17 terms

Period 4: Market Revolution APUSH

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Henry Clay
Leader of the Whig Party who proposed an "American System" to make the United States economically self-sufficient, mostly through protective tariffs; worked to keep the Union together through political compromise
Cotton Belt
Southern region in the US where most of the cotton is grown/deep; stretched from South Carolina to Georgia to the new states in the southwest frontier; had the highest concentration of slaves
Market Economy
Economic system based on the unregulated buying and selling of goods and services; prices are determined by the forces of supply and demand
Embargo Act (1807)
Passed by President Jefferson in order to pressure Britain and France to stop impressment and support the American rights to free trade with the other; a government-order ban on international trade; went into effect in 1808 and closed down virtually all U.S. trade with foreign nations; led to steep depression in the economy
Panic of 1819
Financial panic that began when the Second Bank of the US tightened credit and recalled government loans after the price of cotton dropped
Second Bank of the United States (1816)
Privately owned bank that operated as both a commercial and fiscal agent for the US government; established in 1816 under a charter that was supposed to last 20 years; Andrew Jackson was critical of the bank and its potential for corruption; ended when Jackson vetoed the extension of its charter and won reelection in the process
Tariff of 1816
First protective tariff in US history; designed primarily to help America's textile industry
Samuel Slater
Known as the "Father of the American Industrial Revolution"; brought British textile technology to the United States to create the first factory
John Deere
Invented the steel plow in 1837, which revolutionized farming; the steel plow broke up soil without the soil getting stuck to the plow
Lowell System
Method of factory management that evolved in the textile mills of Lowell, MA
Erie Canal (1817-1825)
350 mile canal built by the state of NY that stretched from Buffalo to Albany; the canal revolutionized shipping in NY and opened up new markets (evidence of the Market Revolution)
National Road (1811)
AKA Cumberland Road; first significant road built in the US at the expense of the federal government; stretched from the Potomac River to the Ohio River
Cult of Domesticity
The belief that a woman's proper role in life was found in domestic pursuits (raising children, taking care of the house); strongly believed by many throughout the 19th century
The American System
Consisted of three mutually reinforcing parts: (1) a tariff to protect and promote American industry; (2) a national bank to foster commerce; (3) federal subsidies for roads, canals, and other "internal improvements" to develop profitable markets for agriculture; supported heavily by Henry Clay
interchangeable parts
Parts that were identical and which could be substituted for one another; developed by Eli Whitney for the manufacturing of muskets; became a hallmark of the American factory system
tariff
A tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.
embargo
A government order prohibiting commerce in or out of a port