Question

Essay Question:

2) What impact did the market revolution have on the United States? What type of transformations occurred? Who was involved? What types of technology developed? How did this alter the economy? How did this alter the socio-economic status of Americans? Explain, with details.

Answer 1

The market revolution refers to the change in the economy. Earlier, people exchanged goods with each other in return for some other goods. This was known as Barter system. The economy changed in market revolution and now people would buy and sell products in return for money. This had a drastic effect on the lives of the people. Earlier people would work on farms to produce sufficient quantities of food for themselves and for their family or neighbours. But after the market revolution people started to produce for selling more quantities and earning more money. The major transformation was that they changed the mentality of the people from just fulfilling their basic requirements to making more money. This change also led to change in technology. The tendency to produce more for earning more money led to mechanization of the process. The process was no longer done by manual labour instead machines were used. It also led to the development of transportation technology. The socio-economic status of people changed as the people started working for more money. So there was one section of people who became rich and another section remained poor. One section of people exploited the other for making profits. Thus it can be said that the market revolution changed the society in America.