Evolution of THe American Free Market Economy
From the early day of the colonization, trade and commerce has played an important role in the forming and shaping of civilization in America. The first English settlement at Jamestown was established for the sole purpose of creating a source of revenue and profit for individual investors and the mother country. The vast majority of people who migrated to these new lands during colonial times did so not to escape religious and political persecution (although many did) but mainly for economic purposes. America offered the common people of the world the opportunity for financial gain and self-sufficiency. From these humble beginnings, the roots that became the American economic system formed. After securing independence for Great Britain, the new nation greatly expanded foreign trade and underwent revolutions in transportation and farming methods that gradually lead to the creation of a national market economy. At the close of the Revolutionary War, the states found themselves in urgent need of manufactured good. War-born shortages of goods quickly brought about a revival of foreign trade. After the signing of The Treaty of Paris, American and British merchants were free to resume trade between the two countries. America
The gradual improvement in Americas transportation system after the Revolutionary War was a major contributing factor to the economy. Transportation prior to the 1800's served mainly to supply farmers with goods, to get their products to market and to take pioneers to new lands. The road network that existed after the Revolutionary War was inadequate to meet the demands of a growing nation (Kirkland 132,133). Most roads had been constructed to connect major cities such as Baltimore, Providence, New York, and Boston. In smaller towns, roads were built to connect with seaports or to river towns (Nettels 255). At the close of the 18th century, these roads were in terrible condition. Most small towns of the time showed little interest in constructing and improving roads. As a result, private turnpike companies developed. These companies consisted of several investors who hoped to turn a profit by charging tolls for the use of the road. The turnpike era lasted from 1810 to 1830. During this time, roads in most states improved significantly. Competition among the different companies helped to lower freight charges and consequently, few turnpike companies became profitable. By 1830, the turnpike era gave way to other transportation advances. Another significant contribution to the American transportation system was the invention of the steamboat. Steamboats permitted the travel against strong river currents, allowing two- way travel on rivers. By the 1830's, steamboat lines connected New York with New Jersey and the southern ports of New England. Boston had a regular steamboat service with the ports of Maine. On the Delaware, steamboat lines fanned out from Philadelphia. After 1846, New York had a regular connection with Charleston and New Orleans (Kirkland 139).
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Approximate Word count = 1563
Approximate Pages = 6 (250 words per page double spaced)
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