The main elements of the Market Revolution
Explain the main elements of the Market Revolution. How did the Market Revolution spark major change? How did the Market Revolution affect Women, African Americans, and workers? How did the US Government contribute to the Market Revolution? What connections from the Market Revolution can one make to the current capitalist economic system we practice today?
Sample Solution
The Market Revolution of the late 18th and early 19th centuries was a period of intense economic, social and political transformation in America. During this time advances in technology, specifically related to transportation and communication, enabled merchants and entrepreneurs to expand their reach exponentially (Rosen & Tarr 2020). This allowed for goods to be produced at lower costs while also providing new opportunities for investment within various industries such as banking or manufacturing.
These developments sparked major changes throughout society as it shifted towards a more market-oriented economy which had long lasting implications on the way people interacted with one another. For example prior to this period most goods were produced by individuals or families within their own homes but now production could occur on larger scales involving multiple parties working together thus increasing efficiency (Kolchin 2012). Additionally this shift away from subsistence farming created social divisions that had not been present before such as between capitalists looking for ways to maximize profit versus laborers searching for wages commensurate with work performed.
Women were particularly impacted by the Market Revolution as they were frequently employed in low-paying textile jobs due largely in part to lack of education which limited other available options (Goldin et al., 2016). African Americans faced similar discrimination when entering into labor markets despite having some advantages over white workers during this period due mainly to skills obtained during slavery (Phillips & Blume 2019). Finally, although workers did benefit from improved wages offered by employers, they also faced exploitation through lower pay relative to experience/skill levels or unfair working conditions often enforced by factory owners so that profits may remain high.
Ultimately, the Market Revolution provided unprecedented growth opportunities for many businesses but unfortunately these benefits came at a cost for those who lacked sufficient resources or connections needed to succeed financially.
