Market Economy
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While the elections of Thomas Jefferson and Andrew Jackson were revolutionary and controversial to a degree, they pale in comparison to the effects of the revolution of the U.S. economy between 1800-1860, a revolution whose impact helped divide the nation to the breaking point that would explode during the Civil War as well as one whose effects and impact are still inherent in many concepts of today’s market economy. As is common with great changes in any nation, war was responsible for helping pave the way for such a dramatic transformation. During the War of 1812, the U.S. found that having its economy tied to foreign trade could have deleterious affects on the economy. The war, as most are, was also responsible for a major increase in manufacturing growth and it demonstrated the difficulties of transporting large amounts of supplies across the nation, especially from a time perspective. The end of the war was also responsible for a major influx of capital from Europeans seeking investment opportunities with their capital that had been tied up during the war. Finally, the war also catalyzed the U.S. government to move in a legislative direction aimed at promoting economic development as a means of solidifying nationalism. Once the war was over leadership in American was handed down to a younger generation of men, including John Quincy Adams, who represented “…ardent nationalists eager to use federal power to pro
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huge amounts of materials and supplies during the war was costly, cumbersome and required a great deal of time. Thus, prompted by economics, the goal of achieving a sound national economy also spurred a transportation revolution. The U.S. embarked on federal and state funding to promote the development of canals that would help speed up the transportation of goods while also reducing costs. The canal building program was fraught with obstacles (clearing lands, disease, engineering problems, etc.), yet in the 30 year period of 1825 to 1855 amazing success was achieved, “…the cost of transportation on land feel 95 percent, while its speed increased fivefold” (Davidson 310). Yet, the development of a sound infrastructure also had a revolutionary affect on many regions that could now enter the national market, ones that had been prevented from doing so earlier because of the difficulties in transportation. In today’s economy we still see the goal of developing the infrastructures of Third World countries in order to allow them to become a market in the international economy.
Perhaps one of the greatest factors in the booming American economy in present times is the development of technology that has enable better products, fas
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Approximate Word count = 1229
Approximate Pages = 5 (250 words per page)
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