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I can… Describe the “Transportation Revolution” and explain its effect on the U.S. economy Describe the “Market Revolution” and explain its effect on the U.S. economy Identify the “Industrial Revolution” and describe the role of mass production and interchangeable parts Identify the causes and results of the Panic of 1819 There was a need for better transportation because: Flatboats could not float upriver to transport goods Wagons were too slow and expensive Locomotives came into use in the United States in 1830s Allowed commercial transportation of goods anywhere where tracks were laid Decreased the traveling restrictions of flatboats and wagons because they did not depend on the presence of roads or water Economical improvement: Better transportation led to more purchases National markets were created because goods could now be transported easily and inexpensively Due to exponential increase in sales, national economy grew vastly Profitable national markets were created during the early 1800s due to an improvement in transportation systems Led to an increase in farmers’ and manufacturers’ profits Convenience of transportation revolutionized the manner in which business was conducted Towns grew because: Small towns were linked through large businesses Goods could be transported further distances to reach the ends of towns Shift to machine production in the field of manufacturing Revolutionized textile industry through mass production Manufacturing of large quantities of goods at one time Began in Britain in mid-1700s, with the invention of the new spinning mill, before spreading to US Increased efficiency and decreased costs of production Eli Whitney brought about the use of interchangeable parts Production of various parts in mass, which are then used to make individual weapons Saved money Later spread to other industries, not just the weapon industry Britain outlawed the sale of machines abroad and stopped textile workers from leaving country out of fear of foreign competition Samuel Slater Brought secret machine plans from Britain to US in 1789 Constructed British spinning mill with financial support of Moses Brown Soon shared mills with Brown all over Rhode Island and Massachusetts Summary video Many manufacturers borrowed money from state banks to finance new enterprises Due to booming economy, banks were lending out money freely without checking credit In late 1818, 2nd Bank of US ordered state banks to demand repayments of all loans & exchange all notes for gold & silver Few banks could accomplish this task Sudden demand from Bank of United States caused a chain reaction of bank failures, falling land prices, and foreclosures Nation fell into depression for several years Weakened the optimism of the Era of Good Feelings