University:
Bradley University
Course:
HIS 321 | Topics in European History: Intellectual
Academic year:

2021
Views:

366

Pages:

27
Author:

Cale Mejia

Chapter 8 Section 1: Invention & Innovations The Industrial Revolution Began in Britain in 1700’s changes in the textile industry Spinners began working together in mills using the power of flowing water to power their tools Spinning Jenny, Water frame, & Power loom ( clothing) Increase efficiency & profits Steam engine (James Watt) Pumped water out of mines, ran textile machines, etc The Birth of the US Textile Industry Textile workers couldn’t move out of Britain & nobody could send drawings of textile machinery to other countries US producers offered generous rewards to bring information Samuel Slater Established the nation’s first successful water powered textile mill in 1793 By 1814 US boasted 240 textile mills Interchangeable Parts Eli Whitney 1798 –make all parts the same. Contract to make 10,000 guns in 2 years Took him over 10 years & still had flaws. The Cotton Gin Machine that separates the seeds from raw cotton fibers Workers could clean 1,000 pounds of cotton per day Important effects Cotton profit skyrocketed South depended on cotton as their major crop Planters needed more land Increased the number of slaves Transportation & Communication Roads Used to transport goods, deliver mail, herd animals to the market First were carved out of forests “Corduroy Roads” Travel was bumpy & uncomfortable Engineers built the Cumberland, Maryland Road (National Road) to last Financed by the gov’t in 1811 Finished in 1833- reached Columbus, OH (US Rte 40) Private investors built most of the new roads- Planned on collecting River travel Roads functioned mainly to connect one river to another Routes didn’t work both ways Robert Fulton invented the steam boat “Clermont” Steam boats made it possible for western farmers & southern planters to increase their trade & profits Canals Transport goods cheaper on water Built artificial waterways By 1840’s nation had 3,000 miles of canals Most famous was Erie Canal opened in 1825 Links the Atlantic Ocean with the Great Lakes Increased the rate of settlement & development of the Great Lakes region New York City grew into a powerful center of business Forged a strong trading relationship between the west & northwest Railroads Proved more efficient Could pull more goods & passengers more quickly 1828- first American Railroad began in Baltimore Baltimore & Ohio (B & O) line Eventually would put most canals out of business Communication Government expanded the postal service Created a national network of information By 1820’s more than 500 newspapers & magazines were being published An expanding economy Market revolution The Rise of Manufacturing Bought cotton, grains, & other raw materials & turned them into products that could be sold for a profit Began in the northeast Francis Cabot Lowell built a mill in Massachusetts that was the world’s first truly centralized textile factory The shift centralized workplace greatly increased production Manufacturing would soon become the backbone of the North’s economy Developed with the free enterprise system- capitalism Rewards people who can find better, faster, more efficient ways Encourages innovation & the creation of new industries, jobs, & wealth Working outside the home 1800’s rise in manufacturing increased the demand for people who would work outside the home, for a specific number of hours each day & for a certain amount of money Used the specialization system The Rise of Shopping By mid 1800’s store bought items filled the homes of many average Americans The Role of Banks The Rise of the Banking Industry Appeared in the 1780’s & 1790’s To start a new bank, a group of private investors generally would obtain a charter from the state Banks made money by charging interest for loans Loans were made using the money that people deposited for safekeeping Many of the loans were made in the form of investment capital Uncontrolled Lending 1800’s states didn’t restrict banks’ run away lending Often made loans to people who couldn’t pay them back If a bank doesn’t have enough money, it could lead to economic crisis If a bank couldn’t meet the depositors needs, it would go out of business Led to depressions, bank & business failures, & widespread unemployment Bank Notes Piece of paper that banks issued to their customers Used to pay for goods & services Similar to modern day checks Promise to pay specie on demand Problem with these notes was that banks simply printed more of them whenever they needed money, so the value of this money was unpredictable

Invention and Innovations

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