MARKET REVOLUTION & ERA OF GOOD FEELINGS – Flashcards
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Market revolution
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economic changes where people buy and sell goods rather than make them themselves
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Industrial revolution
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A series of improvements in industrial technology that transformed the process of manufacturing goods.
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James Monroe
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He was the fifth President of the United States. He is the author of the Monroe Doctrine. Proclaimed that the Americas should be closed to future European colonization and free from European interference in sovereign countries' affairs. It further stated the United States' intention to stay neutral in European wars
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The National Road
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Began in 1811 and completed in 1818. Ran from Maryland to western Virginia.
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Monroe Doctrine
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An American foreign policy opposing interference in the Western hemisphere from outside powers.
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American System
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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.
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Cotton Gin
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A machine for cleaning the seeds from cotton fibers, invented by Eli Whitney in 1793
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Eli Whitney
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United States inventor of the mechanical cotton gin (1765-1825)
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Erie Canal
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A canal between the New York cities of Albany and Buffalo, completed in 1825. The canal, considered a marvel of the modern world at the time, allowed western farmers to ship surplus crops to sell in the North and allowed northern manufacturers to ship finished goods to sell in the West.
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Capitalism
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An economic system based on private ownership of capital
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Communism
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A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
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Socialism
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A system in which society, usually in the form of the government, owns and controls the means of production.
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Cottage System
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When people created the goods to be sold by hand or with the help of animals. It was a tiny economic system. Life before the industrial revolution, when everything was made by hand.
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Nationalism
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A strong feeling of pride in and devotion to one's country
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"Cotton is King"
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What was the slogan used by Southerners to express their supreme confidence in the tremendous economic power of cotton
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Urbanization
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An increase in the percentage and in the number of people living in urban settlements.
