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Crash Course 12 - The Market Revolution

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Crash Course on the Market Revolution. Period 4 (Chapter 9 BTP)

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hi I'm John Green this is Crash Course US history and today we were turned in one of my favorite subjects economics Hans Meadow at the state Academic Decathlon tournament among C students it's not Destiny anyways about much more than like supply and demand curves ultimately it's about the decisions people make and how those decisions shape their lives and the world play we're going to turn to one of the least study but most interesting periods in American history the market Revolution there weren't any fancy Wars or politically charged debate but this discussion make the way that most Americans actually live their lives and think about work on a daily basis like if you or someone you know goes to work well then you have the record Revolution to thank or possibly to curse the market Revolution like the Industrial Revolution was more of a process than an event that happened in the first half of the nineteenth Century basically the period before the Civil War this was the so-called air of good feelings because between 1812 and 1836 there was really only one political party making American politics you know much less contentious also more bore away from producing stuff largely for themselves on Independent Farms that Jeffersonian ideal and toward producing goods for sale to others often others who were very far play with prices set by competition with other producers this was closer to Hamilton's American dream in the end buddy you didn't get to be president but you did win they many ways to the beginning of the modern industrial economy not just in the United States but in the world the first thing that are named of economic shift was new technology in transportation and communication difficult to bring Goods to markets and that meant that markets were local and small those trade was over land in transporting goods 30 miles over land in the United States literally cost as much shipping them to England from Cincinnati to go down the Mississippi River through the Gulf of Mexico where to Coast which took three months but that was still less time and less money than more direct Overland routes and new transportation change this first came better roads which were largely what's my time in the federal government got it on the building the so-called National Road which reached all the way from the massive city of Cumberland Maryland across our great nation did the equally Metropolitan Wheeling West Virginia  I know me from the past West Virginia did not yet exist shut up which may transport much cheaper and more efficient and which wouldn't have been possible without the steamboat Robert Fulton Steamboat Clermont first sailed from New York to Albany Nate 7 demonstrating the potential of steam-powered Commerce and by 1811 there were steamboats on the Mississippi the introduction of Steamboats that off of mania for Canal building between 1800 and the depression of 18 7 which put a halt to most construction more than 3,000 miles of canals were built in the New York which in 1825 completed the three Route 63 mile-long Erie Canal linking the Great Lakes with the Hudson river which made New York the nation's Premier Port Syracuse Canal so much so that Nathaniel Hawthorne once said that Canal is like fertilizer causing cities to spring up alongside at such a good sign didn't have any good writers until Mark Twain but we need to read somebody from the early 19th century so I guess it's you  Railroad commercial railroad the Baltimore and Ohio was begun in 1828 and by 1860 they were more than 30,000 miles of rails in the United States don't no longer with Andrew Jackson fight battles 2 weeks after the end of War more information meant more robust Market Factory now when you think of factory Chinese political prisoners making what sounds better Lee factories look like this technological development to factory was an organizational Innovation like factories gathered workers together in one place and split up tasks among the making production much faster and also more fish the First on water power which is the reason they were all east of the fall line that Geographic reason why there are so many waterfalls and Rapids on the East Coast 1940 steam power was introduced a factory located in other places especially near the large cities that were sprouting up in what we now know as the Midwest the American system of manufacturing which centred on mass production of interchangeable parts grew up primarily in New England but then it moved to the Midwest where it's been since and it's adulthood Howard's tottering decline in disability economic features skip build a canal in stages as it pays for itself so without more modern banking systems and people willing to take risks none of this would have happened he's invested by new business organizations especially the limited liability corporation which enabled investors to finance business ventures without being personally responsible for losses other than their own in other words relations can fail without like ruining their stockholders and directors important role that big businesses played in growing the American economy in the 19th century I will now anger the rest of you by talking about the important role that the State play in 1830 states begin passing General Incorporation pause which made it easier to create corporations and the Supreme Court upheld them and protected them from further interference in cases like Givens versus Ogden which struck down a monopoly that New York is granted One Steamboat company and the Charles River Bridge case which said that building a second bridge over the Charles River did not infringe upon the charter of the first bridge in both those cases the court using its power to encourage competition about the growth of American capitalism government help to the federal government at its highest court protected businesses and States issued bonds to build canals and offering sweetheart deals to companies that built railroads and it's what we may believe about the heroic taking entrepreneurs building the American economy through solitary efforts without the government protecting their interests they wouldn't have been able to do much the market Revolution changed the landscape of work which for most of the prior two hundred years happened at home small-scale production of clothes and other Goods have been done in the home largely women and initially this is how industrial production work as well Factory owners would produce some of the products like patterns for shoes and then Farm the finishing out to for working in their houses eventually they realize that it would be more efficient to gather the workers together in one place although the older putting out system