Final answer:
The market revolution between 1790 and 1850 involved the shift from home to factory production, with emphasis on supply, demand, and price over social relationships. Technological advancements and societal embrace of these changes spurred economic growth, despite the exploitation of labor. It also led to increased political democratization and regional economic disparities between the North and South.
Step-by-step explanation:
The Market Revolution
The market revolution refers to economical and social transformations that occurred in the United States between 1790 and 1850. This period was marked by the transition from home production to factory production, with traditional social and economic controls giving way to market-driven principles of supply, demand, and price. The significance of personal relationships in economic transactions was replaced by a focus on contracts and anonymous exchanges. The Enlightenment and the Industrial Revolution also facilitated these changes by introducing an economically driven society and mass production of goods.
The War of 1812 played a key role in triggering the market revolution, causing a major shift towards self-reliance and domestic markets. It coincided with technological advancements like the development of interchangeable parts and the integrated mill, which enhanced production efficiency. As American territory expanded through acquisitions like the Louisiana Purchase, the United States gained access to more resources, which, coupled with an increase in population, developed an extensive base of workers and consumers. State support for transportation and communication infrastructure further fueled the market revolution.
The changes resulting from the market revolution were embraced by Americans, often at the expense of exploited workers both free and enslaved. The agricultural focus in the South contrasted with the industrializing North, further deepening regional disparities. Moreover, during this time, political democracy was expanding with more white men being able to vote, which marked a departure from the republic envisioned by the founding fathers.