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The Market Revolution in the 19th century United States is a historical model that describes how the United States became a modern market-based economy. During the mid 19th century, technological innovation allowed for increased output, demographic expansion and access to global factor markets for labor, goods and capital.
By 1800, many political leaders were convinced that slavery was undesirable, and should eventually be abolished, and the slaves returned to their natural homes in Africa. The American Colonization Society , which was active in both North and South, tried to implement these ideas and established the colony of Liberia in Africa to repatriate ...
This led to Jefferson's Embargo Act of 1807 which prohibited most foreign trade. [57] The War of 1812, by cutting off almost all foreign trade, created a home market for goods made in the U.S. (even if they were more expensive), changing an early tendency toward free trade into a protectionism characterized by nationalism and protective tariffs ...
With the failure to recharter the First Bank of the United States in 1811, [16] regulatory influence over state banks ceased. Credit-friendly Republicans—entrepreneurs, bankers, farmers—adapted laissez-faire financial principles to the precepts of Jeffersonian political libertarianism [17] —equating land speculation with "rugged individualism" [18] and the frontier spirit.
Whig cartoon showing the effects of unemployment on a family that has portraits of Democratic Presidents Andrew Jackson and Martin Van Buren on the wall. The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s.
The Second Party System was the political party system operating in the United States from about 1828 to early 1854, after the First Party System ended. [1] The system was characterized by rapidly rising levels of voter interest, beginning in 1828, as demonstrated by Election Day turnouts, rallies, partisan newspapers, and high degrees of personal loyalty to parties.
The founders of the penny press popularized both low prices for newspapers and newspaper economics based on sales instead of political party backing. Benjamin Day created The Sun without any political party backing. This was rare because this was an era where political parties sponsored newspapers.
Stephens (1821 - 1882) was a U.S. labor leader. He led nine Philadelphia garment workers to found the Knights of Labor in 1869, a more successful early national union. 1869 (United States) Uriah Smith Stephens organized a new union known as the Knights of Labor. [18] 1869 (United States) Collar Laundry Union Strike in Troy, New York. [18]