The Market Revolution: Transforming American Society & Economy

Name: The Market Revolution: Transforming American Society & Economy
Uploaded: 2023-07-11 16:18:39
Description: The Market Revolution in the 19th century transformed American society and economy, leading to new technologies, increased industrialization, migration, and challenges to individual freedom and purpose in work.

This article is a summary of a YouTube video "The Market Revolution: Crash Course US History #12" by CrashCourse

TLDR The Market Revolution in the 19th century transformed American society and economy, leading to new technologies, increased industrialization, migration, and challenges to individual freedom and purpose in work.

Key insights

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The Market Revolution had a global impact, influencing not just the United States but also the rest of the world in terms of commercial and industrial practices.
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The completion of the Eerie Canal in 1825 made New York the nation's premier port, leading to the growth of cities like Buffalo, Rochester, and Syracuse along the canals.
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The introduction of railroads in the 19th century revolutionized transportation in the United States, with over 30,000 miles of rails by 1860.
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The factory was not only a technological development, but also an organizational innovation that revolutionized production and made it faster and more efficient.
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The Limited Liability Corporation allowed investors to finance business ventures without being personally responsible for losses, contributing to economic growth.
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The Market Revolution shifted work from being predominantly done at home to people going to work outside of their homes, marking a significant change in the way Americans approached employment.
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The shift from artisans being paid based on what they produced to factory workers being paid a wage regardless of their productivity undermined the idea of freedom in America.
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As America grew more prosperous during the Market Revolution, many people, including women, slaves, and wage-working men, recognized that they had less freedom than in previous years.

Timestamped Summary

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00:00
The Market Revolution in the 19th century transformed Americans from self-sufficiency to a commercial industrial economy, shaping their lives and the world.
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01:42
New technology in transportation and communication, such as canals, railroads, and telegraphs, revolutionized the Market Revolution by making it easier and cheaper to transport goods and communicate, while factories increased production efficiency.
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04:51
The Market Revolution in the US was fueled by new economic features and legal protections for corporations, leading to the growth of American capitalism.
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06:30
The Market Revolution shifted work from homes to factories, changing the perception of work and leisure, allowing more people, especially women, to work in industrial jobs, but also undermining the idea of freedom and leading workers to seek it in new territories.
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08:38
Millions migrated westward during the Market Revolution, leading to new states and the belief in manifest destiny, while a shortage of factory workers was filled by Yankee women and Irish immigrants.
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10:09
The Transcendentalists believed that true freedom came from an individual's ability to transform themselves and the world, challenging the increasing regimentation of work and the dehumanization of factory workers.
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11:46
The Market Revolution in the early 19th century brought economic fluctuations, inequality, and restricted freedom, while Bartleby the Scrivener highlights the challenges of finding purpose in work and resisting the demands of the market.
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13:32
Crash Course is produced and directed by Stan Muller, with script supervision by Meredith Danko, associate production by Danica Johnson, and writing by Raoul Meyer and the speaker, with graphics by Thought Cafe; questions and Libertage caption suggestions can be asked in the comments, and viewers are encouraged to subscribe and be awesome.