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Regional Economics Create Differences Section 7.1 pp. 212-218 Preview Questions • How did the Industrial Revolution affect the United States? • How did agriculture differ in the North and South? • What was the American System? I. Industrial Revolution A. The Industrial Revolution • • • • Begins in Great Britain in 1700’s Uses factory system Mass production of goods Leads to social and economic reorganization I. The Industrial Revolution B. American Economy – Hurt by Embargo Act and War of 1812 – Shift from trade to manufacturing I. The Industrial Revolution C. American IR begins in New England – Textile mills – Rely on labor of young women – Low wages, long hours, boring work II. Two Economic Systems A. Northern Economy – Manufacturing • • Cash crops won’t grown in North Slavery begins to die out in N. B. Southern Economy – Cash Crops – Eli Whitney’s Cotton Gin (1793) – Larger plantations = more slaves III. The American System A. New growth = need to unify nation B. Clay promotes American System • • • Protective tariffs Stronger national bank National transportation system III. The American System C. Transportation Improves – National Road – Erie Canal III. The American System D. Tariff of 1816 – Increase cost of foreign made goods – People in S. & W. resent tariff E. Second Bank of U.S. set up to establish national currency