Primary Sources
- IX. Reference Material
In the early years of the nineteenth century, Americans’ endless commercial ambition—what one Baltimore paper in 1815 called an “almost universal ambition to get forward”—remade the nation.1Between the Revolution and the Civil War, an old subsistence world died and a new more-commercial nation was born. Americans integrated the technologies of the ...
The growth of the American economy reshaped American life in the decades before the Civil War. Americans increasingly produced goods for sale, not for consumption. Improved transportation enabled a larger exchange network. Labor-saving technology improved efficiency and enabled the separation of the public and domestic spheres. The market revolutio...
Slave labor helped fuel the market revolution. By 1832, textile companies made up 88 out of 106 American corporations valued at over $100,000.14These textile mills, worked by free labor, nevertheless depended on southern cotton, and the vast new market economy spurred the expansion of the plantation South. By the early nineteenth century, states no...
While industrialization bypassed most of the American South, southern cotton production nevertheless nurtured industrialization in the Northeast and Midwest. The drive to produce cloth transformed the American system of labor. In the early republic, laborers in manufacturing might typically have been expected to work at every stage of production. B...
In the first half of the nineteenth century, families in the northern United States increasingly participated in the cash economy created by the market revolution. The first stirrings of industrialization shifted work away from the home. These changes transformed Americans’ notions of what constituted work and therefore shifted what it meant to be ...
More than five million immigrants arrived in the United States between 1820 and 1860. Irish, German, and Jewish immigrants sought new lives and economic opportunities. By the Civil War, nearly one out of every eight Americans had been born outside the United States. A series of push and pull factors drew immigrants to the United States. In England,...
During the early nineteenth century, southern agriculture produced by enslaved labor fueled northern industry produced by wage workers and managed by the new middle class. New transportation, new machinery, and new organizations of labor integrated the previously isolated pockets of the colonial economy into a national industrial operation. Industr...
1. James Madison asks Congress to support internal improvements, 1815 After the War of 1812, Americans looked to strengthen their nation through government spending on infrastructure, or what were then called internal improvements. In his seventh annual address to congress, Madison called for public investment to create national roads, canals, and ...
This chapter was edited by Jane Fiegen Green, with content contributions by Kelly Arehart, Myles Beaurpre, Kristin Condotta, Jane Fiegen Green, Nathan Jeremie-Brink, Lindsay Keiter, Brenden Kennedy, William Kerrigan, Christopher Sawula, David Schley, and Evgenia Shayder Shoop. Recommended citation: Kelly Arehart et al., “Market Revolution,” Jane Fi...
The economy. The American economy expanded and matured at a remarkable rate in the decades after the War of 1812. The rapid growth of the West created a great new centre for the production of grains and pork, permitting the country’s older sections to specialize in other crops.
Overall, by 1815, several pieces of America's economy were already in place. Cotton, which would remain America's leading export until the Civil War, already represented 40% of all American exports. America's banking infrastructure was similarly well established.
With the population growing by 30 percent each decade from 1810 to 1850 and the transportation revolution swelling the “ sphere of demand ” that producers could reach, it is no wonder that the American economy grew explosively in this period.
Feb 2, 2024 · The main idea of the American System was to promote economic growth and development in the United States by supporting domestic industries through protective tariffs, improving transportation infrastructure, and establishing a strong national bank to provide stability to the financial system.
The successful Revolution brought on a depression in the United States, as England closed her markets to American trade or raised her tariffs on American goods and poured manufactured goods into American markets, selling these goods at far lower prices than American manufacturers could charge.
