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What was a consequence of the market revolution in the North?
What was a consequence of the market revolution in the North?
- A decrease in the demand for southern cotton
- The abolition of slavery
- A decline in the number of laborers
- The growth of massive textile mills (correct)
What was a result of the shift from subsistence farming to profit-oriented farming?
What was a result of the shift from subsistence farming to profit-oriented farming?
- An increase in self-sufficiency
- The growth of a new middle class (correct)
- A decrease in the number of farmers
- The abolition of slavery
What was a consequence of the market revolution for many American workers?
What was a consequence of the market revolution for many American workers?
- An increase in their wages
- An improvement in their working conditions
- Their entrapment in endless cycles of poverty (correct)
- Their promotion to managerial positions
What role did northern states play in the American slave system?
What role did northern states play in the American slave system?
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What was a characteristic of the labor carried out by some workers, often immigrant women, during the market revolution?
What was a characteristic of the labor carried out by some workers, often immigrant women, during the market revolution?
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What was a result of the market revolution on the economy?
What was a result of the market revolution on the economy?
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Study Notes
Market Revolution in the US
- The market revolution transformed the US economy, leading to the growth of factories, cities, and fortunes in the North.
- Farmers shifted from self-sufficiency to growing crops for profit, contributing to the expansion of the cash economy.
- A new middle class emerged, but this growth came at the cost of increasing the number of property-less workers and periods of economic depression (panics).
Impact on Labor
- Many workers, including immigrant women, faced long hours (13 hours a day, 6 days a week) and low wages, leading to cycles of poverty.
- Northern subsistence farmers became laborers dependent on market fluctuations and bosses.
- Slavery persisted, with northern textile mills fueling the demand for southern cotton and banks providing financing for the slave system.
Economic Growth and Inequality
- The market revolution sparked rapid economic growth, but also created a growing lower class and widening wealth inequality.
- The US became a nation of both free labor and slavery, with wealth and inequality existing side by side.
- The economy's growth brought both promise and perils, setting the stage for future challenges and conflicts.
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