Lesson 18: Emergence of a Market Economy

Market Economy:

Economic system where goods and services are traded freely for profit.

National Road

First major federally funded highway connecting the East to the West.

Robert Fulton

Inventor who built the first successful commercial steamboat.

Steamboat 

Boat powered by steam engines, allowing faster river travel and trade.

Clermont

Robert Fulton’s first successful steamboat, launched in 1807.

Erie Canal

Man-made waterway connecting the Great Lakes to the Hudson River, boosting trade.

Railroads

Revolutionized transportation by moving people and goods quickly across land.

Samuel Morse

Inventor of the telegraph and Morse code.

“What hath God wrought”

First telegraph message sent by Samuel Morse in 1844.

Cotton Gin

Machine invented by Eli Whitney that quickly separated cotton fibers from seeds.

Eli Whitney

Inventor of the cotton gin and promoter of interchangeable parts.

King Cotton 

Nickname showing cotton’s huge economic importance in the South.

White Gold

Another term for cotton, highlighting its value to Southern wealth.

McCormick Reaper

Mechanical harvester that increased farming efficiency and crop production.

Cyrus McCormick

Inventor of the mechanical reaper, transforming American agriculture.

Irish Potato Famine

1840s famine that drove millions of Irish immigrants to the U.S.

Nativism 

Belief favoring native-born Americans over immigrants.

Know Nothin Party

Anti-immigrant political party of the 1850s promoting nativist policies.

Professions

Skilled occupations such as law, medicine, and teaching that grew during the market economy.