Crash Course US History: The Market Revolution

Introduction to Economics

• Hosted by John Green
• Focus on economics beyond supply and demand curves
• Economics involves decisions shaping lives and world

The Market Revolution

• Occurred in the first half of the 19th century (pre-Civil War)
• Transition from independent agriculture to commercial production
• Shift towards a modern commercial industrial economy
• Period called the "Era of Good Feelings"

Key Factors of the Market Revolution

New Technology

• Transportation and Communication Improvements
  • Roads financed by tolls; National Road by the federal government
  • Canals initiated by steam boat advancements; Erie Canal in New York
  • Railroads: First commercial railroad (Baltimore & Ohio) in 1828
  • Telegraph revolutionized communication

Factory System

• Factories centralized production and increased efficiency
• Water and steam power utilized leading to geographic expansion
• Mass-production of interchangeable parts

Capital Investment and Business Innovation

• Large upfront investments needed for infrastructure
• Development of modern banking systems and Limited Liability Corporations
• State support through general incorporation laws and court cases supporting competition

Changes in Work and Society

• Transition from home-based work to factory labor
• Standardization of time and wages; Work regulated by clocks
• Growing disparity in wealth leads to formation of Working Man’s Parties

Migration and Manifest Destiny

• Migration westward after the War of 1812
• Concept of "Manifest Destiny" driving expansion
• Challenges finding factory labor due to westward migration
• Immigration provided labor supply, notably Irish immigrants post-potato famine

Intellectual Responses

• Transcendentalist movement (Emerson, Thoreau, etc.)
  • Redefinition of freedom in a changing economic landscape
• Literature reflecting on market economy (e.g., Herman Melville’s "Bartleby the Scrivener")
• "Bartleby" explores existentialist themes and market economy impacts

Conclusion

• The Market Revolution had profound impacts on American society and work culture
• Government played a significant role in economic development
• Growing economic prosperity came with challenges in freedom and equality

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• Show Credits
  • Produced and directed by Stan Muller; Script by John Green and Raoul Meyer
  • Viewer engagement encouraged through questions and comments