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Industrial revolution is the radical socioeconomic changes such as those that took place in the late 18th century. They are brought about when mechanization of system products shifted from home-based to large-scale factory production. Market revolution was a drastic changes in the manual labor system that occurred in United States from 1793-1909 that later spread to the entire world.
Importance of the Industrial and Market revolutions in changing the American economy
It increased the productivity; Agricultural transition to an industrial economy took more than years in the United States. The development entered its first phase from 1790s to 1830s. With a shift, from hand-made to machine-made products, a new era of human experience began where increased productivity led to higher living standards in the industrial world. New organizational and strategies led to increased productivity in the American economy. This began without system thus; production process carried numerous individual homes. The organizational reforms were crucial for shoe and boot making (Hillstrom and Collier, 2007).
Immigrants and their descendants contributed to the growth and industrial transformation of the American workforce. The size and selectivity of the immigrant community, and their disproportionate in America meant to mainstay the workforce in American industries. Half of manufacturing workers comprised the immigrants and their children. This result in higher wages and better working conditions encouraged residents to an industrial economy (Loewen, 2000).
Ways in which the economy was different in 1860 from what it had been in 1800
The early century, 180-1850 was a century of explosive economy, industrial, and urbanization in some parts of the Northern States. The growth in development was qualitative and quantitative, but in Southern States was not as dramatic. Southern had intensive growth in the economy, but with no essential changes in economic techniques but this was due to civil war. By 1840, pioneers in the transport mode had laid development for infrastructure. By 1860, the railway was laid down almost 31,000 miles. This led to expansion of trade, but the southern parts were left lagging behind due to world war. Increased transportation led to increased national markets with support from various improvements in agriculture. This also led to migration from rural to urban due to industrialization in urban areas (Hillstrom and Collier, 2007).
Industrial and market revolutions contributed a lot in American economy. Many people migrated to urban areas due to employment and better facilities that were concentrated in urban areas. Productivity increased and market expanded due to development of infrastructure thus creating diversification of the economy.