HIST 1100 Chapter Notes - Chapter 8: Business Cycle, Missouri Compromise, Manumission
16 May 2016
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Entrepreneurs: republicanism meant capitalism: the capitalist commonwealth, banks, manufacturing, and markets. Fur trader john jacob astor and merchant robert oliver became first millionaires: banking and credit. Philadelphia merchants persuaded continental congress to pass the bank of. North america in 1781 to facilitate commercial transactions. 1791- federalists in congress first bank of the united states. 1816 second bank of the united states, 246 state-charted banks, million in bank notes in circulation. Panic of 1819 30% drop in agricultural prices. Business cycle- expansion and contraction of production and employment that are inherent to a market economy: rural manufacturing. 1800, american entrepreneurs had developed a rural manufacturing network similar to the european outwork system. Enterprising merchants bought raw materials, hired works in farm families to process them, and sold finished products at national or regional markets: the environmental impact of early industry. Difficult to fish in rivers that had flow altered. Long hours for adults and children: transportation bottlenecks and government initiatives.
