How did the market revolution affect the South?

How did the market revolution affect the South?

The Market Revolution affected the South differently. The cost of a slave increased exponentially as a result, thus giving the planters in the South more economic and political power and also making it less likely that the practice would gradually be phased out.

What was the problem with the southern economy?

While in the past, many Southern states have had chronically high poverty rates and low median incomes, the infusion of new industries — from other parts of the country as well as overseas — tended to keep unemployment low.

Why did industry fail in the South?

Why did industry fail to develop in the south to the extent that it did in the North? The South also did not have a very good transportation system. The North had invested in roads, canals, and railroads to join the region together into an integrated market. The South had no such investments.

How was the southern economy affected by reconstruction?

During Reconstruction, many small white farmers, thrown into poverty by the war, entered into cotton production, a major change from prewar days when they concentrated on growing food for their own families. Sharecropping dominated the cotton and tobacco South, while wage labor was the rule on sugar plantations.

Was the market revolution positive or negative?

The market revolution sparked not only explosive economic growth and new personal wealth but also devastating depressions—“panics”—and a growing lower class of property-less workers. Many Americans labored for low wages and became trapped in endless cycles of poverty.

Why was the market revolution bad?

The market revolution sparked explosive economic growth and new personal wealth, but it also created a growing lower class of property-less workers and a series of devastating depressions, called “panics.” Many Americans labored for low wages and became trapped in endless cycles of poverty.

What hindered industrialization in the South?

The major reason that industry did not take off in the South was slavery. By the time that industry arose in the rest of the US, slavery was so entrenched in the South that industry could not take hold. So the main barrier between the South and industrialization was slavery.

How did industrialization affect the South?

It was part of the Industrial Revolution and made cotton into a profitable crop. Cotton planting expanded exponentially and with it, the demand for slaves. The South was thus wedded even more firmly to slave labor to sustain its way of life. The South rejected the factories and the move into cities.

What are the positives and negatives of Reconstruction in the South?

White Southerners also benefited from the Reconstruction as manufacturing, transportation, land ownership, and education expanded. On the negative side, however, Reconstruction led to great resentment and even violence among Southerners.

Why was the South in much worse economic shape than the North during Reconstruction?

Why was the South in much worse economic shape then the North during Reconstruction? It took years for many farms to recover after the destruction of the war. Southerners, incensed by the federal government’s interference, found ways to circumvent Reconstruction efforts.

What were the negative impacts of the market revolution?

How did the market revolution affect the West?

The agricultural explosion in the South and West and the textile boom in the North strengthened the economy in complementary ways. The rapid development and westward expansion during the Market Revolution resulted in land speculation which caused economic boom and bust.

What was the economy like in the south?

Most Southern businesses selling raw materials and products had to either sell locally or through the Northern middlemen who controlled shipping. Urban markets in the South were limited, because only 10 percent of the population lived in urban areas, with New Orleans and Baltimore being the largest cities.

How did the Industrial Revolution affect the south?

But the beginnings of the industrial revolution in the prewar years was almost exclusively limited to the regions north of the Mason-Dixon line, leaving much of the South far behind. In 1860, the South was still predominantly agricultural, highly dependent upon the sale of staples to a world market.

How did slavery affect the economy of the south?

The South did experiment with using slave labor in manufacturing, but for the most part it was well satisfied with its agricultural economy. The North, by contrast, was well on its way toward a commercial and manufacturing economy, which would have a direct impact on its war making ability.

What was the south’s economic advantage in 1860?

In 1860, the South was still predominantly agricultural, highly dependent upon the sale of staples to a world market. By 1815, cotton was the most valuable export in the United States; by 1840, it was worth more than all other exports combined.