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Market Revolution
19th-century economic revolution in the United States
Market Revolution
The Market Revolution in the 19th century United States is a historical model that describes how the United States became a modern market-based economy. During the mid 19th century, technological innovation allowed for increased output, demographic expansion and access to global factor markets for labor, goods and capital. The term was widely popularized by Charles Grier Sellers (1923–2021), a leading historian of the Jacksonian period. His book, The Market Revolution: Jacksonian America, 1815-1846 portrayed it as a highly negative development that marked the triumph of capitalism over democracy. He argued that this was one of the most significant transformations of America within the first half of the nineteenth century—indeed, the defining event of world history—the evolution from an agrarian to a capitalist society. Sellers observed: While dissolving deeply rooted patterns of behavior and belief for competitive effort, it mobilized collective resources through government to fuel growth...
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