Economic Growth to the First Industrial Revolution(Unit 7, Lesson 3)
Era of Good Feelings
A name for President Monroe's two terms,(1817-1825) a period of strong nationalism, economic growth, and territorial expansion. Since the Federalist party dissolved after the War of 1812, there was only one political party and no partisan conflicts.
What was the Industrial Revolution?
A period of improvements in industrial technology, like the invention of steam engines and mass production.
Democratic Party
A political party formed by supporters of Andrew Jackson after the presidential election of 1824.
Missouri Compromise
"Compromise of 1820" over the issue of slavery in Missouri. It was decided Missouri entered as a slave state and Maine entered as a free state and all states North of the 36th parallel were free states and all South were slave states.
Whig Party
An American political party formed in the 1830s to oppose President Andrew Jackson and the Democrats, stood for protective tariffs, national banking, and federal aid for internal improvements
Market Revolution
Drastic changes in transportation (canals, RRs), communication (telegraph), and the production of goods (more in factories as opposed to houses)
What were the most popular cash crops before the popurlization of cotton?
Before cotton, the dominant cash crops were rice, indigo, tobacco, and in southern Louisiana, sugar.
What factors lead to the cotton economy?
Cotton demand was growing, cheap labor(slavery)the invention of the cotton gin, and the fact that the US now had more land all lead to the increase in cotton production.
The Panic of 1819
Economic panic caused by extensive speculation and a decline of European demand for American goods along with mismanagement within the Second Bank of the United States. Often cited as the end of the Era of Good Feelings.
American System
Economic program advanced by Henry Clay that included support for a national bank, high tariffs, and internal improvements; emphasized strong role for federal government in the economy.
What were some causes of the Industrial Revolution?
High wages and cheap energy created incentives for business people to find technologies that substituted capital and coal for labor
