12 The Market Revolution

These flashcards summarize key concepts and events discussed in John Green's lecture on the Market Revolution, focusing on economic, social, and technological changes in 19th century America.

What is the Market Revolution?

A significant transformation in the economy during the first half of the 19th century that involved a shift from primarily local, subsistence production to a commercial economy.

What was one major technological advancement that facilitated the Market Revolution?

The introduction of railroads, which allowed for faster and more efficient transportation of goods.

What major innovation transformed the nature of work during the Market Revolution?

The factory system, which grouped workers together and divided tasks to enhance efficiency.

What is the significance of the Eerie Canal?

Completed in 1825, it linked the Great Lakes with the Hudson River, making New York the nation's premier port.

What does 'limited liability' mean in the context of business organizations?

It allows investors to finance businesses without being personally liable for losses beyond their investment.

How did the Market Revolution affect the perception of work?

It shifted from home-based production to wage labor governed by clocks, changing the relationship between individuals and their work.

What societal change did Thomas Jefferson associate with factory work?

He believed that dependence on factory employment made workers inherently unfree and unfit to be citizens.

What was 'manifest destiny'?

The belief that it was God's will for Americans to expand across the North American continent.

What role did the government play in the Market Revolution?

The government facilitated economic growth by building infrastructure like roads and canals and supporting business through legislation.

What was the purpose of Working Man's Parties?

Political organizations formed by workers to advocate for better working conditions and higher wages.

Who are some notable Transcendentalists mentioned in the lecture?

Margaret Fuller, Henry David Thoreau, and Walt Whitman, who sought to redefine freedom in the context of the changing economy.

What is the story of 'Bartleby the Scrivener' about?

It tells the tale of a copyist who struggles to find meaning in his monotonous work, reflecting the impacts of the Market Revolution.