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Chauncey Jerome

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Clock-Maker who went from rags to riches due to the Boom-and-Bust economy

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Market Economy

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Economy where prices are determined through supply and demand, not government. Created by Adam Smith

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New Nationalism

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Henry Clay, John C. Calhoun, and John Q. Adams advocated new nationalism, economic policies designed to foster the prosperity of all regions of the country to bind the nation together.

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Cotton Gin

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Invented by Eli Whitney. Caused production in the south to soar. More production = greater need for slaves

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Transportation Revolution

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Drew new regions into the market by expanding transportation network using steamboats, railroads, and canals

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McCulloch v. Maryland

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Supreme Court upheld constitutionality of the National Bank and implied powers

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Gibbons v. Ogden

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Supported right of government to regulate interstate commerce by siding with Gibbons who wanted to compete with Ogden's New York monopoly

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Dartmouth College v. Woodward

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supported charters

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Corporations

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By pooling investors' resources they provided a way to raise capital for large-scale undertakings. Investors were liable only for amount they had invested to protect investors

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Panic of 1819

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Caused land sales and prices to crash. Congress abolished credit sales and demanded payment in cash, but decreased price of land

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Samuel Slater

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memorized design of textile machine in order to recreate it in America.

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Urbanization

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Stimulated by transportation, declining productivity of eastern farms, industrialization, and arrival of immigrants. Most heavily urbanized cities were in the Northeast

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Eli Whitney

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inventor of the cotton gin

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Samuel Morse

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Invented the telegraph which allowed faster communication over longer distances. He also developed Morse code

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Postal System

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The primary purpose of the postal system was to promote commerce, but it also had a profound social impact by accustoming people to long-rage and even impersonal communication.

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Lowell, Mass.

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city that produced textiles by unskilled labor. All laborers were women, and city promoted ideas of Robert Owens that a better environment led to better workers

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Paternalism

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In Lowell, paternalism and high profits were used to avoid misery of English factory system. Female employees lived in boardinghouuses each under the eyes of a matron

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Factory System

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manufactury goods in a factory assembly line using many unskilled workers instead of artisans individually making a single product. Increased production and lowered prices

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Lynn

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first city where production of unskilled workers ended artisan craft

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National Trades' Union

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Argued that Workers endured long hours, low pay, and low status. Gained a 10 hour work day and courts recognized workers' right to strike, but these gains had little immediate impact

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Specialization

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workers specializing in one single job in producing a product. All jobs together created the product in an assembly line fashion. Also state specified agriculture. Each state was responsible for a certain piece of agriculture dependent on their state's climate and resources

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Social Mobility

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Although some mobiltiy stories existed, most workers could not move very far up the social ladder. However the income of the poor did increase simply because the total weath of America increased, but the gap between rich and poor widened

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Materialism

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Wealth was obvious symbol of status because no aristocracy existed. Europeans were shocked on how materialistic Americans were. Americans valued practicality and wealth over theory and education

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Middle Class

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Expanded because of creation of national market economy.

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American fur Company

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Mountain men who traveled west to trap beavers for fur. Their intention was not to flee society but to make money, and most returned to cities and got new careers after accumulating capital

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Alexis de tocqueville

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European who studied the effects democracy had on Americans. Found that families were less of an aristocracy, women were more aware of the ways of the world, and found Americans to be arrogant

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Boom-bust cycle

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accelerating growth followed by a crash and then depression. Led to much panic and anxiety to people, partly leading to religious revivals. Cycle was seen as an inevitable part of market economy

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