continued in some Industries as Chilean big cities after the market Revolution more and more Americans went to work instead of working from home the way we imagine work and Leisure Time like on farms the seasons and hours of daylight regulated the time for work but in factories work is regulated by the clock which by the way was one of the first products to manufactured using the American system of manufacturing railroads and shipping timetables further required to standardization of time to do Industrial look up first this women the workers in the early textile mills at Lowell Massachusetts for instance were primarily young New England Farm girls who work for a few years in the Mills before home to get married women were cheaper to employ because it was assumed that they would not be a family sole Breadwinner at least this was the excuse for not paying the more at the time I can't remember what excuse we have now but I'm turn it's a great one anyway all of this meant that the nature of work had changed in colonial America Artisan's work for what they called their price which was linked to what they produced Factory however workers were paid a wage according to the number of hours they work regardless of how much they produced this may not sound like a big deal but working for wages would ones play Hood defined by a clock in the whims of an employer with a huge change and it undermined the idea of freedom that was supposedly the basis of America Thomas Jefferson working in factories dependent upon their employers were inherently unfree and that this would make them unfit to be proper American citizens and as it happens men Factory workers agreed with thanks. Ee action to the restrictions of the wage worker was to engage in the Great American Pastime of lighting out for the territories scalable New England young men have been migrating West for decades and after the war of 1812 this flood of migration continued and even grew between 1790 and 1844.5 Canyon people crossed over the Appalachian Mountains and six new states were created between 1815 and 1821 Ohio's population group from 230 1018 10 over 2 million by 1850 people even took up the model malaria isn't going to catch itself and move to Florida after we purchased it from Spain in 1819 is a key aspect of American freedom in the first half of the 19th century became the age of manifest destiny the idea that it was a god-given right of Americans to spread out over the North incontinence going by a New York journalist John O'Sullivan who wrote the people living out west i e the Native Americans must succumb to quote our Manifest Destiny to over add and to pass the whole of the continent which Providence has given us for the development of the great experiment in Liberty he actually wrote spread percent rate of giving unto us and take a thing away from them are the results of this migration was it was really look for factory owners to find men who could work in their factories first they look to Yankee women to fill the factories but increasingly those jobs were filled by immigrants socially the USA make the more than 1 million Irish people who came here when poverty especially after the Potato Famine of 1845 to 1851 let's turn to the intellectual responses to the market Revolution stop for the mystery document  the rules here are simple if I fail to get the author of the mystery document I get shocked with the shock pen and yet this is a real shock pen Lots for commenting saying I am faking the shocks I am not picking the shocks I am in the business of teaching you history not in the business of Faking pain let's do this thing  they do not yet see thousands of young men as hopeful now crowding to the barriers of the career do not yet see that if the single man plant himself indomitable on his instincts Ender abide the huge world will come round to him patience patience with the shades of all the good and great for company and for solace perspectives of your own infinite life and for work the study and the communication of principles the making those instincts prevalent the turn of the world is it not the chief disgrace in the world not to be a unit not to be reckoned one character not to yield that peculiar fruit which each who is created to Bear but to be all God Santa can't bear it anymore it's Emerson it's definitely Emerson it is unreadable e Emerson indeed Louis linguistically convoluted of the transcendentalist which is really saying something anyway I don't get punished but I did kind of get half punished because I had to read that grid Fuller Henry David Thoreau Whitman we're trying to redefine freedom in a changing world work with increasingly regimented Factory workers were as interchangeable as the parts that they made transcendentalist argue that freedom resided in an individual's power to remake oneself and maybe even the world that there would be a reaction to this in American literature as it became clear that escaping drudgery to reinvent yourself was no easy task for wage workers of booms and busts sometimes called business cycles and windows business name of growing disparity in wealth workers began forming political organizations called workingman's parties that eventually morphed into unions calling for higher wages and better working condition little about that in coming weeks but for now it's important to remember that is America grew more prosperous many people women and especially slaves but also free wage can men recognize that the market Revolution left them with much less freedom than they might have enjoyed fifty or a hundred years earlier commentary on the market Revolution actually comes from the Herman Melville in his short story Bartleby the scrivener who works for a lawyer in New York City you have food and when you don't work you don't when you're a copyist like Bartleby difficult to find meaning in what you do everyday you know that anyone else could do it and you suspect that if your work doesn't get done it won't actually matter very much and in light of this Bartleby just stops working saying I prefer not when asked what pretty much anything comic and then ultimately tragic and it tells us a lot about the market Revolution beyond the famous people in did inventions and heroic individual this one will be existentialist narrative in definitely is that for me the story subtitle proves that it's also about the market economy the full title of the story is Bartleby scrivener a story of Wallstreet I'll see you next week the show is written by my high school history teacher well with Meyer in myself and our Graphics team just thought Cafe charge caption thanks for watching crash course world history if you enjoy crash course make sure you're subscribed and as we say in my hometown don't forget to be awesome picture watching crash course u.s. history dftba

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Crash Course 12 - The Market Revolution

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